Iridescence was a Los Angeles-based independent run by one Michael Sheppard (2). Sheppard was a shadowy figure know for his vision, audacity, and inability to follow through and actually release all the records he had in his catalogue.
He famously did not pay his manufacturer, Tabb Rex Enterprises, who subsequently ran off tons of the Sonic Youth & Lydia Lunch 7", "521189", and sold them to recoup his money.