What is the situation for steam users whom paid a great deal of money for the Platinum version and the Lifetime update pass, will these customers be compensated for their investment? I feel at the very bare minimum anyone whom purchased the lifetime pass should be compensated fairly, I think 2 updates were pushed in the time since the lifetime pass was made available for it's short period.

No compensation, any claims would I guess have to be directed at Gibson, and there is no way they would honor that. You get to keep using Sonar/Cakewalk for free now, so there is that. 
What kind of compensation were you thinking of, and who do you feel should compensate you ? 

tobiaslindahl You get to keep using Sonar/Cakewalk for free now, so there is that. 
What kind of compensation were you thinking of, and who do you feel should compensate you ? 

Well considering I paid more than one weeks wage for this software I would certainly hope I would I would still get to use it! At the bare minimum, the very bare minimum a refund for the lifetime pass, Sonar will remain on steam accounts along with the version that was paid for so it still has it's use but the lifetime pass has no significance anymore since the updates will be pushed to the new version. As for whom, well I'll try a steam refund, speak to Bandlab and make a consumer complaint.

BandLab did not buy the Cakewalk company, a former part of Gibson.  BandLab only bought the assets and trademarks of the former Cakewalk.  It did not acquire the business obligations.
 
Cakewalk is no longer operating as a company. Any issues that you may have, are with the former company and/or its parent, Gibson.
 
Sorry, but that's just the way it is.  It happens.
 

Yea, what abacab said. The company you bought it from doesn't exist and bandlab has nothing to do with the whole lifetime thing. That money is gone and you wont be getting it back.
I paid for lifetime subs too btw, but things like this happens when companies go under, and Bandlab has zero responsibility since, as pointed out above, they did not buy the company. 

yeah, what they said

Thanks guys, I didn't realise it was an IP aquirement. I'll try steam refunds and if that doesn't have a positive result I'll have to make a consumer complaint against Gibson.

It will be interesting to see if Gibson enters bankruptcy this year.  The are half a billion $ in debt, and having issues paying off their creditors.  So we will see...
 
http://money.cnn.com/2018...son-guitars/index.html

You can try to get in line behind Gibson's other creditors. Make sure to bring a sleeping bag.