Peter G (sinetimore) wrote,
Peter G

"You Shut Mouf!" "No, YOU Shut Mouf!"

So, last night, I get to the New Year's party for fun and for another short set with my band November 23, 1963 (the world's only Doctor Who tribute polka band!  Recognize!), and I check the Intertubes for news.

And I see, on the last day of the year, Stephen Shamus is lobbing grenades back at Wizard World following Wizard's summons from Friday.

One day left in the year, and they STILL have to go at it....

Okay, so what is it this time?  Rich Johnston at Bleeding Cool has found that Stephen Shamus has submitted a blizzard of paperwork to the court regarding the various Wizard documents and his own countersuit.  Among the filings is an order of attachment.  The order of attachment says that Wizard has to set aside $625,000 dollars in escrow so that, if he wins his lawsuit, Wizard can pay him.  In other words, Kessler and company can't grab absolutely everything from Wizard, and puts Shamus in position to challenge BIF for first creditor status.

To back up his claim, Shamus points out that Wizard has moved its offices from New York, where his contract was originally drawn up, to LA, where contract laws have key differences.  He also points out that the SEC filings by Wizard state they are running out of money and that Shamus' own lawsuit could doom the company (a lawsuit for $625,000 can financially ruin the company?  Wizard is in worse shape than I thought).  "It is clear that the Wizard World executives are looting the Company yet stating Wizard World is cash poor.  Accordingly, drastic means are warranted."

On the bright side, it looks like it's going to be quiet for a couple of weeks.  A hearing has been scheduled for January 12.  If Wizard doesn't show up, the order of attachment goes through and $625,000 of Wizard's cash becomes untouchable by the company, which can kick bankruptcy talks into overdrive.  Wizard can argue against the order of attachment and try to convince the judge not to let it through.  But nothing can be done until that trial date.

Happy New Year to Wizard and the Shamus?
  • Post a new comment


    Anonymous comments are disabled in this journal

    default userpic

    Your reply will be screened

    Your IP address will be recorded