Former CEO of SFX, Robert Sillerman, requests money for Legal Fees & Personal Guarantees
Multimedia behemoth, SFX (owners of Beatport among other assets), have come into troubled waters recently, having declared bankruptcy earlier this year. As if that wasn't enough, the chronicle continues as we delve further down the legal rabbit hole and into the litigation process.
Meanwhile, beset and entangled in a myriad of karmic legal dilemmas, SFX former CEO, Robert Sillerman has begun vying for compensation. Having only stepped down in April, Sillerman has recently asked the company for $500,000 to proposedly cover legal expenses associated with SFX.
In a nutshell, asking for money to pay for the lawyers he hired to represent him in a litigation in which both he and SFX are codefendants.
However, this value is considered paltry in comparison to the guaranteed $15 million he secured himself in Spotify deals and React Events.
According to a recent article by Complete Music Update, SFX has outwardly rejected Sillerman's claims. As the lawyers for SFX argue that there is no disputable evidence thus far that Sillerman made any payments at all to the beneficiaries of the guarantees. Furthermore, arguing that his claims against SFX are hinging upon said payments having been made in the first place.
Sillerman has also asked for protection from any further legal action relating to SFX management and or finances; protection which SFX's lawyers are fighting against, Amplify reports.
On top of all this, and to no surprise, SFX is desperately trying to dig itself out of bankruptcy. The company will find themselves back in court on November 9th as they hope to gain approval for their latest equity plans.
It's all fun and games until someone gets an eye out.
Meanwhile, many are heralding SFX's bankruptcy and the ensuing legal litigations as the quote on quote “Death of EDM”. While we have certainly heard an earful of SFX and it's former executive and chief, we most certainly are not done hearing the creative and grooving sounds Electronic Dance Music has to offer.
What do you think? Let us know in the comments and on social media as we keep you posted on the story.
–Source.
