Stephen Shamus Accuses Wizard World Executives Of Looting The Company

Posted by December 31, 2016 Comment

stephen-shamusWe’ve been following the case between Wizard World and co-founder and ex-executive Stephen Shamus.

Shamus has submitted a number of papers to the court regarding the suit and his countersuit.

Specifically, an attachment order to ensure that they have the money to pay out if they lose against him. He has issued Wizard an order of attachment of $625,000, which they have to reserve in order to pay out to him if he wins. And he has been rather frank and open in his language.

Shamus points out that the contract paperwork he has provided is in accordance with the laws of New York – and that Wizard has closed its New York offices in favour of its Los Angeles offices – which he points out they have pre-paid two years lease to Wizard’s chairman who owns the property. He points to their recent SEC filings about how they may be running out of money. And how the same filings recognise the legal case, and stress that it might be their own financial undoing.

And then the paperwork has Shamus stating “it is clear that the Wizard World executives are looting the Company yet stating Wizard World is cash poor. Accordingly, drastic means are warranted.”

That the contract defines a real cash sum, and that Wizard’s claims against him are a “made up” figure. And that Wizard’s case is a “fishing expedition” against him and they are “wasting money on legal fees when they should be paying me for my hard work over the years.”

Wizard World representatives are ordered to appear in court on January 12th in case they wish to justify why they should not have to do such a thing…

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(Last Updated January 5, 2017 11:14 am )