Former investors suing TapouT

source: sherdog.com
 

TapouT investors Bert Bedrosian and Kenneth Stickney are suing the clothing and merchandise company over a September transaction in which the brand was acquired by Authentic Brands Group for significantly less than what the company was worth, according to the plaintiffs. Bedrosian and Stickney are claiming that the board managers -- including onetime Tapout President Marc Kreiner and co-founder Daniel “Punkass” Caldwell -- ignored their fiduciary duties to investors and acted unconscionably in selling the brand to ABG.

Because many pertinent monetary figures have been redacted from the publicly available version of the complaint, Sherdog was unable to report the exact amounts at issue in the sale and the suit. After ignoring two offers from outside parties to purchase the brand, the plaintiffs claim, the defendants misled investors regarding the nature of the ABG transaction, and the compensation the plaintiffs will receive for the sale is “far less than they ever agreed to.” The plaintiffs are asking that the transaction be rescinded and that they be justly compensated for the damages inflicted upon them.

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tags: TapouT   Bert Bedrosian   Kenneth Stickney   



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HITMAN DAN DIAZ site profile image  

3/9/12 2:02 PM by HITMAN DAN DIAZ

 TTT

HITMAN DAN DIAZ site profile image  

3/7/12 5:03 PM by HITMAN DAN DIAZ

"Among many other examples, Kreiner has systematically engaged in a campaign of accepting (indeed, demanding) bribes from vendors of both TapouT and FI; the cost of which Kreiner and the other TapouT Defendants have unlawfully foisted onto FI. As examples, Kreiner has caused vendors of FI to give Kreiner lavish gifts (including a new Mercedes and Rolex watches) in exchange for vendor contracts with FI and TapouT at costs well over market rate. For instance, Kreiner, acting on behalf of FI and/or TapouT, would demand a particular vendor provide him with a lavish gift, in exchange for which Kreiner would then sign contracts on behalf of FI and TapouT pursuant to which those entities would pay inflated prices to those vendors for goods and services rendered to FI and TapouT. In some cases a vendor might receive as high as one dollar per t-shirt furnished which – over the life of a contract – might pay the vendor hundreds of thousands of dollars as a “kickback” to the vendor for providing Kreiner with demanded gifts. The foregoing kickback schemes were designed to line Kreiner’s pockets at the expense of TapouT and FI and these entities’ respective owners, including Diaz. Diaz suffered damages as a result of this conduct."so marc and dan made deals with the t-shirt printers to give them new benz's and watches and just straight up cash. in return the printers got all of the big tapout orders. and would be allowed to ad onto the costs of producing the goods.here is where they fucked every fighter that had a signature shirt over. if you know a fighter who had a signature shirt deal send this to them.so they would tell the fighters that they would give them 50% of the profit over the production costs. ex. shirt costs 5 to print and sells for 10 wholesale. they would tell the fighter that they would split 5 dollars but in really the shirt should of only cost 4 to print but they added in an extra dollar for themselves to get as a kickback from the printer. so the fighter would be burned for fifty cents a shirt. doesnt sould like much untill you realize that we are talking about 10,000 plus shirts for most of the fighters. the dan henderson shirt sold almost 200,000 units. thats 100 grand i don't know about you but money is money and stealing is stealing whether its a dollar or thousands of dollars.

HITMAN DAN DIAZ site profile image  

3/7/12 4:31 PM by HITMAN DAN DIAZ

their are several but here is one instance of theft and greed."For instance, Kreiner spend hundreds of thousands of dollars on “design services” for his own personal office,(KICK BACKS FROM THE DESIGN AND CONSTRUCTION COMPANY WHERE PAID TO MARC AND DAN) and for Caldwell’s office at TapouT, when the actual cost of the design services should have been a fraction of the cost charged to and paid by TapouT and FI. Similarly, Kreiner caused TapouT and/or FI to pay more than $1,348,254 in 2009, and more than $511,913 in 2010 to Gallinot or GE in the form of “consulting fees” and/or “bonuses,”"immediately following masks car crash and death in 2009 kriener and gallinot and caldwell started writing checks out of the company to each other. but none where ever written to masks kids. by the time they sold tapout for only 12 mil they company was over 14 mil in debt they had taken all of the money and left nothing for masks kids to collect.

HITMAN DAN DIAZ site profile image  

3/7/12 3:26 PM by HITMAN DAN DIAZ

i would read the paperwork first before you make up your mind. this was a dirty deal that ripped of masks kids for millions also.

RedCell65 site profile image  

3/7/12 3:13 PM by RedCell65

This

LayzieTheSavage site profile image  

3/7/12 3:11 PM by LayzieTheSavage

Oh snap

HITMAN DAN DIAZ site profile image  

3/7/12 3:04 PM by HITMAN DAN DIAZ

here is another lawsuit against tapout unlike bert i am not dirty so i can tell the truth.http://dethorglry.blogspot.com/

mongo54 site profile image  

11/15/11 2:40 PM by mongo54

 fixed

Dan Diaz site profile image  

11/15/11 12:22 PM by Dan Diaz

  TAPOUT HATE!!! Why? http://www.mixedmartialarts.com/mma.cfm?go=forum_framed.posts&forum=1&thread=1907621&page=1&pc=36 someone asked so i wanted to make sure that all the info was avaible 

disbeliever site profile image  

11/15/11 12:16 PM by disbeliever

Why are you bumping all of these threads now? Did something else happen?