Published
Thu, Oct 13, 2016, 16:51
- The embattled former CEO is requesting money for legal fees and personal guarantees.
SFX has denied financial claims from its former CEO Robert Sillerman.
The electronic music conglomerate (which owns Beatport, among other properties) has hit hard times, declaring bankruptcy earlier this year. Now news has come that Sillerman, who stepped down in April, is asking the company for $500,000 to cover legal fees associated with the company, along with $15 million that he guaranteed himself in deals with Spotify and React Presents.
As Complete Music Update reports, SFX has rejected Sillerman's claims, stating that there is no evidence he made any personal payments to those companies. Sillerman has also requested to be shielded from any further lawsuits regarding SFX's conduct or financials, protections SFX lawyers are attempting to block.
SFX is currently seeking to dig itself out of bankruptcy. The company's next court date lands on November 9, when they will seek formal approval for their latest plan to pay debtors and divide equity.