SFX resolve one of their outstanding lawsuits
It seems that the recent trajectory of Robert Sillerman’s SFX Entertainment runs inversely to that of a Shakespearean tragedy. If 2015 is to be considered the first act of the company’s plight, their second act is looking somewhat more optimistic. After facing a series of compounding devastations last year, the company’s most recent headlines saw them receive $20 million in relief from an unidentified investor. Though the haggard events conglomerate is still far from a successful state, they have now been relieved from another of their many turmoils, following the settlement of an outstanding class action lawsuit.
Mixmag reports that last August, Paolo Moreno – a manager at SFX subsidiary Disco Donnie Presents – filed a lawsuit against SFX claiming that he initially conceived the idea for SFX Entertainment, and was ousted alongside two other plaintiffs once the company began to grow financially. According to Mixmag, in July of 2015, “Moreno’s claims of fraud and breach of contract had been moved forward to trial by a judge of the California District. In addition, all movements to dismiss the case were rejected thanks to email evidence that confirmed Moreno’s involvement in the SFX partnership early on.”
On January 7th, as SFX’s declaration of bankruptcy appeared to be imminent, court documents indicate that the aforementioned plaintiffs elected to voluntarily dismiss their suit. Mixmag reports that the official settlement notice was provided January 22nd.
After extensive tribulations, SFX have received their first instance of consecutive positive headlines in quite some time. Whether or not fortune will grant them a benevolent hat trick remains to be seen.