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Chris Fenton, the former head of DMG Entertainment’s motion picture group, has filed a $30 million suit against the company, accusing the founders of cutting him out of wealth generated by an IPO and then running the company into the ground.
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Fenton left the company in February 2018, after helping to position it as a key distributor of U.S. studio films in China. In the lawsuit, he says he was fired after complaining that the founders had reneged on their promise to make him “rich” after the IPO of the Chinese portion of the group.
At one point after it was listed on the Shenzhen stock exchange in 2014, DMG was worth $5 billion. But the company’s stock has fallen sharply in the past year. Listed as Yinji Entertainment & Media Company, the company saw its shares close Tuesday at RMB3.53 apiece, giving a market capitalization of $930 million (RMB6.26 billion.)
Fenton’s suit claims that the founders “have fled China and left DMG’s presence in China in shambles, with hundreds of employees losing their jobs.” Fenton accuses the founders – Dan Mintz, Wu Bing, and Peter Xiao – of reckless risk-taking, and of engaging in complex financial maneuvering to get money out of China.
The suit alleges that the founders borrowed hundreds of millions of dollars secured by DMG stock and used the funds to buy a $20 million mansion in Beverly Hills, multiple airplanes, including a $30 million Bombardier jet, and luxury vehicles, including Rolls-Royces, Bentleys and Ferraris. The suit says that the founders also took on millions in debt to pay for experimental regenerative medical treatments.
Some Chinese employees of the company were listed as guarantors of $220 million in loans, the suit alleges.
A former William Morris agent, Fenton worked at DMG for 17 years. He states that he personally defended the company from an SEC investigation into potential violations of the Foreign Corrupt Practices Act in 2013. The SEC was investigating whether DMG had bribed Chinese officials, including Han Sanping, then the head of the China Film Group. Fenton states that he took the lead in defending the company and explaining the Chinese film business to the SEC, while the founders remained out of sight. The SEC ultimately decided not to pursue charges.
“Plaintiff’s responses to the SEC were in accordance with what he believed to be truthful at the time, although after seeing the reports of DMG’s troubles in China over the course of 2018, Plaintiff has reason to believe that pertinent information was deliberately withheld from him,” the suit states.
The suit also alleges that Mintz asked Fenton to propose an unusual deal to A-list actors, directors and producers. Under the terms, DMG would give the artist $45 million over three years. In exchange, the artist would give DMG $30 million over the same period. The cost to DMG would be hidden, while the money received would be booked as revenue. According to the suit, the goal of the arrangement was to take advantage of the company’s high stock multiple. Fenton’s suit says he actually tried to pitch the deal to one A-list actor and a producer, without success. An attorney for one of them told Fenton it did not “pass the smell test.”
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Fenton was paid $1 million a year during his last five years with the company, though the suit states he was also owed bonuses and compensation from the IPO.
The suit quotes the founders as making various promises to Fenton following the IPO. In July 2015, for example, the founders flew by private jet to Milan for Wu’s birthday. At the event, Fenton says Wu told him, “The IPO made us rich, and you will be rich from it, too.” Those promises were never honored, the suit alleges.
“Plaintiff put his credibility and long-standing reputation on the line on a daily basis defending both DMG and the Founders from scrutiny by industry colleagues, the media, and both U.S. and Chinese government authorities,” the suit says.
Fenton is seeking at least $30 million in damages for breach of contract, constructive discharge, promissory fraud, and other claims.
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LOS ANGELES, March 6, 2019 /PRNewswire/ -- DMG Entertainment (DMG), a global media and entertainment company with diverse holdings and operations across motion pictures, television, comic book publishing, gaming, next-gen technology and location-based entertainment, is an investor in Super League Gaming, which has just become the first publicly traded eSports company after recently filing an IPO.
Here, we have to survive the rough beginnings, find a cover during the night from horrifying monsters that are lurking in the shadows. The title we are describing is an RPG survival game set in completely randomly generated, sandbox world. /download-minecraft-free-for-mac.html.
DMG is the powerhouse behind such films as Chappaquiddick, Blockers, Iron Man 3, Point Break, Looper and Transcendence. Having acquired Valiant Entertainment, the largest shared comic universe next to DC and Marvel Comics, they have recently wrapped up production on Bloodshot (Sony Pictures and Original Film), starring Vin Diesel.
Super League Gaming is an eSports platform that holds in-person competitions for amateur gamers, which streams on Twitch and YouTube. Through an innovative structure that blends in-person and digital gameplay, gamers can join teams and compete with one another on local and national levels. Super League Gaming partners with top-tier games including League of Legends, Minecraft and Clash Royale.
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DMG is at the forefront of the growing realm of eSports, having launched their eSports division in 2017 with investments and partnerships in companies like Super League Gaming. As Super League Gaming and the world of eSports continues to grow, DMG is excited for the public to join them in investing in eSports.
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