This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Industry People Legal Live Business
Former SFX board member sues Robert Sillerman over unpaid loan
By Chris Cooke | Published on Monday 12 December 2016
Now that SFX has successfully exited its bankruptcy to be known from this point onwards as LiveStyle, all the messy litigation that is likely to result from the collapse of the one-time EDM powerhouse can get underway. Odds are, it could all prove far more entertaining than any of the festivals LiveStyle has planned in 2017.
Getting in early is former board member Mitchell Slater who, according to Amplify, has sued SFX founder Robert FX Sillerman in a bid to reclaim the more than two million he says he lent his former colleague in April 2015. Slater seemingly sent Sillerman a letter in September demanding he hand over $2,517,266.67 by 3 Oct.
According to Amplify, the letter said: “I will promptly pursue all available remedies including, but not limited to, my right to commence an action for the payment plus all legal fees, expenses and disbursements incurred in connection with the enforcement and collection of the [loan]. I sincerely hope that is not necessary, however. I expressly reserve, and do not waive, any and all rights under the [loan] or at law and equity”.
Sillerman seemingly never responded to the letter, so Slater is now asking a judge to issue a summary judgement ordering the former SFX chief to repay the loan plus legal costs.
