Just when the world had begun to say their goodbyes to dance music conglomerate SFX, the company managed to find not one but two lifelines. First, the company received a $20 million cash infusion to prop it up as the creditor sharks swirled. Now SFX has relieved itself of a $100 million albatross.
Some time ago we told you about a suit filed against SFX by Paolo Moreno who claimed SFX was his idea and that he was frozen out. He filed suits arguing breach of contract and fraud and the case had overcome all preliminary hurdles, allowing it to proceed close to the trial phase. In a prudent move, SFX has come to settlement with Moreno and a notice was posted on January 22. One suit still remains however. One can’t help but be impressed by the way SFX is clawing itself back onto the ledge it was hanging from. Those TomorrowWorld 2016 naysayers can rest a little easier now.
