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Media Corp Directorate change and sells off asset

Wednesday February 6,2013 : HRMC INSURANCE LIABILITY FOR MEDIA CORP (Update)
 
Directorate change and sells off publishing asset
 
Media Corporation PLC, the owner of the now defunct Purple Lounge, has announced the resignation from the board of Mark Butt following the placing into administration of Eyeconomy Ltd .
 
The firm also said it had sold off its publishing asset onthebox.com for GBP 75 000 as it didn’t consider it a core asset and one that would have needed further investment for growth.  Media Corp’s directors felt such investment would be better spent on the development and impending launch of its Intabet platform.
 
The board has its work cut out for it as Media Corp deals with Her Majesty's Revenue and Customs (HRMC) following the discovery of a potential liability with regard to previously unpaid National Insurance.
 
The amount outstanding covers the period prior to 2010 during which time former directors (and others), of the Company were paid by the Company as consultants to the Group where they should have in fact been treated as employees and the associated National Insurance paid by both the employer and employee to HMRC.
 
The full extent of the liability is unknown at present but the company said it is working together with the HRMC to set up a workable payment programme.
 
Phil Jackson, Chairman, commented: "I am very pleased to have realised some cash out of an underperforming asset like Onthebox and the funds will help us achieve our goal of launching the Intabet platform.
 
“To this end we are in discussions with a number of parties who have shown an interest to licence part of our technology which would enable us to start generating revenues from our technology and allow us to start to move forward despite the continued legacy issues from the previous management such as that with HMRC."



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NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday - Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.

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MLS Odds: Red Bulls vs. Whitecaps - The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.

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Simon Jones is crowned the Greatest Poker Player in the Universe - A €10,000 leaderboard tracked player progress throughout the series to determine who the Greatest Poker Player in the Universe was. Professional poker player/sports psychology lecturer, Simon Jones, took the crown with a €5,000 cash bonus and trophy to prove it.

MLB Odds: Yankees Favored in AL Wild Card Game - After a strong regular season, the New York Yankees (91-71, –1.00 betting units) opened as –235 home favourites for Tuesday’s AL Wild Card Game against the Minnesota Twins (85-77, +11.48 units). First pitch is at 8 PM ET on ESPN.

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