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MEDIA CORP CONTINUES TO FACE LITIGATION
Friday June 22, 2012 : MEDIA CORP CONTINUES TO FACE LITIGATION
Talks on CD Casino.com issue fail
The new management at beleaguered online gambling group Media Corp plc failed to reach a settlement with CD Casino.com Limited Thursday during a meeting in London.
A CD Casino source told us that during the meeting with Media Corp chairman Phil Jackson and interim CEO Adam Fraser-Harris it had proved impossible to reach agreement, and that CD Casino.com Limited would therefore be pursuing its case in court.
Details on the legal dispute between the two companies are sparse, but it is understood the case turns on an alleged breach of contract involving onetime Media Corp subsidiary Gambling.com.
Beyond a brusque statement that it was putting its online poker and casino subsidiary Purple Lounge into liquidation, the management at Media Corp remains uncommunicative with the player community, many of whom are anxious about long delayed payments and credit balances locked in the shuttered Internet subsidiary.
Advice on who the liquidators will be is still awaited, whilst rumours continue to circulate that Jackson and Fraser-Harris are contemplating a forensic audit over concerns about the accounts left by the previous management.
Justin Drummond and Sara Vincent abruptly left the group shortly after putting together the Intabet acquisition which saw Jackson and Fraser-Harris assume the leadership of Media Corp. Their present whereabouts are not known.
In its latest stock exchange press release, issued Friday 22 June, Media Corp announced that it has been notified that on 20 June 2012 Jellatech Ltd purchased 21,117,241 ordinary shares of 1p each in the company.
Jellatech is a company entirely owned by one Chris O'Neill. Following the purchase Jellatech and O'Neill hold in aggregate 151,617,241 ordinary shares representing 29.77 percent of Media Corp.
The company also advises that, emulating his brother Jason Drummond recently (see previous InfoPowa reports), former chairman Justin Drummond has sold 21,117,241 ordinary shares of 1p each in Media Corp - presumably to O'Neill and Jellatech.
Following the disposal Justin Drummond no longer has a disclosable interest in Media Corp.
A search for Jellatech shows a company of that name founded in Aldermaston in Berkshire, UK on May 4 this year with GBP 1 in capital, and an apparently dormant .com website in that name registered through Tucows. The company's business is not described.
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