Bluejackets I wouldnt worry about it any more after this news...
ValCom Files Suit Involving Disney Against Stan Lee and POW! Entertainment for Breach of Contract
ValCom Inc. (PINKSHEETS: VLCO) has filed suit against POW! Entertainment and Stan Lee for breach of contract of a joint venture agreement involving the Disney Company. Under the terms of the Agreement, ValCom would own a 51% position while POW! Entertainment would own 49% of the venture. In addition, all new projects entered into by ValCom and POW! Entertainment would be undertaken exclusively through the venture, including a proposed deal between POW! Entertainment and the Disney Company. ValCom paid to POW! Entertainment $276,000 and to date has not received any payments and has not been updated as to the status of any of the joint ventures. Both Stan Lee and POW! entertainment have been served.
ValCom Inc. has filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Central District of California. To assist ValCom in operating in a "business as usual" manner during the restructuring process, Management has secured financing to provide available credit through a debtor-in-possession (DIP) financing that will allow for the continued operation of the company through the Chapter 11 process.
About ValCom
Based in Los Angeles, California, ValCom, Inc. is a diversified and vertically integrated, independent entertainment company. ValCom, Inc., through its operating divisions and subsidiaries, creates and operates full service facilities that accommodate film, television and commercial productions with its four divisions comprised of: studio, film and television, live theater production, and broadcast television. ValCom's clientele list consists of all of the majors such as MGM, Paramount Pictures, ABC, CBS, Sony, NBC, BET, MTV.
Contact:
Ten Associates, LLC
Tom Nelson
480-326-8577
Web Site: www.valcom.tv
Source: Market Wire (September 17, 2007 - 11:35 AM EST)
