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Kirshner Global, Inc. (Kirshner Global). Kirshner and Equisource
were listed as “Founding Partners”. Under the terms of the
venture agreement, Equisource was to obtain interim financing of
$1 million within a 60-day period or Kirshner would have the
option of terminating the agreement. Similar terms were also
provided for permanent financing within a 120-day period. The
interim financing proceeds would have been used, in part, to pay
the “Founding Partners” for out-of-pocket expenses incurred on
Kirshner Global’s behalf prior to the interim financing.7
Under the venture agreement, the execution of other
documentation within a 15-day period subject to interim financing
was also required. The documents included an employment
agreement, a stockholders’ agreement, an Equisource financial
advisory agreement, a licensing agreement, and a subscription
agreement. Once this was accomplished and Kirshner Global was
formed, petitioner and Thurmond would be named as directors on
Kirshner Global’s board of directors.
On or about February 21, 1996, the Don Kirshner Content Co.,
Inc. (Kirshner Content) was formed with the specific intention of
acquiring the Rock Concert license from Kirshner and maintaining
an aggressive plan of strategic acquisitions of other
entertainment assets. As the managing director of the Equisource
7 As noted, petitioner and Thurmond would be entitled to
reimbursement as “Founding Partners”, only through Equisource.
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Last modified: May 25, 2011