DOMAIN-GO-ROUND AT MEDIA CORP
21st July, 2012 at 04:43:13
Purple Lounge Poker parent in sale and reacquisition deal - all within three months
Mystery surrounds domain deals carried out by former and present management at Media Corp, a London-listed company that has received more than its fair share of dubious publicity in recent months following the failure of subsidiary Purple Lounge Poker, leaving players unpaid (see previous reports).
Members of the http://www.elliotsblog.com/ website first flagged as intriguing the sale by Media Corp of its OnTheBox.com website and domain.
The blog explored the sale of OnTheBox.com and ForExSpace.com for £250,000 in cash announced in April, triggering some interesting comments from readers interested in the activities of former Purple Lounge boss and interim CEO of Media Corp, Sara Vincent.
The first refers to a comment by "Alex", who says:
"http://www.webstatsdomain.com/domains/www.onthebox.com/ so it looks like Chris Gulliver of Netmatters at http://www.netmatters.co.uk/ owns it or holding for who?"
To which "Stacy" responds:
"Sara Vincent (nee Gulliver)'s brother perhaps? MDC website has her as CEO of PLC and so has she sold valuable asset to family or herself through her brother? Would be an interesting story perhaps."
"Jane Kite" then provides this information:
"Sara Vincent (Gulliver) is Chris Gulliver's Sister. I also know that she has a financial interest in Net Matters."
Since then it is known that Media Corp quickly re-acquired OnTheBox and a sister site from this July 5 stock exchange announcement, made by the new management after Sara Vincent left Media Corp:
"The Board of Media Corporation plc is pleased to announce that it has reached agreement, with a number of parties, in respect of certain matters raised by the Company, principally concerning the sale of certain of its publishing assets in April 2012. Pursuant to the agreements which have been entered into, the Company will resume full ownership of a number of websites previously sold by the Company including www.onthebox.com and www.flightcomparison.com, as well as receiving a cash settlement of £196,000.
"The Company believes that the websites that it has reacquired have the potential to be profitable and the Board will be working to ensure that maximum value is created from these sites in the future.
"In addition, the Group estimates that £80,000 of liabilities, relating to separate matters will be removed, across the Group."
Enquiries referred to Chris Gulliver and Media Corp regarding this sale and re-acquisition remained unanswered after 4 days, prolonging speculation.
Players seeking payment will perhaps be interested in the intriguing back-story to these corporate manoeuvres.
Media Corp settled litigation launched by CD Casino.com Limited earlier this week; handing over 15 million ordinary shares (see previous report).
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