ESPN suing Profitable Plots for failing to pay up

[Greatbirdlegend]

 

This shouldn't be surprising news.

Just hope nobody fell for this 'wonderful investment'.

 

-----

 

ESPN suing Profitable Plots for failing to pay up

by Ng Jing Yng

04:47 AM Jun 10, 2011

SINGAPORE - Broadcaster ESPN Star Sports is suing landbanking firm Profitable Plots, which is under police investigation following complaints of cheating, for failing to pay close to US$4 million (S$4.9 million).

 

While a default judgment was issued in December against Profitable Plots, after it did not appear in court, the money has not been paid to date.

 

ESPN is also claiming damages for misrepresentation, conspiracy and fraudulent trading in the lawsuit against Profitable Plots' directors John Andrew Nordmann and Mr Timothy Nicholas Goldring, which they have denied in their defence filed in April.

 

Court documents state that the two companies had entered into an agreement in November 2007, which entitles Profitable Plots to air its advertisements and sponsor some of ESPN's television programmes for three years.

 

ESPN's lawyer See Chern Yang of Premier Law said the landbanking firm has defaulted on payment since April 2009, and after several meetings between December 2009 and June last year, the directors only kept giving verbal assurances.

 

In its court papers, the broadcaster alleged that Profitable Plots and its related companies had suffered losses of S$25.8 million in 2009 and that the two directors had not only failed to ensure sufficient finances to fulfil agreements, they gave a false impression the business was profitable, with the intention to deceive creditors.

 

In response, Profitable Plots' lawyer Roy Yeo of Sterling Law Corporation said his clients did not proffer any oral assurances to make payment but were given a time extension by ESPN after they had explained the firm's difficulties.

 

In their court papers, the two directors claimed that ESPN was, on its own accord, "happy to continue" with the agreement, as it would have otherwise lost a considerable amount of content from their channel without Profitable Plots' advertising.

 

The men claimed that ESPN withheld suspending the agreement due to its "own commercial reasons".

 

ESPN has since filed a reply refuting that there was any agreement to allow delay of payment and said the defendants had admitted the debt by giving two post-dated cheques that were not encashable eventually.

 

The broadcaster added that it terminated the agreement after the defendants did not respond to several warnings and notices for payment.

 

Meanwhile, investigations by the Commercial Affairs Department into Profitable Plots are ongoing after 229 complaints were made by investors who claimed they were cheated of S$23.5 million.

 

No criminal charges have been pressed on the company's directors and the matter is due in court July 8.

[The_Bear]

Well, they had a very profitable plot indeed.

[Maxus-MIFA9]

So............ its not 'Profitable' after all .....

 

sometimes it is very irretating when before BPL starts with B. Robson and some others like commentors :- "I bought mine, have you" ...

[Greatbirdlegend]

  On 6/10/2011 at 2:47 AM, Picnic06 said:

So............ its not 'Profitable' after all .....

 

sometimes it is very irretating when before BPL starts with B. Robson and some others like commentors :- "I bought mine, have you" ...

 

Yes I'm so ashamed to see a pool's player whore this.

And whoring it badly at that. :angry:

[Park88]

strange

i truly like to know how their mind work among these kind of people

 

they come up with brilliant scheme

but they knwo the game sooner or later would be up

so why do they do it

unless there is someone behind them that everybody dont know about

and these directors are just fall guys

 

what are your take

[Hondacub777]

Angmo FT at it's best.

[Sabian]

  On 6/10/2011 at 2:49 AM, Greatbirdlegend said:

Yes I'm so ashamed to see a pool's player whore this.

And whoring it badly at that. :angry:

 

Tot he's from man utd?

 

[Kar_lover]

 

Strange why no mention of Steve McMahon's name....so does this mean he won't be appearing on tv anymore?

 

But yes, quite shameful for us liverpool fans (he's definitely a ex-liverpool player).

 

 

[Karoon]

i don't blame football players.. investment not their thing... but even jamie reeves got in the act.

 

the former econs lecturer at rjc should know better.

[Stash]

well my advise is just be careful, have had some bad encounters with British business... alot is crap... idiots mistake me and my boss for rice farmers...

[Greatbirdlegend]

  On 6/10/2011 at 7:46 AM, Sabian said:

Tot he's from man utd?

 

mcmahon.

who cares about manU scum?