While it was not inappropriate, as this Court has stated in this Judgment, for Integrated Whale to bring the Delaware proceedings to the attention of this Court (which could have been done in writing, as in fact it was initially), it was inappropriate and a waste of this Courts time for Integrated Whale to take and pursue an aggressive and vigourous position that there was an not only an admission but a determinative admission of a substantial dispute by reason of the Delaware proceedings, insist that the Demand be withdrawn on that basis, and then act so as to escalate the matter and cause an hearing to be held with leading counsel attending, and attending in person. Hong Kong-based IAM was founded by Tak Cheung Yam. The Delaware cases I have cited, such as [Pepsi-Cola Bottling Co. of Asbury Park v. Pepsico, Inc., 297 A.2d 28 (Del. 2) Ltd. v. Altomart Ltd. [2014] EWCA 1575 (. Forbes would never formally endorse the school. On Oct. 9, longtime China commentator and Communist Party critic Gordon Chang received an email from Avik S.A. Roy, the opinion editor at Forbes. Highlander more recently commenced proceedings in Delaware on the accelerated debt claim under the Notes and on two other claims arising from the parties same business relationship. Lanes article sounds so unhinged the reader has to keep referring to the masthead to confirm that its indeed Forbes and not some far-left publication like Vox, Slate, or Raw Story. This is inconsistent with Forbes conduct up to the breakfast meeting on 26 October. In addition to Veaseys reasons for disagreeing with the Steele Report, this Court notes that there may be other bases to disagree with the Steele Report. Integrated Whale gave testimony there that said Mr. Forbes had agreed orally to forgive the Asian investors default, according to the complaint. CHARITY. In the case of Integrated Whales non-response to emails from Highlander about payment of the 1 March Interest, for example, a judge hearing and seeing the witnesses may find the explanation not only understandable but true. And last year, a real estate developer broke ground on the Forbes Media Tower in Century City, Makati, Philippines, the first to license the publishers name with a 35 story tower expected to open in 2019. There is no basis to order, as Highlander asks, that Integrated Whales costs should commence only when Integrated Whale articulated its position on the substantial dispute issue. The cases cited in the Steele Report are inapposite. Until then, as he points out, he or others on behalf of Highlander repeatedly (it appears up to four times on 3,7,8 and 11 October 2014). It must decide on the evidence that is available to it if it is satisfied that there is a substantial dispute. Last year he said The thought has always been that some rich guy in the Middle East, or some guy in Hong Kong, or a Russian oligarch would buy it., Today, we announced that we have reached an agreement to sell a majority interest in Forbes Media to a group of international investors. The business magazine is being sold to a scion of Thailands richest family. I foresee decent probability of many deleted Tweets, writings, photos in the future.. From the 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10." Forbes magazine covers news in finance, industry, investing, marketing, and other topics that are relevant to the business world. The Forbes family is suing Integrated Whale Media Investment, a group comprising the investors Yam Tak Cheung and Wong Siu Wa. 2023 BBC. Steve Forbes, chairman and editor in chief of Forbes Media, which was sold last year. It should be left open whether in any such circumstances, the exercise of the Section 157(2)(b) discretion or some other action would be appropriate. Whats his remedy for accountability for that doozy? In fact, Forbes Media was sold six years ago to Integrated Whale Media Investments, which is based in Hong Kong, and which has since become a territory of mainland Communist China. As China grows increasingly powerful, its ability to constrain the free speech of organizations that wish to enter or flourish in the Chinese market grows in tandem. The global media company that was founded in 1917 as Forbes magazine by Bertie Charles Forbes. Forbes Media was bought by Integrated Whale Media (IWM) Investments, owned by several Asian businessmen, in 2014. Dress: Casual Directions: A 10-minute . The Forbes family said it would still have a "significant" stake. Fox News senior political analyst Brit Hume offered a five-word analysis of the Lincoln Project effort. Forbes Media - which includes Forbes magazine - was sold to Integrated Whale Media Investments for an undisclosed sum. However, a court hearing both men, and other witnesses, in person and under cross-examination, and seeing other documentation in the 1 October to mid-November 2014 period, could find that at least to some degree each was focused on what was most important in his mind at the time, and was hearing or thought he was hearing what he wanted to hear. There is only one example so far, and the results are discouraging. Second it submitted that Highlander should have its costs of the substantial injustice issue as it was more than an alternative, it materially added to the costs of the Application and occupied a significant percentage of the time, also necessitating a supplemental skeleton and supplemental evidence. The email is friendly (it begins Hi Sammy) and constructive in tone, refers to the board meeting and CEO Conference (I hope you and your colleagues were pleased with our first board meeting and with the CEO Conference, which I thought was a knock-out success ). As a subscriber, you have 10 gift articles to give each month. Copyright 2023 Market Realist. [18], In January 2010, Forbes reached an agreement to sell its headquarters building on Fifth Avenue in Manhattan to New York University; terms of the deal were not publicly reported, but Forbes was to continue to occupy the space under a five-year sale-leaseback arrangement. The second interest payment (for the period between 1 October 2014 and 1 January 2015) was due on 1 January 2015. This Court reviewed the Delaware court materials, which do not yet include a defence but include materials of both sides on a motion by Integrated Whale challenging the bringing on proceedings in Delaware at least in part on the basis of this Application and the Demand. Mike Perlis the executive chairman and CEO of the operating company, Forbes Media, told FT that among the plans are more licensing deals as the publisher of Forbes builds a more diverse business. [25] In February 2022, it was announced that Cryptocurrency exchange Binance would acquire a $200 million stake in Forbes as a result of the SPAC floatation.[26][27]. Photographer: Taylor Weidman/Bloomberg. At that point, says Wong, he considered that the cooperation with the Forbes Family should be long term so I did not confront [Forbes] for his breach of the agreement Instead, the next day he emailed Forbes to advise that the 1 October Interest had been wired and provided him with a copy of the wire confirmation. He brought the magazine's circulation from 100,000 to 720,000. Forbes ( / frbz /) is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Newly-formed Integrated Whale Media Investments (IWM) is based in Hong Kong and consists of a group of international investors. In addition, Highlander asserts that provisions of the Purchase Agreement and Notes preclude, as a matter of law, reliance on the alleged arrangement. This state of flux has been harrowing for legacy companies. In 2017, after 48 years as CEO, Dhanin named his eldest son, Soopakij, and the youngest, Suphachai, as CP's chairman and CEO, respectively. In Conclusion The Court cited and followed its earlier decision in that regard in C-Mobile Services Limited v Huawei Technologies Co. Limited. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. The platform helps entrepreneurs and founders connect with like-minded people, collaborate, as well as publish posts on Forbes.com. Of Ek Chor's four sons, Dhanin was the youngest but had such a flair for business that he succeeded his father as chairman at age 30. As can be seen above, in giving his opinion, Steele states that the Purchase Agreement and the Notes each contain provisions requiring that. They want revenge. [25]The latter part of this submission related more particularly to the Section 157(2)(b) ground of the Application. As noted earlier, Veasey opined that the broad forum-selection provision contained in the Purchase Agreement expressly binds all parties (the Borrower and the Lender) and expressly encompasses any disputes or controversies arising out of the Notes.. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007. He also founded an art journal and Nations Heritage magazine. There also will be an order that Highlander shall pay Integrated Whales costs of the Application, less Integrated Whales costs of the Delaware proceedings aspect of the Application (being the hearing on 11 February 2016 and all related matters commencing with and including the correspondence asserting the Delaware proceedings constitute an admission of a substantial dispute), and Integrated Whale shall pay Highlanders costs of the Delaware proceedings aspect of the Application (including the costs associated with leading counsel attending in person), to be assessed if not agreed, and with a set off of the amount payable by Integrated Whale to Highlander against the amount payable by Highlander to Integrated Whale. Wongs evidence is that the 1 October Interest was not further raised, mentioned and/or discussed by [Forbes] with any of the representatives of [Integrated Whale], including myself, after the breakfast meeting. Nor was it raised in a long complimentary email to me on 3 November 2014 in which he indicated his great appreciation. Integrated Whale alleges, and Highlander denies, that an arrangement (in the evidence and submissions sometimes referred to as an agreement or understanding) was made at the meeting that is central to whether there are consequences from the non-payment when due, or within five business days, of the 1 October Interest. In November 2013, Forbes said it was seeking about $400 million. IMDb, the world's most popular and authoritative source for movie, TV and celebrity content. Steve Forbes, the grandson of Forbes magazine founder Bertie Charles Forbes, has an estimated net worth of $430 million as of 2019. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Forbes became editor-in-chief, a post he held until his death in 1954. The Forbes family, after a bitter legal battle with the new Chinese owners of Forbes Media, have apparently finally gotten paid. [42], I also am advised by counsel (privileged in which I do not waive) that the doctrines of estoppel and waiver identified by [Wong] are not available under Delaware law in light of the no oral modification and no waiver provisions contained in each of the Notes.[45]. Forbes was very good to me, Chang told me. In 2017, after 48 years as CEO, Dhanin named his eldest son, Soopakij, and the youngest, Suphachai, as CP's chairman and CEO, respectively. Forbes has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. Integrated Whale also seeks to invoke this Courts discretion under Section 157(2)(b) of the Act to set aside a statutory demand if the Court is satisfied that substantial injustice would otherwise be caused (for a reason other than the reason in Section 157(2)(a) of a defect in the demand). Both experts on Delaware law are highly qualified. He says that Wong said I understand and nodded. 3, summary and paragraphs 21 28. [46]Steele Report, paragraphs 10 and 20 21. Integrated Whale asserted in respect of costs that it was entirely successful on the Application in that the Demand was set aside; there is no basis, and it would be wrong in principle, to penalise Integrated Whale (by way of any form of costs reduction) in respect of the Court electing not to choose to set aside the Demand on the substantial injustice ground; and that there should be no reduction of Integrated Whales costs in respect of the Delaware proceedings hearing on 11 February 2016, in part because the costs of and incidental to the hearing of 11 February 2016 naturally arose out of the developments which are out of Integrated Whales control. Also Integrated Whale seeks an interim payment of costs. After reading Forbes first affidavit (Forbes Affidavit 1, as defined below), Wong delivered Wong Affirmation 2 in which he stated I do not accept much of what is said in [Forbes Affidavit 1], and I reassert the account, which I believe to be accurate, set out in my [Wong Affirmation 1]. He then goes on to respond to certain specific statements in Forbes Affidavit 1. ) each dated 12 September 2014 and each being in the amount of $21,875,000, payable in 18 months, five years and seven years, respectively. Box 1093CastriesSaint LuciaT: +1 758 457 3600E: offices@eccourts.org. Lane uses the word lie, lies, liar or lied nine times in his piece three times in the first paragraph alone. About that there is no doubt. After 97 years of family ownership, Forbes Media has announced it has sold a majority stake in the company to a Hong Kong-based group of international investors. Veasey disagreed with Steele and opined that as follows: the opinion expressed is [the Steele Report] is an overbroad generalization based on interpretations and applications of law to distinguishable facts peculiar to the cases that he cites. Respondent declared default of Applicant and accelerated payments due under three promissory notes (totaling just over $65.6 million), issued pursuant to a purchase agreement of major interest (95%) in global media company for over $400 million and assigned to Respondent, when relatively small amount of interest ($46,459), being the first interest payable under the notes, was not paid on time or in the five-day cure period documents governed by Delaware law and courts of Delaware arguably, by contract, have exclusive jurisdiction over all disputes under purchase agreement and notes. [13]Forbes Affidavit 1 and Forbes Affidavit 2, sworn 25 February 2015 and 2 February 2016, respectively. did not really include matters that are independent of the issues raised on the substantial dispute ground. There are various other similar statements by Wong, all to the effect that it would not have made sense to Integrated Whale to jeopardize everything and risk accelerating the Notes over a relatively very small sum, and particularly when it was able to pay it, and shortly thereafter did pay it. As discussed below, it is not the role of this Court on this Application to resolve the dispute but to determine whether there is a substantial dispute (within the meaning of those statutory words in the case law). [36] The contributor system has been criticized for enabling "pay-to-play journalism" and the repackaging of public relations material as news. [9] Drey became vice-president of the B.C. Photographer: Taylor Weidman/Bloomberg. Forbes Media is selling a majority stake to a group of Asian investors known as Integrated Whale Media. The Act provides collective remedies on behalf of all creditors the statutory demand process, as with the just and equitable ground for the appointment of a liquidator under Section 162(1)(b) of the Act which was in issue there, are collective remedies. If the alleged substantial dispute does not meet a minimum threshold for a substantial dispute, factually or legally, the Demand should not be set aside. It points out that the amount of interest was, in the context of the transaction, nominal, and it would have made no commercial sense for it to risk acceleration if Highlander actually had been insisting on payment or indicating that it would or might trigger acceleration. The Court sees no admission of a substantial dispute in the Delaware court documents, or by the fact the proceedings were brought. Nachbars evidence was that the jurisdiction clause in the Notes does not prevent Highlander bringing action wherever it chooses and goes on to point out that the Integrated Whale expert evidence does not dispute this but asserts instead that the forum selection clause in the Purchase Agreement controls and imposes mutual obligations. Nachbar neither agreed nor disagreed with this. The biggest media conglomerates in America are AT&T, Comcast, The Walt Disney Company, National Amusements (which includes Viacom Inc. and CBS), News Corp and Fox Corporation (which are both owned in part by the Murdochs), Sony, and Hearst Communications. Forbes is the latest media company to use the once obscure but increasingly popular SPAC maneuver to go public, rather than an initial public offering, which comes with regulatory hassles. The Hong Kong investment group purchased a. Chinese ownership is raising questions about the editorial independence of a major U.S. magazine. He goes on to say that [g]iven that this interest issue was so minor and based on what I genuinely believed to be [Forbes] assent to this arrangement, I did not manage to record this agreement or discussion in writing afterward., I state categorically, says Wong, that if [Integrated Whale] had not understood the position to be that [Highlander] was entirely content to allow both interest payments to be made together, and later, it would have immediately settled to [sic. The irony is explained by the fact Steve and the Forbes family no longer own Forbes the media company. The parties entered into litigation in the British Virgin Islands, where Integrated Whale is domiciled. Facebook and Google, among millions of other websites, can now command tens ofbillions of dollars in advertising. Details: With the new investment, Binance will become the second-largest owner in Forbes, behind Integrated Whale Media (IWM), . Forbes Media continually expands its reach to include a variety of audiences. Even leaving aside that last point, while not addressed in the expert evidence, one might anticipate that if subject areas (modification/amendment and waiver) were dealt with in both the Purchase Agreement and the Notes, albeit in different manners, one may look to the treatment of the subject area in the Notes only, or at least there is a substantial issue of construction of the Notes. The latter part of this submission related more particularly to the Section 157(2)(b) ground of the Application. In Peak Hotels, the Court of Appeal went on to consider the discretion under Section 162 of the Act and the judgment in Salford Estates. This story has been shared 100,140 times. [44]Notes, page 2; Steele Report, paragraph 12. [37]Veasey Report, Opinion No. As of spring 2020, the magazines audience was about 5.8 million readers. In 2013, Forbes licensed its brand to Ashford University, and assisted them to launch the Forbes School of Business & Technology. Forbes, a tradition carried on by the late Malcom S. Forbes, and his son Steve, one of the countrys most noted conservatives. Interest was payable quarterly. As explained below, this Court concludes that there is a substantial dispute about the arrangement, if established, having or not having legal effect under Delaware law. See also Wong Affirmation 2, paragraph 8. ), issued pursuant to a purchase agreement of major interest (95%) in global media company for over $400 million and assigned to Respondent, when relatively small amount of interest ($46,459), being the first interest payable under the notes, was not paid on time or in the five-day cure period documents governed by Delaware law and courts of Delaware arguably, by contract, have exclusive jurisdiction over all disputes under purchase agreement and notes. Forbes is seriously diminished by such cancel culture rantings, considering it has long been considered a respected business publication of its creator, B.C. Both Highlander and Integrated Whale submitted expert evidence, and other evidence, of Delaware law, the law which governs the Notes and the Purchase Agreement. [40][bettersourceneeded], Currently, the website also blocks internet users using ad blocking software from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access is granted. 1972)[40]] would control the present matter and would allow evidence of waiver, estoppel, or modification. The parties made written submissions on costs after reviewing the above part of this Judgment (in draft, which was substantially the same as it is now). The Forbes family said it would still . Forbes Affidavit 1, paragraphs 8, 22, 24 and 26. As a response to Forbess request for the funds, Integrated Whale used its control over the companys board to embark on a retaliatory, multifront campaign of oppression through the abuse of the corporate machinery to penalize and dissuade the Forbes plaintiffs from enforcing their basic contractual rights, the complaint said. It is important to bear in mind that in winding up proceedings one is considering always a class remedy and not a private [one] between the petitioner and the company. [29]Arena Corporation Ltd. v Schroeder [2004] EWCA Civ 371, paragraph 53. [38] Forbes.com also publishes subscription investment newsletters, and an online guide to web sites, Best of the Web. In 2014, the Forbes family sold a majority stake in the company to Integrated Whale Media. But that money has not been released, the complaint said. Subsequent to the breakfast meeting, Integrated Whale and the Forbes Family companies were to have a week of meetings and events in Hong Kong and Singapore, the first of their kind since the purchase. While there were several emails prior to the breakfast meeting in which Highlander sought payment of the 1 October Interest, the sending of those emails is not inconsistent with the evidence of Wong that the subject of the 1 October Interest was arranged later to be discussed between Wong and Forbes at the Hong Kong breakfast meeting on 26 October 2014. Under terms of the $415 million deal, the investment team paid $350 million cash and took a $65 million loan from the Forbes family. Another former Forbes contributor who writes about China and asked to speak anonymously distinguished between the China coverage before 2014 and the kind of China cheerleading in many of their posts today. Ray Kwong, a senior adviser at the University of Southern Californias China Institute and a Forbes blogger until 2013 put it more succinctly. McConlogue said his offer is "fully capitalized," meaning Borderless is in the position to immediately buy out Forbes' owners, Integrated Whale Media Investments (which purchased 95% of the . If there is an applicable exclusive jurisdiction clause, and even if there is not, all things being equal a dispute which is under Delaware law should be determined by the courts of the Delaware. [2]Wong Affirmation 1 Affirmation 5 dated 12 February, 2 April and 20 November, 2015 and 19 January and 5 February 2016, respectively. With respect to the allegedly illogical aspects of Integrated Whales evidence and position, it should be remembered that sometimes people do things or do not do things that may appear illogical, viewed in hindsight objectively, clinically and under a microscope, by lawyers and judges with different backgrounds and sometimes from different cultures. B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street,[9] founded Forbes magazine on September 15, 1917. Mexicos richest person, Carlos Slim, has a minority stake in the New York Times. As noted above, his focus is on the amendment/modification and waiver provisions in the Purchase Agreement and Notes. After Bloomberg published an excellent series on the family wealth of Chinese leaders in 2012, for example, Beijing retaliated by constraining the companys ability to sell its lucrative terminals in China. The newly formed investor group, Integrated Whale Media Investments, is led by Integrated Asset Management . The Purchase Agreement provided in Section 15.6 as follows: any controversy, dispute, complaint, demand or claim arising out of or related to this Agreement, any other Transaction Document [each Note is a Transaction Document based on the definition in the Purchase Agreement] shall be resolved in accordance with the procedures set forth in this Section 15.6. He then quotes the Notes that similarly provide that they may only be modified in a written instrument executed by the Borrower and the Lender. Section 157 (1) of the Act provides as follows: Integrated Whale contends, first, that there is a substantial dispute within the meaning of Section 157(1) of the Act whether the Demanded Amount is owing or due, and second, that there are other reasons why the Court should, in any event, exercise its discretion to set aside the Demand pursuant to Section 157(2)(b) of the Act, to avoid substantial injustice. Veasey Report, paragraph 12 and also see summary of Opinion No. The Forbes family still owns a significant stake in Forbes Media, along with Integrated Whale Media Investments. Forbes Affidavit 1, paragraphs 16, 30, 32, 35 and 36. That is not the role of the Court on an application to set aside a statutory demand. Lane then singles out five senior White House officials, whom he describes as the people paid by the People to inform the People.. However, Integrated Whale should not have its costs, and instead Highlander should recover its costs from Integrated Whale, of the Delaware proceedings aspect of the Application (being the hearing on 11 February 2016 and all related matters commencing with and including the correspondence asserting the Delaware proceedings constitute an admission of a substantial dispute). Nor does he acknowledge the daily claims for nearly four years on corporate media and by Democrats promoting the Russian collusion hoax. Accordingly, there will be an order setting aside the Demand. Sometimes we write stories that we probably may have kind of rethought should have rethought, Bloomberg chairman Peter T. Grauer said at the time. We are pleased to say the long process was worthwhile.. But they will be held accountable & not allowed to pretend they were not involved, he added. This is not a case in which Highlander, upon hearing the articulation of Integrated Whales position, said that it would be withdrawing the Demand and would have done so earlier, and avoided the costs until then, if only it had known the position earlier. The Forbes family holds the remaining 5 percent, the person said. Dont let the chronic liars cash in on their dishonesty., He observed that previous White House spokesmen have reaped millions in royalties from book deals after they left, adding that Trumps liars dont merit that same golden parachute., Acting more like a Mafia don than a media executive, Lane then threatened future employers: Hire any of Trumps fellow fabulists above, and Forbes will assume that everything your company or firm talks about is a lie.. Schlumberger's Software-Integrated-Solutions division has an office in Tokyo, Japan, 103-0027. 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