Further litigation planned against SEGI’S CEO Edward A. Sylvan; SEGI Directors
DUBAI, UAE and LOS ANGELES: On August 3, 2022, Los Angeles Superior Court Judge Mark A. Young entered a default judgment for $2,522,525.26 in favor of All N Sports Services, LLC d/b/a Core Sports against Sycamore Entertainment Group, Inc.
The lawsuit arose out of SEGI’s failure to pay a licensing fee for a boxing match held in Dubai in March 2022. Billed ‘The Heaviest Boxing Match In History,’ the fight was between Eddie Hall and Thor Bjornsson, two former winners of the World’s Strongest Man contest. SEGI live-streamed the fight but, absent a nominal payment of $11,500, failed to pay Core Sports its contractually-agreed $2.5 million license fee. In April 2022, SEGI’s Chief Executive Officer Edward A. Sylvan sent Core Sports a wire transfer confirmation for $1.5 million, promising that payment was imminent. That wire confirmation is now known to be fabricated, and was presumably sent to deceive Core Sports into believing that SEGI intended to honor its obligations.
Commenting on the judgment, Core Sports’ Chief Executive Officer Don Idrees said: “Core Sports delivered fully on its obligations to SEGI, as did all of the hard-working vendors involved in the fight, except for SEGI itself. While we are happy that the court has entered judgment against SEGI, this particular fight has only just started. We are now investigating claim against SEGI’s officers and directors, as well as individuals and entities that we believe help SEGI to shield its assets.”
Core Sports’ litigation attorney, Steven A. Heath of Los Angeles, California-based Heath Steinbeck, LLP stated: “The court’s entry of judgment on claims including fraud and breach of contract confirms what everyone in the industry already suspected – Edward Sylvan is unfit to run a lemonade stand, let alone a publicly-traded company. After filing this lawsuit on June 2, 2022, we quickly obtained bank records indicating that SEGI uses a separate company, Silau LLC, to receive and disburse its cash. We are reviewing closely this arrangement, with a view to bringing further litigation against SEGI’s officers, directors, and advisors, as well as Silau, LLC itself.