11-21-2002, 12:16 AM
This has gotten ridiculous now.
World Wrestling Entertainment Calls World Wide Fund for Nature Settlement Demand of $90 Million Ludicrous
STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 20, 2002--
Fund, Led by Legal Advisor with Questionable Background, Plays
Grinch to Wrestling Fans Around the World
The Swiss-based World Wide Fund for Nature ("The Fund") has demanded that World Wrestling Entertainment, Inc. (NYSE:WWE), pay $90 million to settle alleged damage claims of $360 million involved in The Fund's United Kingdom lawsuit against the WWE™, it was announced by the company.
To pressure the company, The Fund is using a United Kingdom court to block the sale of WWE video game products for Christmas, a Grinch-like move to deny wrestling fans around the world the opportunity to receive these products as Christmas gifts.
The demand was contained in a letter sent by a Mr. Michael Rogers, an English Barrister who has resided in Switzerland for 30 years and who holds no Swiss license to practice law. Rogers is held out to be the Fund's "Legal Advisor."
According to WWE, The Fund repudiated an agreement to extend the date for compliance with an English court's injunction to February 10, 2003, from November 10, 2002, and then immediately demanded, on the eve of the injunction compliance date, a wholly unwarranted payment of $90 million to settle alleged damage claims relating to the use of the initials "WWF" by the company. The Fund, through its legal advisor, has also threatened further action against WWE's licensees that plan to sell videogames and other licensed products during the Christmas season.
The demand and the circumstances surrounding the demand are being reviewed and investigated by WWE's American lawyers. "In my opinion, the demand for $90 million made by this Swiss outfit is nothing more than a shakedown," said Jerry McDevitt of Kirkpatrick and Lockhart. "The Fund has had years to prove that WWE financially damaged The Fund in some way, which is an absurd proposition to begin with since my client has never done anything to harm the interests of The Fund. They have never offered into any court anywhere one iota of evidence that my client caused them a dime's worth of damages," he added.
Recent activities by The Fund's Swiss headquarters to pressure WWE have been consistent with its harassment of the company over the past decade. Prior to its threats against WWE's videogame licensees concerning Christmas, The Fund demanded millions of dollars from Nintendo representatives in Germany because Nintendo advertised and sold WWE videogames under the former WWF scratch logo, while telling Nintendo the financial demands would be discontinued if Nintendo became a substantial financial "sponsor" of The Fund.
"In my opinion, the Swiss-based Fund representatives want to interfere with the Christmas sales of WWE products to maximize their ability to extract monies from WWE, to the detriment of wrestling fans around the world. All of these videogames are sold under new packaging with wrestling scenes clearly depicted on it. The packaging features WWE names and trademarks and does not mention WWF or The Fund in any way. Once somebody buys and plays the game, they may see an old World Wrestling Federation scratch logo. How does that involve or hurt The Fund?," said McDevitt.
McDevitt said WWE decided to release this information because the actions of Rogers and The Fund in Switzerland are highly questionable and at odds with the public image projected by The Fund when fundraising. "The Fund is very secretive in its actions. Indeed, The Fund has never chosen to let the public really know about its activities in regards to WWE. For instance, I'm sure Fund supporters would be surprised to learn that The Fund tried to appropriate the WWF trademark for use with products such as alcohol, tobacco and animal skins. It has never clearly and forthrightly indicated to anyone, even to this day, what damages it believes it or the environment have suffered from professional wrestling," he said.
"There is a pattern and procedure to the activities of Rogers going much deeper which is highly questionable and which raises serious concerns about whether affiliates of the Swiss WWF know of and endorse the tactics of Rogers." said McDevitt. "We have discovered, for example, that when Rogers first moved to Switzerland, he was involved in the business affairs of Investment Overseas Services (IOS), headed by Bernie Kornfield and Robert Vesco, the notorious mutual fund swindlers. Today, according to public records, he is the only authorized Switzerland representative for an entity known as 'The Gaia Movement Trust Living Earth Green World Action', a phony environmental fundraising scheme reportedly under the influence and control of Tvind, a shadowy international syndicate under investigation around the world, whose leaders are sitting in a Danish jail. In between, Rogers was involved, in the mid-1980s, in establishing an Islamic charity known as Dar Al Maal Al Islam or DMI, which is being named in numerous lawsuits after the events of September 11, 2001, as one of the principal vehicles used to funnel Saudi money to fund the Al-Quaida terrorists. Further investigations are underway."
The WWE intends no formal response to the $90 million demand until it ascertains which, if any, of the affiliates of The Fund have authorized Rogers to act on their behalf, and has taken steps to determine that issue.
In a statement issued today, Linda McMahon said "Until recently, we have never understood why this environmental group in Switzerland has harassed us and our business affiliates for over a decade now. We even changed our name, a name we had used for over 20 years, just to make peace with these people. They are the charity. We are not. We did business side-by-side with the American affiliates for The Fund for many years in the United States before Rogers entered the picture. We will not pay extortion or send $90 million of our hard earned money to Swiss bank accounts, and intend to vigorously pursue our rights."
World Wrestling Entertainment, Inc. (NYSE:WWE) is an integrated media and entertainment company headquartered in Stamford, Conn., with offices in New York, Los Angeles, Toronto and London. It owns and operates The World®, an entertainment complex in Times Square, New York City. Additional information on the company can be found at wwe.com and corporate.wwe.com.
Trademarks: The names of all World Wrestling Entertainment televised and live programming, talent names, images, likenesses, slogans and wrestling moves and all World Wrestling Entertainment logos are trademarks, which are the exclusive property of World Wrestling Entertainment, Inc.
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, food and beverage, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated.
World Wrestling Entertainment Calls World Wide Fund for Nature Settlement Demand of $90 Million Ludicrous
STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 20, 2002--
Fund, Led by Legal Advisor with Questionable Background, Plays
Grinch to Wrestling Fans Around the World
The Swiss-based World Wide Fund for Nature ("The Fund") has demanded that World Wrestling Entertainment, Inc. (NYSE:WWE), pay $90 million to settle alleged damage claims of $360 million involved in The Fund's United Kingdom lawsuit against the WWE™, it was announced by the company.
To pressure the company, The Fund is using a United Kingdom court to block the sale of WWE video game products for Christmas, a Grinch-like move to deny wrestling fans around the world the opportunity to receive these products as Christmas gifts.
The demand was contained in a letter sent by a Mr. Michael Rogers, an English Barrister who has resided in Switzerland for 30 years and who holds no Swiss license to practice law. Rogers is held out to be the Fund's "Legal Advisor."
According to WWE, The Fund repudiated an agreement to extend the date for compliance with an English court's injunction to February 10, 2003, from November 10, 2002, and then immediately demanded, on the eve of the injunction compliance date, a wholly unwarranted payment of $90 million to settle alleged damage claims relating to the use of the initials "WWF" by the company. The Fund, through its legal advisor, has also threatened further action against WWE's licensees that plan to sell videogames and other licensed products during the Christmas season.
The demand and the circumstances surrounding the demand are being reviewed and investigated by WWE's American lawyers. "In my opinion, the demand for $90 million made by this Swiss outfit is nothing more than a shakedown," said Jerry McDevitt of Kirkpatrick and Lockhart. "The Fund has had years to prove that WWE financially damaged The Fund in some way, which is an absurd proposition to begin with since my client has never done anything to harm the interests of The Fund. They have never offered into any court anywhere one iota of evidence that my client caused them a dime's worth of damages," he added.
Recent activities by The Fund's Swiss headquarters to pressure WWE have been consistent with its harassment of the company over the past decade. Prior to its threats against WWE's videogame licensees concerning Christmas, The Fund demanded millions of dollars from Nintendo representatives in Germany because Nintendo advertised and sold WWE videogames under the former WWF scratch logo, while telling Nintendo the financial demands would be discontinued if Nintendo became a substantial financial "sponsor" of The Fund.
"In my opinion, the Swiss-based Fund representatives want to interfere with the Christmas sales of WWE products to maximize their ability to extract monies from WWE, to the detriment of wrestling fans around the world. All of these videogames are sold under new packaging with wrestling scenes clearly depicted on it. The packaging features WWE names and trademarks and does not mention WWF or The Fund in any way. Once somebody buys and plays the game, they may see an old World Wrestling Federation scratch logo. How does that involve or hurt The Fund?," said McDevitt.
McDevitt said WWE decided to release this information because the actions of Rogers and The Fund in Switzerland are highly questionable and at odds with the public image projected by The Fund when fundraising. "The Fund is very secretive in its actions. Indeed, The Fund has never chosen to let the public really know about its activities in regards to WWE. For instance, I'm sure Fund supporters would be surprised to learn that The Fund tried to appropriate the WWF trademark for use with products such as alcohol, tobacco and animal skins. It has never clearly and forthrightly indicated to anyone, even to this day, what damages it believes it or the environment have suffered from professional wrestling," he said.
"There is a pattern and procedure to the activities of Rogers going much deeper which is highly questionable and which raises serious concerns about whether affiliates of the Swiss WWF know of and endorse the tactics of Rogers." said McDevitt. "We have discovered, for example, that when Rogers first moved to Switzerland, he was involved in the business affairs of Investment Overseas Services (IOS), headed by Bernie Kornfield and Robert Vesco, the notorious mutual fund swindlers. Today, according to public records, he is the only authorized Switzerland representative for an entity known as 'The Gaia Movement Trust Living Earth Green World Action', a phony environmental fundraising scheme reportedly under the influence and control of Tvind, a shadowy international syndicate under investigation around the world, whose leaders are sitting in a Danish jail. In between, Rogers was involved, in the mid-1980s, in establishing an Islamic charity known as Dar Al Maal Al Islam or DMI, which is being named in numerous lawsuits after the events of September 11, 2001, as one of the principal vehicles used to funnel Saudi money to fund the Al-Quaida terrorists. Further investigations are underway."
The WWE intends no formal response to the $90 million demand until it ascertains which, if any, of the affiliates of The Fund have authorized Rogers to act on their behalf, and has taken steps to determine that issue.
In a statement issued today, Linda McMahon said "Until recently, we have never understood why this environmental group in Switzerland has harassed us and our business affiliates for over a decade now. We even changed our name, a name we had used for over 20 years, just to make peace with these people. They are the charity. We are not. We did business side-by-side with the American affiliates for The Fund for many years in the United States before Rogers entered the picture. We will not pay extortion or send $90 million of our hard earned money to Swiss bank accounts, and intend to vigorously pursue our rights."
World Wrestling Entertainment, Inc. (NYSE:WWE) is an integrated media and entertainment company headquartered in Stamford, Conn., with offices in New York, Los Angeles, Toronto and London. It owns and operates The World®, an entertainment complex in Times Square, New York City. Additional information on the company can be found at wwe.com and corporate.wwe.com.
Trademarks: The names of all World Wrestling Entertainment televised and live programming, talent names, images, likenesses, slogans and wrestling moves and all World Wrestling Entertainment logos are trademarks, which are the exclusive property of World Wrestling Entertainment, Inc.
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, food and beverage, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated.