Platinum shareholders try to oust Rosenberg as chairman

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We’ll have a more retailed report on this in the morning, but the short version is that shareholders in Platinum Studios—one of whom is suing Scott Rosenberg—held a shareholders meeting today with the express purpose of ousting Rosenberg as chairman. No one from Platinum showed up and the following letter from Platinum president Chris Beall was sent out:

Dear Scott Rosenberg,

You are hereby notified that as of January 14, 2013, you are suspended of your position as Chairman and Director, and CEO of Platinum Studios, Inc. indefinitely, along with all authority, duties, and entitlement associated with those positions until further notice. You are no longer authorized to act on behalf of, make decisions, or represent Platinum Studios, Inc. in any way whatsoever.

The call today was held amid rumors that Beall had been let go from the company. No Platinum representative showed up.

Founded more than 10 years ago, Platinum has had its ups and downs, most recently up with COWBOYS & ALIENS and then down when the film underperformed. A switch to a publicly traded penny stock backfired when angry shareholders saw no return on investment and a lawsuit was filed over a lack of proper filings and other malfeasance.

Beall was hired last summer as President, according to their last SEC filing.

Platinum stock closed today at $0.0—a value it has held for some time.

We’ll have a full report on this later, but suffice to say, where there’s Platinum Studios…there’s drama.

Comments

  1. Brian says:

    I love the drama. Their work, not so much.

Trackbacks

  1. [...] As we reported last night, the story of Platinum Studios, the bizarre IP company founded by Scott Mitchell Rosenberg on his peripheral involvement in having published the MEN IN BLACK comic book, has gotten seriously bizarre, with shareholders and acting president Chris Beall banding together to attempt to oust Rosenberg from the company after a series of what they claim are flagrantly fraudulent money shifting and credit card embezzlement—all from the coffers of the publicly traded company. While we don’t know the whole story, we can piece together some of it. But first some Platinum background. The company was formed in 1997, during a fairly down time for the comics industry. Using the Men In Black formula—obscure comic becomes very profitable movie franchise—Platinum began amassing IP by getting lots of hopeful creators to sign away the rights to their creations in hopes of getting movies made. The result of all this is what Platinum PR proudly claims is a character library of over 5000 characters—enough to challenge a Marvel or a DC even if you can’t name a single one of them. [...]

  2. [...] Publishing | Heidi MacDonald reports that shareholders of Platinum Studios held a conference call Wednesday, with President Chris Beall sending a letter to founder Scott Rosenberg suspending him indefinitely as the company’s chief executive officer. Rich Johnston posted the press release announcing the call, and some of the topics on the agenda were fairly jaw-dropping. [The Beat] [...]

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