Former Wurld Media Execs Indicted
According to an article in today’s Times Union, two former top execs of Wurld Media have been indicted on a number of charges ranging from misdemeanor failure to pay benefits to felony grand larceny and money laundering.
Gregory Kerber, former Chief Executive and Richard Saxton, former financial officer were each arraigned on nine charges.
Assets of Wurld Media, an online music and video file-sharing company, were sold to ROO Media for $4.3 million in in July, however most of the alleged charges took place before that deal was signed.
According to Mediapost, Roo bought “strategic P2P assets of Wurld Media,” for $4.3 million, consisting of $3.2 million in cash and the issuance of approximately 655,000 shares of ROO common stock.
While it doesn’t appear (at this point) that there’s anything for Roo to be concerned with here, they certainly don’t need any negative publicity or associations while they struggle to turn things around. Last month they reported net operating loss of approximately $8.5 million in the third quarter of 2007.
Tags: , Roo, Wurld Media
December 6th, 2007 at 6:55 am
ROO are even worse than Wurld Media and ceased all support of Wurld Medias Peer Impact product and closed down the DRM servers so music purchased through the serveice no longer worked .I have about $500 worth of digital music that is unplayable .
ROO has been contacted several times and no one has responded with any information .
December 6th, 2007 at 8:30 am
ROO is just as guilty as Wurld….With them being a publicly traded company, why/how did they ever think they could pull this off…hopefully they are next to be investigated.
December 6th, 2007 at 9:01 am
Report them to the Saratoga Count DA’s office in new york. They have stolen money from everyone who deposited funds but didnt spend it on music. And have effectively “taken back” what people did buy, but kept the money. These guys are scum bags and theives
December 6th, 2007 at 10:45 am
These are facts are all extracted from the following article:
http://biz.yahoo.com/prnews/071119/nym140.html?.v=86
ROO is now starting to benefit from the technology acquired from Wurld Media. The technology developed by a devoted 40+ people, people who a majority have entered financial ruins due to Wurld, who are STILL OWED PAYROLL money by Wurld/ROO.
ROO pay these people THEY DESERVE IT!!!
“We offer a robust and complete end-to-end digital media platform which is being utilized globally and anticipate our level of strategic investment to decline moving forward now that the core technology is proven in the marketplace,” said Robert Petty, Chairman and CEO of ROO Group.
– On November 6, 2007, ROO announced it was selected by HealthCare.com to power health-related video content on its Web site. ROO will bring state-of-the-art online video capabilities and a wide array of medical and healthcare content to the Web site.
On October 2, 2007, ROO announced new content partnership with FOX Television Solutions (FTS), Agence France-Presse (AFP) and Chat the Planet, a provider of Web video covering global issues. The three partnerships bolster ROO’s presence in the news vertical and allow the company to offer its customers unparalleled choice in original video news content, including local and regional U.S. news as well as new international programming.
On September 20, 2007, ROO announced it was selected by The New York Post to launch online video and video advertising on its Web site, NYPost.com. ROO was selected based upon its vast content library, proven technology platform and support of innovative advertising solutions.
On September 18, 2007, ROO announced a partnership with Shiny Media, the UK’s fastest growing new media publisher, to launch three cutting- edge online TV channels featuring technology, fashion, and lifestyle content