The ownership of Forbes Media could change again after foreign investors have reneged on a deal, writes Keith Kelly of the New York Post.
Kelly writes, “This means 98-year-old Forbes magazine, its Web site, conference business and related assets could end up back in play.
“‘Integrated Whale potentially faces being put into liquidation due to its failure to pay its debt to the Forbes plaintiffs,’ according to one suit filed in the British Virgin Islands, where the holding company is based.
“The Forbes family, which filed a parallel complaint in Delaware Chancery Court, claims the Hong Kong-based businessmen behind Integrated Whale — Tak Cheung Yam, head of investment firm Integrated Asset Management, and Wayne Hsieh, founder of Asustek Computer — are ‘typical deadbeat investors’ who refuse to pay up.
“Integrated Whale falsely claims that Timothy Forbes, the younger brother of Chairman Steve Forbes, had given it an oral waiver on overdue interest payments, the suit alleges.”
Read more here.
