Another day, another Maker lawsuit.
Andy Faberlle, a former director of partnerships for the Maker Studios from April 2011 to Aug. 2013, has filed a lawsuit seeking to have Disney’s acquisition of the Culver City MCN “unwound.” Faberlle follows in the footsteps of Maker Studios ex-CEO Danny Zappin and three other former executives who filed suit last week in order to delay the merger. Their injunction request was denied by a Los Angeles Superior Court on Monday, and Maker’s board approved the Disney deal on Tuesday.
In Faberlle’s suit, he makes claims similar to the ones found in Zappin’s lawsuit. Faberlle’s complaint says:
“Upon information and belief, members of Maker’s Board of Directors, Mark Suster, Lisa Donovan, Ben Donovan, Rachel Lam, Dana Settle, and Michael DiSanto, unhappy with their inability to control Maker and/or obtain a quick return on their invested capital in Maker, orchestrated a scheme to illegally issue enough shares to themselves and those friendly to them that would be required to approve any sale.”
This echoes Zappin’s original allegations that key Maker shareholders and executives illegally distributed shares amongst themselves and diluted common stock, leading to his legal request that the merger not be voted on until the full details of his suit were made public, since the information would have supposedly affected the value of the deal. The same allegations in Faberlle’s complaint:
“Defendants illegally obtained Maker shares and illegally voted those shares in favor of a merger with Disney. Moreover, they sought to obtain approval of the Merger from the Maker shareholders without providing them the necessary information for approval of the Merger, even after repeated requests.”
A particularly interesting section of Faberlle’s complaint details how key Maker executives supposedly divvyed up Maker shares and the immediate aftermath of that scheme. In it, Faberlle asserts that once the defendants in Zappin’s case “got their self-interested deals done,” they “patted each other on the back and urged the others to not spend all their money on sake celebrating their victory.”
Earlier this week, film studio Relativity Media put in their own offer for Maker but were rebuffed since the MCN’s acquisition by Disney had already been agreed upon.