On 3 November 2014, Forbes sent an email to Wong (referred to above by Wong as a complimentary email) headed Meeting and CEO Conference Follow-Up. Senior representatives of the parties had a breakfast meeting in Hong Kong on 26 October 2014. This Court focuses on that because in this case it is a fundamental part of demonstrating a substantial dispute. That is not the role of the Court on an application to set aside a statutory demand. Wongs evidence is that Integrated Whale was positively led to believe by [Highlander] that late payment [of the 1 October Interest] was not an issue, and certainly was not a matter that would lead to an acceleration of the entire principal due under the Notes.. of animal feed, biggest shrimp farmers and largest poultry producers. To the extent Integrated Whale needs to show more than a clear and fundamental disagreement of opinion between two prominent experts on Delaware law, if this Court were called upon to opine upon the Delaware law issues, it would conclude that based on what is before it, and on the analysis it has done, Integrated Whale has a stronger legal position under Delaware law. To determine the matter, the Court has a duty to carry out a preliminary investigation of the facts to determine whether the dispute that the company has raised about the debt is on genuine and substantial grounds. Steve and Timothy Forbes were the third generation to control the company that was founded by B.C. Forbes - which says it reaches 75 million people worldwide every month through its print, digital, TV, conferences and research ventures - began looking for a buyer last November. To constitute of substantial dispute, the debt must be disputed on genuine and substantial grounds, ; the dispute must be real as opposed to frivolous, ; the alleged debtor has to produce some tangible evidence in support, ; [t]here has to be something to suggest that the assertion is sustainable (which could be a witness statement or document, unless the evidence asserted is inherently implausible, contradicted by or not supported by documents or not supported by contemporaneous documents, This Court has carried out a preliminary investigation of the facts, as it is required to do on an application such as this, in order to determine whether the dispute raised by Integrated Whale about the alleged debt is on genuine and substantial grounds (within the meaning of that phrase discussed above). Among those things for which explanations may need to be found credible are why its paper trail of responding to written communications from Highlander is weak, and why its assertion to Highlander of the breakfast meet arrangement was not made on a timely basis. Several days later, Forbes removed the piece, reportedly telling the news site Hong Kong Free Press that its standard practice for us to remove articles if we feel there are certain issues editorial or not that we need to address. Corr alleges that Chan pressured Forbes to take down the article, which could not be independently verified. In other words, the Notes do not preclude a waiver by the holder that is not in writing and signed by the party to be bound (in this case, Highlander). Our investors respect Forbes editorial independence and they do not get involved with Forbes editorial decisions.) Its unclear why Forbes terminated Chang. In Wong Affirmation 1, Wong confirms that Integrated Whale is solvent and is able to pay the principle sums and interests that fall due under the Notes pursuant to the timing as prescribed in the Notes.. The Internet made this business model obsolete. Its wide reach on print as well as digital platforms is key to its success. As explained below, this Court concludes that there is a substantial dispute about the arrangement, if established, having or not having legal effect under Delaware law. [42], Forbes won the 2020 Webby People's Voice Award for Business Blog/Website. Further, the evidence of Kenneth J. Nachbar (. (Disclosure: I am a senior fellow at the Asia Societys Center on U.S.-China Relations, but had no prior knowledge of the events described. did not really include matters that are independent of the issues raised on the substantial dispute ground. Lanes article sounds so unhinged the reader has to keep referring to the masthead to confirm that its indeed Forbes and not some far-left publication like Vox, Slate, or Raw Story. (ed.) [32]As noted above, in total there are five affirmations of Wong filed, including with respect to post-hearing developments (Wong Affirmation 1 Wong Affirmation 5) and two affidavits ofForbes filed (Forbes Affidavit 1 and Forbes Affidavit 2, that latter being with respect to post-hearing developments. This Court would not exercise its discretion under Section 157(2)(b) of the Act in favour of setting aside the Demand based on an exclusive jurisdiction clause, even if its determination is, as appears to be the case based on the expert evidence, that there is an exclusive jurisdiction clause in favour of the courts of Delaware applicable to the dispute about the alleged accelerated debt. For the present purposes, it can be said that this demonstrates that there is at least a substantial dispute between Integrated Whale and Highlander about the legal consequences of the alleged arrangement. 1972)[40]] would control the present matter and would allow evidence of waiver, estoppel, or modification. [41]Veasey Report, paragraphs 26 and 27. We just launched the Trump Accountability Project to make sure anyone who took a paycheck to help Trump undermine America is held responsible for what they did.. The initial correspondence provided to this Court about the Delaware proceedings certainly led this Court to the view that the was some kind of credible argument that Integrated Whale had which went to the heart of whether there was a substantial dispute. If unclear, those types of issues relating to arbitration and insolvency may need to be determined or clarified when they arise, and in light of the jurisprudence respecting arbitration and insolvency, where the policy and other considerations appear to be different, just as may be the case where a supervising court in insolvency proceedings permits ordinary court proceedings relating to a creditors claims to proceed for a specific purpose. At the time of the transaction, Integrated Whale and Forbes deposited cash into an escrow account. IN GOD WE TRUST. [15] In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now a part. Highlander is the assignee of Notes. From the late 1940s to the mid-1960s whale meat was the single biggest source of meat in Japan. While the Notes have a provision dealing with waiver, the provision deals with two possible modes of waiver only. BVIHCMAP 2014/0025 Jinpeng Group Limited v Peak Hotels and Resorts Limited (, ), Court of Appeal, 8 December 2015, paragraph 27. Then, the Asian group borrowed about $71 million from the Forbes family to buy an additional 15 percent, said the person, who spoke on condition of anonymity. Sale documents prepared by Deutsche Bank revealed that the publisher's 2012 earnings before interest, taxes, depreciation, and amortization was US$15million. About that there is no doubt. The company hadannounced last November that it was looking for a buyer and was working with Deutsche Bank AG to find one. Justice Trevor Ward, KC, Court-Connected Mediation Practice Direction Forms, Civil Procedure Rules 2000 [Amendments to Nov 2015], ECSC Civil Procedure (Amendment) (No.2) Rules, Civil Procedure Rules 2000 [Amendments to May 2014], Criminal Procedure Rules SI No. Highlander opposes the Application to set aside the Demand contending that there is no substantial dispute nor are there other reasons to set aside the Demand to avoid substantial injustice. Forbes Media, which encompasses the magazine Forbes and other related business ventures, is majority-owned by Integrated Whale Media Investments. BVIHCMAP 2014/0017, 15 September 2015, paragraph 9 cited in Peak Hotels, paragraph 44. In legal terms, Integrated Whale asserts a waiver and estoppel, which are doctrines recognized under Delaware law (as explained in expert evidence discussed below). Mr. Perlis, who said that Forbes had already been working with Integrated Whale Media Investments management through their existing real estate and financial services lines of business, added: This significant investment in the company is a strong endorsement of the global strength of our brand, as well as our progress and innovative plans for continued growth.. Two other brothers of Dhanin and Sumet are also billionaires. He has been active in politics for many years. In 1946 the company was renamed Charoen Pokphand, which means "prosperity for consumers" in Thai. Bruce Forbes took over after his father's death, and his strengths lay in streamlining operations and developing marketing. The contributor model drives Forbes.com, with content from contributors who are carefully vetted and onboarded, she wrote.). We were looking for a very particular kind of buyer, he told The New York Times then. Fox News senior political analyst Brit Hume offered a five-word analysis of the Lincoln Project effort. While he may not be a household name yet, his uncle Dhanin Chearavanont is one of the wealthiest and most influential business leaders in Southeast Asia. Nor does he acknowledge the daily claims for nearly four years on corporate media and by Democrats promoting the Russian collusion hoax. In the case of Integrated Whales non-response to emails from Highlander about payment of the 1 March Interest, for example, a judge hearing and seeing the witnesses may find the explanation not only understandable but true. Your email address will not be published. Forbes wasnt the first to threaten future employers of Trump White House staffers. This page was last edited on 10 January 2023, at 16:57. Forbes is far from the only media company to incite controversy with its China coverage. Interest was payable quarterly. He states in strong terms as follows: Mr. Wongs characterization of the breakfast meeting is categorically untrue. It is indirectly owned by a company that is owned by members of the Forbes Family. It was not paid on that date or within five business days thereafter. [1]The global media company that was founded in 1917 as Forbes magazine by Bertie Charles Forbes. The Act provides collective remedies on behalf of all creditors the statutory demand process, as with the just and equitable ground for the appointment of a liquidator under Section 162(1)(b) of the Act which was in issue there, are collective remedies. It was not inappropriate for Integrated Whale to bring those proceedings to the Courts attention, and at the end of the day, Highlander did not dispute that this Court could be informed. Mr. Wongs characterization of the breakfast meeting is categorically untrue. In 1954, Malcolm Forbes, the son of the magazines founder, took over. People may receive compensation for some links to products and services on this website. "[33] Forbes would launch limited promotions for the school in limited issues. Both experts on Delaware law are highly qualified. The Forbes family is suing Integrated Whale Media, the Hong Kong . As noted above, his focus is on the amendment/modification and waiver provisions in the Purchase Agreement and Notes. Wong says that after the series of emails in the first part of October, there were no further reminders raising or mentioning the 1 October Interest prior to a breakfast meeting with Forbes in Hong Kong on 26 October 2014. PLEASE HELP. The global media company that was founded in 1917 as Forbes magazine by Bertie Charles Forbes. [26]BVIHCMAP 2014/0025 Jinpeng Group Limited v Peak Hotels and Resorts Limited (Peak Hotels), Court of Appeal, 8 December 2015, paragraph 27 /jinpeng-group-ltd-v-peak-hotels-and-resorts-ltd/, paragraph 29. The Notes provided that they shall be governed by and construed in accordance with the Laws of the State of Delaware. Subsequent to the breakfast meeting, Integrated Whale and the Forbes Family companies were to have a week of meetings and events in Hong Kong and Singapore, the first of their kind since the purchase. The Forbes family, after a bitter legal battle with the new Chinese owners of Forbes Media, have apparently finally gotten paid. Forbes magazine covers news in finance, industry, investing, marketing, and other topics that are relevant to the business world. (The content of the email, which Corr forwarded to me, couldnt be independently verified; the Forbes spokesperson didnt specifically address Corrs or Changs claims. When a Chinese company buys a major American magazine, does the publication censor its coverage of China? [38] Forbes.com also publishes subscription investment newsletters, and an online guide to web sites, Best of the Web. [2]Wong Affirmation 1 Affirmation 5 dated 12 February, 2 April and 20 November, 2015 and 19 January and 5 February 2016, respectively. He shares ownership of CP Group as well as large investments in retailing and telecom with his extended family, including Chatchavals father, Sumet Jiaravanon. 1 and paragraphs 14 17. Required fields are marked *. Integrated Whale submits that the alleged arrangement, if found to have been made and relied on by it in not paying the 1 October Interest within the period required by the Notes, would give rise to waiver and estoppel such that Highlander would be precluded from relying on and enforcing its contractual right to accelerate. Forbes said it had an audience of more than 150 million through its journalism, events and marketing programs. This is a BETA experience. On Friday, Meredith Corp. announced an agreement to sell Fortune media brand for $150 million in cash to Thai tycoon Chatchaval Jiaravanon. You may opt-out by. Also Forbes refers to email exchanges between the parties, which are exhibited, and seeks to bring context and explanations to them. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. 2023 - Market Business News. Integrated Whale Media could lose out on more than $350 million it already paid out, according to a person with knowledge of the matter. Thereafter, starting with an email from Forbes to Wong on 19 November, Highlander said we intend to follow through on them [Notices of Default and Acceleration]. Fortune November 2018. But they will be held accountable & not allowed to pretend they were not involved, he added. [13] Between 1961 and 1999 the magazine was edited by James Michaels. Indeed, both experts served as Chief Justices of the Delaware Supreme Court. Forbes will continue to be headquartered in the US, but announced plans for an international expansion. 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