Founders of International Figure Skating and Women’s Basketball Magazines Lose
Titles in Legal Dispute
WORCESTER, Mass. (May 26, 2004) —Mark A. Lund, Lois Elfman and Thomas J. McGinnis, along with more than a dozen minority shareholders, announced today that they lost International Figure Skating and Women’s Basketball magazines in a legal dispute with Boston businessman Jeffrey C. Wolk, Executive Vice President of The Cross Country Group LLC, and his newly formed company, Madavor Media, LLC.
In November 2003, Mr. Wolk approached Ashton International Media, Inc., (Ashton) the owner of International Figure Skating (IFS) and Women’s Basketball (WB), after reading in Forbes magazine about the company’s legal issues with Primedia, Inc. Ashton had recently lost a court case with the New York media company, which in 2002 sold Ashton Doll Reader, Teddy Bear and Friends and Volleyball magazines.
Wolk, Lund and Elfman had been in discussion for more than six months on the future of the publications and regarding Wolk’s interest in investing in Ashton. However, the discussions broke down in late February.
Subsequently, Ashton filed suit against Wolk and Madavor Media, LLC for breach of agreement. Wolk and Madavor Media filed a counter-suit to collect on the judgment and to put Ashton into state receivership.
On May 6th, the judgment was filed and Ashton was put into a state of receivership. At that point the company was closed and the entire staff was laid off, including Lund and Elfman. On May 20th, a Worcester Superior Court judge awarded Jeffrey Wolk and Madavor Media, LLC International Figure Skating, Women’s Basketball; Lund’s book Frozen Assets and the CruiseOne franchise for $45,000 in cash and other considerations.
“At this point we have no idea what’s going to happen to IFS or WB. We can just hope that both magazines find some way to continue,” said Lund. “After 11 years, it is hard to say goodbye to something like this and it would be impossible to thank everyone that made the magazines possible.”
For more details regarding the legal action, please contact Carl Aframe at 508/756-6940.