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Thread: Founders of International Figure Skating and Women’s Basketball Magazines Lose

  1. #1
    Keepin' it real gsk8's Avatar
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    Post Founders of International Figure Skating and Women’s Basketball Magazines Lose

    Press Release

    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.

  2. #2
    Custom Title Mathman's Avatar
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    Wow, thanks for the timely news flash, Paula. Reading between the lines, I am assuming that basically the parent company went broke.

    I do not think this bodes well for the existence of IFS magazine. Consolidations and acquisitions usually mean that the less profitable ventures are canned. Like when Dick Button's production company, which put on the world pro championships, was bought out by a larger entertainment company. The new owner had other fish to fry besides ice skating, and the pro competitions disappeared.

    Mathman

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    Has anyone heard if we're going to get our subscription money back? I would hate to throw money away for something I can't get.

  4. #4
    and... World Peace! Tonichelle's Avatar
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    who knows? :(

    This sucks... it's the only magazine I liked other than spotlight on skating... but that is way too expensive :( I'll miss IFS!

  5. #5
    Da' Spellin' Homegirl Grgranny's Avatar
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    And my subscription runs into 2007!:(

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    You have me beat Grgranny. Mine only runs until 2006. That is bad enough.

    Guess this is why they were so pesty about renewing the subscriptions.

    Ladybug

  7. #7
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    I think what amazes me is that some people told tales about being asked to renew their subscriptions, even after the staff was laid off.

    I subscribed to the magazine a few years ago, but I found it repetitive. The same people were covered over and over, and so help me sometimes I wondered if I was getting Cosmopolitan or a figure skating magazine, with all of those "glamour shots" of the ladies on the cover month after month.

  8. #8
    Custom Title Jhar55's Avatar
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    Loved the magazine but also glad I didn't renew now.

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