|I'll be interested to see if anyone touches this company with a ten-foot pole. Or 20. What happens in Vegas, right? Riiiiiiiiigggghhhtt.
As of February 2, Adam Frank and Kirk Sanford, the leading executives at Xyience, announced their resignation from the board of directors. According to prominent sources, they were not even paid employees. According to my favorite source, MMA blogger Rich Bergeron, Frank and Sanford were brought on under questionable circumstances "with Frank having a serious breach of contract lawsuit hanging over his head and Sanford wrapped up in an internal investigation at Global Cash Access Holdings after he suddenly and suspiciously vacated his position there as President and CEO."
Greed breeds corruption, but we don't "know" the whole story. So they say. (Can you sense the sarcasm here?) My pal Rich--well, I refer to him as such as he is one of the few media sources I trust in this whole story--has been following this scandal from the beginning, has been sued, and is still rising to the top, in search of the truth. A few associates of mine have even been in contact with Adam Frank, at his request. What a small, small world...
More info on current press coverage reads:
This case continues to develop and raises more questions with each passing day. So far, only a select few independently driven fight news Web-sites have dared to delve into the really meaty details. The Las Vegas Review Journal has published only flat reports about the bankruptcy and what appear to be one-sided allegations of death threats claimed by the current Xyience brass.
The Review Journal's lack of any hard-hitting or critical coverage of the real heart of the story here may be related to the close ties between the Fertitta family and the Greenspun Corporation. The Greenspun-owned Las Vegas Sun is distributed in The Las Vegas Review Journal. 50/50 partners on the development of a 2005 hotel and casino community called Aliante Station, the Greenspun Corporation and Station Casinos go way back. It is also not the only project they've corroborated on. Anyway, the latest link to the pending sale of Xyience--known as the Enron of the UFC--and all the rest.
Labels: business, fraud, scandals, Xyience