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TOPIC: SPEA-Sports Entertainment Enterp Inc.

SPEA-Sports Entertainment Enterp Inc. 12 years 6 months ago #1018

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[SEC charging butler for insider trading]
SEC says the butler did it — traded illegally
Sep. 26, 2006. 07:10 PM
MARCY GORDON
AP BUSINESS WRITER

WASHINGTON — Did the butler do it? Federal regulators say the former butler of businessman Robert F.X. Sillerman illegally profited in stock trading by using confidential information regarding his boss's acquisition plans.

Through his lawyer, Graham J. Lefford disputed the allegations by the Securities and Exchange Commission.

The SEC on Tuesday announced a civil lawsuit charging Lefford with illegal insider trading in shares of Sports Entertainment Enterprises Inc., which Sillerman acquired in December 2004 in a $100 million deal.

Sillerman, a prominent media and entertainment entrepreneur, bought the then-dormant public shell company as a vehicle to acquire the commercial rights to Elvis Presley's name and image from the Presley estate. The estate brought in nearly $45 million in 2003, and Sillerman said at the time that more aggressive marketing could make Elvis an even bigger earner.

The SEC, in the suit filed in federal court in Manhattan, says Lefford made $48,525 in profit on a $600 investment by selling shares of the company after they skyrocketed following the announcement of the deal. The agency is seeking restitution of the profits plus interest as well as an unspecified civil fine.

Lefford's attorney, Dan Waller, said in a statement that his client cooperated fully with the SEC's investigation of his stock trading.

Lefford disagrees with the SEC staff's "interpretation of the facts and their assumptions concerning the basis for his trading'' in Sports Entertainment, the statement said. "He is profoundly disappointed that the (SEC) authorized the action against him. Mr. Lefford is considering all of the legal options available to him at this time.''

Lefford, 44, who is originally from Britain and a U.S. citizen who now lives in Waxahachie, Texas, was hired by Sillerman in early 1999.

Sillerman amassed a fortune estimated at nearly $1 billion from buying and selling media properties. In addition to the Elvis rights, his company, CKX Inc., also owns the "American Idol" TV show and other entertainment ventures.

The SEC alleged that, in the summer of 2004, as Sillerman was negotiating with the Presley estate, Lefford found out about the deal from documents faxed between Sillerman's Manhattan office and his summer residence in tony South Hampton, where Lefford was the house manager.

On Aug. 12, according to the SEC, Lefford bought 5,000 shares of Sports Entertainment at 12 cents a share. After the deal was announced in December, the stock price jumped by 9,000 percent, to $9.10, the SEC said.

By using the nonpublic information, Lefford "breached an express duty of trust and confidence" under the terms of a written confidentiality agreement he had signed covering Sillerman's business and financial affairs, the SEC said.

CKX acknowledged in a statement that "a former domestic employee of its chairman and chief executive officer has been named as a defendant in a civil complaint filed today by the Securities and Exchange Commission in federal court in Manhattan.''

"The complaint does not allege misconduct by any present or former employee of the company," the statement said. "The company was aware of and cooperated fully with the SEC's investigation that led to today's filing.''

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SPEA-Sports Entertainment Enterp Inc. 14 years 1 month ago #856

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FONT=Times New Roman]Congrats!!![/FONT
Your hard work has well and truly paid off on this stock...

I hope you still hold it, as the momentum seems quite strong, still...
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SPEA-Sports Entertainment Enterp Inc. 14 years 2 months ago #847

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[Closed at $20.50 today.]
Up 20,400% since 12/15/2004!
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SPEA-Sports Entertainment Enterp Inc. 14 years 4 months ago #818

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[FRIDAY open at $6.44, high $11.20, close $9.10, volume 1,705]
Here is a 15 minute interval chart of the activity:

http://www.shellstockreview.com/ssrSPEA.htm
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SPEA-Sports Entertainment Enterp Inc. 14 years 4 months ago #817

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[Close at $6.41 on 1,339,073 shares traded!]
Up about 6,310% from yesterday!
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SPEA-Sports Entertainment Enterp Inc. 14 years 4 months ago #816

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[Here is the entire Press Release...]
Robert F.X. Sillerman and Elvis Presley Enterprises Announce
Partnership

NEW YORK--(BUSINESS WIRE)--Dec. 16, 2004 Robert F.X. Sillerman and his new media and entertainment company, which will be named CKX, Inc., have entered into a definitive agreement to acquire a majority interest in the assets comprising the estate of Elvis Presley.

The new partnership will conduct all business activities concerning EPE, Graceland and tour operations, however the transaction was structured so that the title to Graceland and its 13.6-acre grounds in Memphis, TN, and most of Elvis's personal effects remain with Lisa Marie Presley.

The new partnership includes all trademark rights to the name, likeness and image of Elvis Presley and all EPE-owned intellectual property, including its collection of photographs, archival documents and footage, and EPE's successful music publishing catalog, as well as the Graceland visitor center complex and Heartbreak Hotel across the street from the mansion and all other EPE real estate investments.

In a related transaction, Mr. Sillerman announced that he expects, through an affiliated entity, to acquire approximately 94 percent of the common equity of Sports Entertainment Enterprises, Inc. (OTC BB:SPEA.OB), an inactive publicly traded company, through which the business of CKX will be conducted. Please see Mr. Sillerman's and SPEA's releases for further information on this transaction.

"For the past few years I've been looking for someone to join forces with to expand the many facets of EPE, to take it to new levels internationally, and to make it an even greater force in the entertainment industry," said Lisa Marie Presley, singer/songwriter and sole heir to the Elvis Presley Estate. "I feel confidant that Bob Sillerman and his team are the right people to do this with. My greatest responsibility to my father is to preserve and protect his legacy, and this is an exciting new structure that opens up an incredible array of opportunities with a major infusion of new investment capital to do just that," continued Presley. "It's the ideal partnership in that I retain Graceland and my father's personal effects, yet joining forces with Bob Sillerman will give us the opportunity to grow even further the intellectual and entertainment properties."

Commenting on the transaction, Mr. Sillerman said, "I am extremely excited about our new venture, which we believe will bring unique concepts to different aspects of the utilization of entertainment content and will challenge the current models of distribution and consumption of content. I am fully committed to the success of CKX and there is no better way to launch our new company than by assuming the opportunity and responsibility, together with the Presley family and the current management of Elvis Presley Enterprises, of continuing and expanding the heritage of Elvis Presley. I believe Elvis to be the single most significant icon in American pop culture."

No staffing or personnel changes are anticipated within the EPE organization. Priscilla Presley remains as an executive consultant, Jack Soden remains as CEO and Gary Hovey remains Executive Vice President and head of the Los Angeles office. All of EPE's management team and staff will remain in place and Graceland tour operations will continue with business as usual.

EPE was created in 1980 by Priscilla Presley on behalf of the Elvis Presley estate. Its business extends far beyond the Graceland operation. It includes worldwide licensing of Elvis-related products and ventures, the development of Elvis-related music, film, video, television and stage productions, the ongoing development of EPE's Internet presence, the management of significant music publishing assets, the Heartbreak Hotel in Memphis and more.

Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. Prior to that, Mr. Sillerman was a founder, major shareholder and served as Executive Chairman of SFX Broadcasting, a major owner and operator of radio stations, from its inception in 1992 through its sale in 1998 to an affiliate of buyout firm Hicks, Muse, Tate & Furst.

For additional information on Elvis, Graceland and Elvis Presley Enterprises, visit Elvis.com.

CONTACT: Elvis Presley Enterprises David Beckwith, 323-845-9836

or The Sillerman Companies RFX Acquisition LLC Sean Cassidy, 212-981-5233 Ed Tagliaferri, 212-981-5182 Robert Zimmerman, 212-981-5118

Last Updated: December 16, 2004 08:40 EST

Press Release
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