Morgan Stanley Says Bankrupt EV Firm Owes $10 Million Deal Fee; Shane McMahon Exec Chairman

Morgan Stanley claims it wasn’t paid most of a $12 million fee for advising now-bankrupt electric-vehicle technology firm Ideanomics Inc. on its acquisition of VIA Motors years earlier.

The transaction fee was described in a claim Morgan Stanley filed the day after Christmas in Ideanomics’ Chapter 11 case. The firm says it’s still owed more than $10 million for advisory work on the VIA Motors acquisition, which closed in January 2023.

Morgan Stanley acted as an exclusive financial adviser to Ideanomics on the acquisition, which — at the time it was announced in 2021 — valued electric-vehicle maker VIA at as much as $630 million, according to a press release.

The acquisition was part of a broader strategy to acquire electric-vehicle assets and technology between 2021 and 2023. But most of Ideanomics’ investments from that time “were unsuccessful, or continue to remain a substantial liquidity drain,” the company’s Chief Restructuring Officer Alpesh Amin said in a December bankruptcy filing. Ideanomics spent about $320 million to fund the acquisitions, he added.

A representative for Morgan Stanley declined to comment. Lawyers for Ideanomics didn’t immediately return messages sent Monday seeking comment.

Ideanomics paid a $2 million “announcement fee”, which Morgan Stanley said it credited the company for. The unpaid portion of the fee will be treated in bankruptcy court as unsecured debt, which is usually repaid in Chapter 11 for pennies on the dollar.

An entity linked to Shane McMahon, the company’s executive chairman, is funding the bankruptcy and has also offered to acquire the firm’s assets, according to court documents. McMahon is the son of Linda McMahon, who is expected to be nominated as President-elect Donald Trump’s nominee for education secretary, and Vince McMahon, the former chief executive officer of World Wrestling Entertainment.

The case is Ideanomics Inc., number 24-12728, in the US Bankruptcy Court in the District of Delaware.

source: BNNBloomberg

EV investor Ideanomics files for bankruptcy to sell assets; Shane McMahon Exec Chairman

Electric vehicle tech company Ideanomics Inc. (IDEX.PK), opens new tab filed for Chapter 11 bankruptcy in Delaware on Wednesday to find a buyer for its wireless charging business and other technology investments.

Ideanomics entered bankruptcy with over $30 million in debt and just $189,000 in cash on hand, according to documents filed in Wilmington, Delaware bankruptcy court. Ideanomics said it has lost over $800 million in the past five years.

The company spent $320 million on electric vehicle technology investments between 2021 and 2023, but most of those investments were unprofitable. It has shut down all of its acquired businesses except the wireless charging company WAVE, and laid off all but 17 employees. WAVE, which Ideanomics purchased in 2021, will continue to operate during the bankruptcy, and its wireless charging technology is being used by the Antelope Valley Transit Authority in California, which serves commuters in the cities of Palmdale, Lancaster, and Northern Los Angeles County.

The WAVE system is built into routes on public roads and parking facilities, and it is designed to automatically charge buses during scheduled stops, according to court documents. Ideanomics has lined up an $11 million bankruptcy loan from Tillou Management and Consulting, an entity controlled by former wrestling executive Vince McMahon. McMahon is married to Linda McMahon, who U.S. President-elect Donald Trump has nominated as education secretary in his second administration.

Ideanomics plans to sell WAVE to Tillou unless another buyer steps in with a higher offer, according to court documents. Ideanomics saw its stock surge to over $600 a share in 2021 as retail investor interest in electric vehicles surged. The U.S. Securities and Exchange Commission later accused the company of misleading investors by overstating its financial performance. Ideanomics’ stock was de-listed from NASDAQ in July 2024, and it settled the SEC lawsuit in August.

Before its pivot to electric vehicles, Ideanomics operated in unrelated markets, providing video-on-demand services in China and later providing financial technology used for trading in petroleum and electronic components.

source: reuters.com

Paul Heyman Tells One Of The Most Heartbreaking Stories In Mr. McMahon Doc, Puts Shane McMahon In A Different Light

Vince McMahon Docuseries Sets Netflix Premiere Date

The Netflix docuseries on former WWE boss Vince McMahon has set its premiere date.

The series, titled “Mr. McMahon,” will debut on Sept. 25. It consists of six one-hour episodes. The official synopsis for the series states:

“‘Mr. McMahon’ chronicles the rise and fall of Vince McMahon, controversial businessman and co-founder of WWE. From his transformation of the WWE from a small, regional business into a global entertainment powerhouse to the explosive sexual misconduct allegations that led to his eventual resignation, this six-episode series offers a deep dive into McMahon’s life and his enduring franchise. Culled from over 200 hours of interviews with McMahon himself (prior to his resignation), his family members, business associates and some of the most iconic names in wrestling history, as well as the journalists who uncovered McMahon’s allegations — filmmaker Chris Smith (‘Tiger King’) and executive producer Bill Simmons (’30 for 30′) present an unflinching, no-holds-barred look at one of the most enigmatic figures in sports entertainment.”

The docuseries was originally announced back in October 2020. Less than two years later, McMahon announced his retirement from WWE amid an investigation into misconduct allegations by the WWE board of directors. He made a stunning return to the company in early 2023 to negotiate its sale, which eventually happened when Endeavor bought WWE and merged it with UFC under the TKO Group banner. McMahon then resigned from the TKO board of directors after a former employee filed a lawsuit against McMahon, accusing him of sexual abuse and trafficking her to other men.

“The goal behind ‘Mr. McMahon’ was to pull back the curtain and reveal the true Vince McMahon, obscured beneath the persona he presented to the world,” said series director and executive producer Chris Smith. “Over the four years of production, the story evolved in truly shocking ways, culminating in some extremely harrowing allegations. The final product is a revealing documentary that we believe offers a rich and nuanced portrait of the man and the complex legacy he left behind.”

Along with Smith, Bill Simmons and Zara Duffy serve as executive producers on “Mr. McMahon.” The series is produced by Library Films in association with Ringer Films. source: variety.com

SEC slaps $3.5M fine on former Ideanomics CEO for alleged fraud; Shane McMahon Exec Chairman

End Of An Era 2.0

For the first time since its inception as the Capitol Wrestling Corporation in the 1950's, the only member of the McMahon family currently with the WWE is a Levesque. End of an era.

Endeavor Announces Close of UFC® And WWE® Transaction To Create TKO Group Holdings, A Premium Sports And Entertainment Company

Endeavor Announces Close of UFC® and WWE® Transaction to Create TKO Group Holdings, a Premium Sports and Entertainment Company

New Company to Begin Trading Today, September 12, on the New York Stock Exchange Under “TKO” Ticker Symbol

BEVERLY HILLS, Calif. & STAMFORD, Conn.--(BUSINESS WIRE)--Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (previously NYSE: WWE) (“WWE”) today announced the close of their previously announced agreement and the launch of TKO Group Holdings, Inc. (NYSE: TKO) (“TKO”).

TKO brings together UFC, the world’s premier mixed martial arts organization, and WWE, an integrated media organization and the recognized global leader in sports entertainment, to create a new premium sports and entertainment company serving more than one billion young and diverse fans1, reaching viewers in 180 countries, and producing more than 350 annual live events. Through this combination, TKO will leverage Endeavor’s expertise in areas including domestic and international media rights, ticket sales and yield optimization, event operations, global partnerships, licensing, and premium hospitality to drive revenue growth.

“The creation of TKO marks an exciting new chapter for UFC and WWE as leaders in global sports and entertainment,” said Ari Emanuel, CEO of Endeavor and TKO. “Given their continued connectivity to the Endeavor network, we are confident in our ability to accelerate their respective growth and unlock long-term sustainable value for shareholders. With UFC and WWE under one roof, we will provide unrivaled experiences for more than a billion passionate fans worldwide.”

“This is the culmination of a decades-long partnership between Endeavor and WWE across strategic initiatives including talent representation and media rights. Given our collaborative, trusted relationship and Endeavor’s incredible track record of success growing UFC, we believe WWE is optimally positioned for future growth and success as part of TKO,” said Vince McMahon, Executive Chairman of TKO. “Our focus remains on delivering for our fans across the globe as we take the business to the next level alongside UFC and Endeavor.”

TKO will begin trading today on the New York Stock Exchange under the ticker symbol “TKO,” with Endeavor holding a 51% controlling interest in the new company and existing WWE shareholders holding a 49% interest in the new company, on a fully diluted basis.

As previously announced, TKO is led by:

Ariel Emanuel, Chief Executive Officer, who continues as Chief Executive Officer of Endeavor;

Mark Shapiro, President and Chief Operating Officer, who continues as President and Chief Operating Officer of Endeavor;

Andrew Schleimer, Chief Financial Officer; and

Seth Krauss, Chief Legal Officer, who continues as Chief Legal Officer of Endeavor.

Dana White is now Chief Executive Officer of UFC and Lawrence Epstein remains Senior Executive Vice President and Chief Operating Officer of UFC. Nick Khan continues at WWE in the role of President.

The Board of Directors of TKO is led by Vince McMahon as Executive Chairman of the Board and consists of 11 members, including Mr. Emanuel, Mr. Shapiro, and Mr. Khan, in addition to the following directors:

Peter C.B. Bynoe, Senior Advisor at DLA Piper LLP;

Egon P. Durban, Co-Chief Executive Officer of Silver Lake;

Steven R. Koonin, Chief Executive Officer of the Atlanta Hawks, LLC;

Jonathan A. Kraft, President of the Kraft Group LLC;

Sonya E. Medina, President and Chief Executive Officer of Reach Resilience;

Nancy R. Tellem, Executive Chairperson and Chief Media Officer of Eko; and

Carrie Wheeler, Chief Executive Officer and a board member of Opendoor Technologies Inc.

End Of An Era

Tonight's WWE Raw will be the last WWE show under the full majority control of Vince McMahon. End of an era.

Details On Endeavor Deal, WWE-UFC Merger And Plans For NXT

Following the news from earlier this week that the WWE-UFC merger under Endeavor is expected to close next month, Dave Meltzer's latest Wrestling Observer Newsletter offers up some additional details. The report states that layoffs and other efforts to save money are expected to begin within the company very soon. Additionally, Meltzer indicates that people within Endeavor are hoping to work with WWE to make NXT more of a "sustainable third brand."

The idea behind that is to increase the show's ratings, allowing it to bring in higher TV rights fees. According to Meltzer, the company hopes to make NXT a touring brand once again, with both live events and TV taped on the road. However, there is no timeline for when this will become a reality.

As for the previously discussed revival of "NXT U.K.," there is reportedly an idea for a full-time Performance Center in London, as well as the introduction of a new show focused on all of Europe. However, there will be no updates on that until at least next year.

WWE's stock price hit another record-high earlier this week, reaching $114 per share, giving the company a market valuation of nearly $8.5 billion. When the dust settles, the board of TKO will include six individuals from Endeavor and five from WWE. On the WWE side, that includes both Vince McMahon and current WWE CEO Nick Khan, as well as Steve Koonin, Nancy Teliem, and one more individual who has yet to be revealed.

In addition to remaining on the Board of Directors, Vince McMahon will own 16.4% of the stock for the new company, which will be called TKO. Stephanie McMahon will own 1.1% while Linda McMahon will have 0.3% of the company's stock. There was no word on how many shares Shane McMahon will own.

Shane McMahon Announced As Executive Chairman Of Ideanomics

Ideanomics announced Shane McMahon has been appointed Executive Chairman of the Board. Jim Cassano will become the new Vice Chairman.

McMahon has been involved with the company since 2010, and previously served as Vice Chairman. Prior to Ideanomics, McMahon served as Executive Vice President of Global Media for World Wrestling Entertainment, Inc., where he oversaw the company’s consumer products, digital media and publishing divisions worldwide as well as all international revenue streams for WWE.

“We recently launched the transformation of Ideanomics as we vertically enter the exciting EV and hydrogen fuel cell space. We now have a powerful management team in place to ensure Ideanomics’ success,” said McMahon. “I’m proud of what the new team has achieved in such a short amount of time and more importantly, I am thrilled for what’s yet to quickly come. I look forward to helping the company’s growth, vision, and momentum stay on track as we enter this new phase for Ideanomics.”

How Much of the WWE do Vince, Linda, Shane, Stephanie and Triple H Own in 2021?

Brandon Thurston of Wrestlenomics.com revealed  information about WWE’s shareholders. According to him, the McMahons own class B shares, which give them ten times more voting power than other shareholders. These class B shares can only be transferred to Vince and Linda McMahon’s descendants, i.e. Stephanie and Shane McMahon.

Paul Levesque, Vince’s son-in-law, owns 67,571 class A shares, valued at $3.7 million. These class A shares aren’t like class B, which the McMahons own.

What is shocking is Shane McMahon used to own over a million class B shares but hasn’t been listed as a shareholder since 2013. Rumour has it that he sold his stock a while ago.

According to Thurston’s assessment, Vince owns 38% of the shares and 81% of the voting units. Other major shareholders include Lindsell Train Limited, The Vanguard Group, Stephanie McMahon, and Linda McMahon.

From WWE's 2021 Proxy Statement:

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

The following table sets forth certain information known to us with respect to beneficial ownership of our Common Stock as of March 30, 2021 by (1) each stockholder known by us to be the beneficial owner of more than five percent of either Class A common stock or Class B common stock; (2) each of the Directors and named executive officers; and (3) the Directors and executive officers as a group. 

Class B1  Vince McMahon         92.3%

Class B1  Linda McMahon           1.0%

Class B1  Stephanie McMahon   6.0

Tito Ortiz Thanks Shane McMahon And Triple H For Opportunity At WWE PC

MMA legend Tito Ortiz is most known for his time inside the octagon, but the Hunting Beach Bad Boy has had a spell in the squared circle.

Aside from some brief appearances as a special guest referee in the mid-2000s, Ortiz’s professional wrestling tenure is most noteworthy for his involvement in TNA’s Aces and Eights storyline. Ortiz joined the infamous biker gang stable in late 2013, but abruptly left the group and the company when Bellator MMA pulled him off television.

While he hasn’t been involved in the pro wrestling world in nearly a decade, Ortiz might be looking to step back in. Speaking with SportsMattersTV, Ortiz discussed his time training at the WWE Performance Center last year.

More?

Arn Anderson Reveals What It Was Like Working With Triple H Backstage, More

During the latest edition of his “ARN” podcast, Arn Anderson commented on what it’s like to work with Triple H backstage, Vince McMahon, and more. You can check out some highlights from the podcast below:

On working with Triple H: “He’s following the lead of his father-in-law. He’s putting forward the policies that Vince has laid out. I think he speaks well, I think he has a good grasp on the business. But I’ve always dealt with him – that’s the one blessing I’ve had, no one has asked me or have I volunteered to be in those meetings where they involve just the business end of what we do. Mine was always matches – setting up matches, setting up angles because he and I think a lot alike. I think he’s a bit of a throwback as far as his work back to an 80s style of worker……he’s a guy that could’ve fit in the 80s as far as how he works. He’s not a big high-spot guy and all that stuff. So I dealt with him more on the mechanics of matches and things like that. Sometimes he would ask my opinion on stuff.”

On whether Triple H could succeed Vince McMahon as chairman of WWE: “I think he’s always been in his mind, and maybe it was the plan of the company for him to one day take over the leadership of the company. You’ve got Shane and Steph who would probably fall in line – if you really broke it down – ahead of him I would think since they are Vince’s kids. But who knows? Steph has her job as far as the branding and Shane does his thing. I don’t know how it’s lined up, and you’ll never know until the issue arises and who exactly will run the company.”

(h/t – 411 Wrestling)

Lawsuit Filed Against Shane McMahon and Ideanomics

Shane McMahon has been named in a lawsuit against Ideanomics, the company which McMahon serves as Vice Chairman of the Board.

Ideanomics has several different divisions including commercial electric vehicles, and next generation financial services. The company owns dbot, Fintech Village, Intelligenta, Liquefy, Logistorm, and Treeletrik. The company is headquartered in New York City, and has offices in China.

The Verified Shareholder Derivative Complaint filed against Individual Defendants and together with Ideanomics, the “Defendants”) for breaches of their fiduciary duties as controlling shareholder, directors and/or officers of Ideanomics, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and violation of Section 14(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

The filing outline’s Shane McMahon’s role within the company.

“Defendant Shane McMahon (“McMahon”) has served as a Company director since July 2010. He has also served as Vice Chairman since January 2016. Defendant McMahon also served as the Company’s CEO in 2012, during which time he made a $3 million loan to the Company in consideration for a convertible note in the aggregate principal amount of $3 million at an annual interest rate of 4%. The Company has executed several amendments to extend the maturity date of the note due to McMahon, most recently to December 31, 2020. According to the 2019 Proxy Statement, as of November 15, 2019, Defendant McMahon beneficially owned 6,090,589 shares of the Company’s common stock, 5 which represented 4.5% of combined common stock and Series A stock of the Company. Given that the price per share of the Company’s common stock at the close of trading on November 15, 2019 was $0.70, Defendant McMahon owned approximately $2.1 million worth of Ideanomics stock, at least. 67. For the fiscal year ended December 31, 2017, Defendant McMahon received $339,354 in compensation from the Company. This included $20,250 in fees earned or paid in cash, $25,000 in stock awards, and $294,104 in option awards.

The lawsuit provides additional details that outline Shane McMahon’s role in making misleading false and misleading statements:

“Additional reasons that demand on Defendant McMahon is futile follow. Defendant McMahon has served as a Company director since July 2010. He has also served as Vice Chairman since January 2016 and served as the Company’s CEO in 2012. Defendant McMahon has received and continues to receive compensation for his role as a director, as described above. As a longtime Company director, he conducted little, if any, oversight of the Company’s engagement in the schemes to make false and misleading statements during the First and Second Relevant Periods, consciously disregarded his duties to monitor such controls over reporting and engagement in the schemes, and consciously disregarded his duties to protect corporate assets. Furthermore, Defendant McMahon signed, and thus personally made the false and misleading statements in 2017 10-K. For these reasons, too, Defendant McMahon breached his fiduciary duties, faces a substantial likelihood of liability, is not independent or disinterested, and thus demand upon him is futile and, therefore, excused.”*

* Demand is excused because of futility when a complaint alleges with particularity that the challenged transaction was so egregious on its face that it could not have been the product of sound business judgment of the directors.

Shane McMahon's Ideanomics fights back against accusations of fraud

Video: Jim Cornette On If Triple H Will Take Over WWE After Vince McMahon

Jim Ross Discusses Shane McMahon Leaving WWE In 2009, How Vince McMahon Felt Stephanie Was More Like Him Than Shane

On the latest edition of Grilling JR, Jim Ross discussed Shane McMahon’s resignation from WWE in 2009, reportedly because he felt passed over for power and humiliated by his father, Vince McMahon. Highlights are below.

On Shane McMahon feeling like he was not going to be the heir apparent to takeover WWE: “I never thought Shane would leave, but I also never thought Shane was going to be the heir apparent. And I think at some point around this time is where Shane realized that Vince was going to go another direction as his successor and that was in his daughter, it was Triple H, Paul Leveque was going to be the guy, he still is going to be the guy. But I didn’t know drastic times would take these drastic measures whereby Shane would be leaving his birthright, be leaving the family company, to go out on his own. I think at the end of the day, folks, all Shane McMahon wanted to do was make his dad proud in the family business, and it seemed, in Shane’s view, that that opportunity was never going to exist.”

On his talk with Shane about him leaving WWE: “He came to my office and we talked because we were friends, and he understood my, I had some of those same trepidations. I got tired of some of those things that he was experiencing, just took it as a part, but I wasn’t Vince’s son, I wasn’t in the hunt, or the discussion, of being in that heirachy, which was fine with me, I was making plenty of money and I had my gig and I was happy with it. Shane had a whole different ballgame than anyone could experience. The only son of Vince McMahon felt like he wasn’t going to be able to succeed his father, and that’s what he wanted to do.”

On how Vince thought Stephanie was more like him than Shane: “Vince told me one time, Vince loved both of his kids, still does, great grandchildren, Stephanie’s got all girls, Shane’s got all boys, it’s a great situation, but the bottomline is, Vince told me one time, ‘The girl is more like me than the boy.’ I don’t know how we got in the conversation but Vince always saw that Stephanie had that eye of the tiger, very aggressive, sometimes hyper aggressive in the eyes of some I’m sure, but that’s what he wanted. He wanted controversy, he wanted strong leadership. He wanted impactful players in that role, and he thought Stephanie had more of Vince’s personality than did Shane, and Shane was more like Linda.”

credit: Grilling JR and 411mania

Stockholder files class action lawsuit against Shane McMahon's Ideanomics

Ideanomics, the often evolving financial technology company promising a $400 million investment in West Hartford, is facing a shareholder class action lawsuit alleging that it made false and misleading statements that led to artificial inflation of the company’s stock value. Shane McMahon is the Executive Vice-Chairman of the company.

Ideanomics is a New York-based company that also operates in China that focuses on financial technology services. The company has been in flux for several years. In the past year and a half, Ideanomics has seen numerous shifts in leadership, with three different CEOs and two different chairmen. In the past three years, the company has also operated under three different names.

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Vince McMahon And Triple H: The Fans Are Now The Authority

As promised, Vince McMahon graced Monday Night RAW with his presence tonight. He opened by saying that he can no longer do the show all by himself, and so he brought out his daughter, Stephanie McMahon, her husband, Triple H, and his son, Shane McMahon.

Stephanie opened by saying that “they haven’t been doing a good job lately” and that they haven’t been listening to the audience. However, that it was all going to change. “The days of absentee management is over,” said Triple H. “The four of us will be taking back Monday Night RAW.” Shane then went on to echo the same sentiment for SmackDown.

“We’re going to give fans what they want,” stated Triple H. “Something new. Something fresh. In the coming months you’ll be seeing new faces, fresh match-ups, and more of what you want. You are the authority.”

There's a WWE oral history coming -- and Vince McMahon is involved

The stories of Vince McMahon and the WWE have been told from a variety of different perspectives over the years, but there hasn't been a singular, unfiltered, comprehensive look at the origins of the man or the company he built that included Vince's voice -- until now.

Journalists Craig Marks and Rob Tannenbaum, the authors of "I Want My MTV: The Uncensored Story of the Music Video Revolution," are set to write the definitive oral history of the WWE and the man who took professional wrestling into the mainstream and created an empire that continues to grow to this day.

The involvement and commitment of Vince McMahon and his entire family was the final push that made this long-discussed project into a reality.

"I think that that was one of the negotiating points where the WWE knew that we were serious about writing a no-holds-barred book," said Tannenbaum, in an interview with ESPN.com. "Sometimes when you're trying to sell someone on an idea they're reticent about, you underplay what you're asking for. Craig and I, I think if anything, overplayed what we were asking for.

"We made it clear that we wanted access to Vince and to the entire McMahon family," Tannenbaum continued. "And that what we wanted was not a 15-minute phoner. We were going to need an ample amount of his time which in some ways is a dumb thing to ask for, because he's got a lot better things to do than talk to two geeks about the history of the WWE."

Though Vince McMahon rarely does interviews these days, his blessing and willing involvement separate this project from everything that's come before it.

"This will be an unapologetic look at the good, the bad and the ugly, and the journey that made WWE into the global phenomenon it is today," said Vince McMahon, WWE Chairman and CEO, said via a news release Thursday.

More?