iCreate’s lawyers are working double time with all of the company’s legal issues. It’s time for the latest iCreate update. 

So 2024 is definitely off to a rocky start for digital media company, iCreate. In a matter of two weeks, the company and its shareholders have found themselves at the centre of four lawsuits.

For starters, iCreate’s CEO, Tyrone Wilson, said the company would be suing Sagicor Investments for the way they handled the receivership.

Sagicor Investments placed iCreate in receivership on December 18 for failure to pay outstanding balances on a bond. The receivership has since been dismissed.  Sagicor has confirmed that all outstanding balances have been repaid. 

But now Wilson is suing Sagicor Investments!

He’s challenging their right to call the bond as well as the receivership.  And he said iCreate was badly damaged because of the receivership. 

In addition to stalling several multi-million dollar deals, iCreate shares plummeted 50%, from 82 cents on December 18, when the receivership was announced, to 41 cents when the JSE suspended trading. 

Oh yeah, did I mention that the company was suspended from trading for the second time in four months?  As of the date I’m recording this on February 12, the company is still suspended.

With all of that in mind, Wilson said iCreate will be seeking damages from Sagicor in court. However, he didn’t reveal how much they’d be seeking. 

For their part, Sagicor Investments said they’re confident in the legality of their actions and are ready to “vigorously” defend themselves in court if it comes to that.

But wait!  There’s more!

Now VM Investments has entered the plot, filing three lawsuits against several parties associated with iCreate.

VM is suing for outstanding balances on three loans- valued at $53 million, $100 million and $155 million, that were issued in 2022. Including interest on all three loans, VM Investments is seeking a total of $504 million to settle the balance. 

Two of the entities named in the suit are Wilson’s other companies Kintyre Holdings and eMedia Interactive Group, which together own more than 50% of iCreate Group. 

Businessman Kevin Frith and AHL SPV, an investment vehicle reportedly owned by Frith are also named in the suits.

According to VM, the parties were all signatories on the loans and therefore are liable since there’s been a breach of the loan agreements. VM claims that not one payment has been made on any of the loans.

VM said the suits were filed after communications broke down with the involved parties. But Wilson told the Jamaica Observer that the lawsuits came as a surprise since discussions were ongoing with VM. 

According to Wilson, he expects an amicable resolution shortly.

But I wouldn’t be surprised if more lawsuits are coming.

Remember that dispute some months ago between Wilson and Kevin Frith? The VM loan was one of the issues that Frith wasn’t happy about, and now here he is named in a lawsuit over said loan. Anyway, we’ll keep following it.

And that’s the bottom line.