Kakutougi Forums

Quote:

At 5 pm on May 7, the Tokyo District Court issued an order declaring FEG bankrupt, and commenced proceedings to wind up the company. The court ruled that FEG is insolvent and has appointed a trustee to administer all outstanding debts of the company.

We estimate that FEG’s debts exceed $30 Million; Golden Glory is owed nearly $2 million, all of which is debts to fighters and trainers. The real tragedy is for the many incredibly talented athletes, production companies, venues, and other suppliers who were making an honest living providing services to K1.

As a creditor of FEG, Golden Glory hopes that this bankruptcy proceeding will also lead to an opportunity to shed light on the parties responsible for the company’s mismanagement and reveal what is really going on with the K-1 brand. We are especially concerned that some transactions will drain FEG of its remaining assets and goodwill and leave the creditors with nothing. It does cost a lot of money but we are confident that with the administrator from the court we will find assets from FEG/K-1 which can be used to pay some of the creditors.It is a very long and costly process to file a petition for a foreigner in Japan.

Q: So you think, the transfer of the Brand rights to K-1 Global is not complete.

I was very surprised to read this public announcement of emcom:

Mr kim says the following to its shareholders:

“3. Details of funding supporting the commencement of business

EHD via EE shall transfer an amount of 548 million yen to K-1 Global, and shall acquire the domestic trademark rights and archive footage owned by Barbizon co., Ltd. for this outlay of 548 million yen.”

There are a lot of “mistakes’ in the announcement from Emcom to their shareholders. First of all they are trying to take over a loan from barbizon and never acquired trademarks or the achieve footage. In fact, they may still not have even completed this transaction.

FEG got a loan a few years ago from barbizon ( Barbizon: a real-estate development company in Tokyo and its Chairman Mr. Ito is a friend of Mr isshi) Barbizon gave the loan, but with a collateral ( this collateral were the domestic k-1 trademarks and the archive footage). However I wanted to buy these rights that time, but Barbizon told me in person that they only would only allow someone to take over their loan, as they were afraid for all the creditors from FEG.

So even if Mr Kim and Emcom take over a loan from Barbizon they are just another creditor of FEG. . We know there is some very suspicious business going on here, because we actually offered a higher price to Barbizon that would have put some extra money in the hands of FEG creditors,and to pay all the money up front to buy the loan from them, and instead Barbizon went with Emcom. Ishii’s agent in Tokyo told us that Emcom had offered Ishii an important share in the future K1 business, so you can draw your own conclusions from this.

We truly hope the court will look into these activities to protect all of the creditors of FEG. At the same time, as a publicly listed company in Japan, the shareholders of Emcom have a right to know the truth.

Q: Domestic rights vs. International rights – Who gave the permission to held a show in Madrid?

As you can read in my previous answer Emcom/ Mr Kim only took over a loan from barbizon from FEG. The loan collateral clearly was Japanese K1 trademarks only, not international trademarks. One of the conditions we wanted was to take over the K-1 brand and that all former trademark holders and management would not be involved anymore, and not through shares or stocks as well.

However I was personally in China where the announcement was made that Mr isshi would get 40% of all rights in a global joint venture being proposed with Mr. Bruno Wu. That one didn’t go through, but if Ishii didn’t control everything, why was Mr. Wu offering him 40%?

Q: So where are the international trademark rights to K1?

Historically they were in Mr. Ishii’s Japanese company called Rightscom, we know this because we at Golden Glory used to do business with this company. We also know Rightscom owes FEG and all the creditors a lot of money, and the only valuable asset it had was the international K1 trademarks.
Could it be that Mr. Isshi is still involved and made a deal with Emcom behind the scenes? I think this question is a good one for Mr Kaplan from the USA who is the new K1 Operations Manager, maybe he can answer the question who gave licensing permission to promote the event in Madrid Spain under the name K-1? I wonder if he knows who he is really in the fight business with. I would not be surprised if these trademarks rights are parked now outside of Japan, to move those K1 international trademarks as far away as possible because of all the money that Mr. Ishii’s company Rightscom owes to FEG and its creditors.

For sure it is not Mr Kim from Emcom licensing the Madrid K1 event, as Emcom only has a loan and collateral including the Japanese trademark rights . In the upcoming scheduled K-1 events not one was announced to be held in Japan ( which is the only country where Emcom would be acquiring rights under the deal it announced) I wonder why?