Ebony Magazine Forced Into Involuntary Bankruptcy?

A set of Ebony Magazine covers. Image: Twitter/@EbonyMag

Black & Magazine Newswire

Immediately after Ebony ownership filed a complaint with the SEC against Jacob Walthour and Blueprint Capital LLC (“BPC”) alleging insider trading; they filed another SEC complaint against John Robinson and Consequent Capital (“CC”) CRD # 285262 for violating the very same privacy policy and fiduciary responsibilities they list on CC’s website by providing Parkview Capital Credit’s (“PCC”) confidential information to media outlets for financial gain. Today Ebony Magazine filed a third SEC complaint and legal Grievance with the Texas Bar against David Abner.

Ebony accused Abner, a licensed attorney, of conspiring with Walthour and Robinson to force Ebony into Bankruptcy invalidly. David Abner and Associates is on record as PCC’s General Counsel but also a creditor for Ebony. “This is an absolute conflict between a lender and their lawyer to conspire to do an illegal takeover,” says Ebony spokesperson Michael Wilcox. The SEC Complaint also charges Robinson and CC with conspiring with Jacob Walthour to provide confidential information to the media. Additionally, Walthour and Robinson fired all of Ebony’s employees without authority for financial gains, a clear case of a lender operating as if they run the company.

In April 2020, Walthour took over the management of Ebony’s Lender, PCC. Shortly after that, Ebony’s owners began receiving contrary recognition from BPC, with Walthour fueling the fire.

According to the complaint, Walthour wasted no time making public appearances and providing the Wall Street Journal and other news outlets with confidential information that they quickly capitalized on, publicly disparaging Ebony.

Ebony owners claim that for BPC CRD# 282327 and Co-Founder Walthour and Robinson of CC disparaging Ebony in the media has been for financial gain and to drive a black legacy business into bankruptcy.

A set of Ebony Magazine covers. Image: Twitter/@EbonyMag

“If private information has been passed on to sources, someone should have to answer it,” stated Wilcox. “If Mr. Walthour or any of his investors benefit from any non-disclosed, non-public information, they may have to answer to the SEC for it.”

“It amazes me that a black man would attempt to bring down a brand synonymous with black culture for 75 years at this moment in time. We are at the crossroads of social change. Yet, by his admission, Mr. Walthour admitted that he was attempting to force Ebony into chapter 7—which usually results in liquidation—”not to break it up and sell it off in pieces,” but “to get control of the company.” A trusted brand for black Americans violated, seemingly for his gain.

“David Abner has an Ethical responsibility not to create legal conflicts, especially when it can be detrimental. Also, by joining as a creditor when the lender hired him is borderline illegal. Lawyers should be a cut above. Consequent allowed their manager, Jacob Walthour, to provide confidential information to the media, and Parkview had their Lawyer lose his Ethics, says Ebony spokesman. 



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