Mallick Ordered to Pay $12M in Breach-of-Contract Suit
 

Chris Mallick, the former operator of online processor ePassporte who later produced Hollywood films, has been ordered to pay $12 million for failing to uphold his settlement with Fire Glow Holding Inc., which alleged he lied about his net worth to obtain a loan to finance films.

Greg Elias, the managing director of Fire Glow Holding, alleged in the case that Mallick lied about the purpose of a $15 million loan and the value of his own holdings, including ePassporte, before squandering the funds on a botched film project, according to a report on Law360.

That mainstream project was "Middle Men," the story of the rise to fortune through the creation of an online payments processing company. The film, with a budget of $20 million, was released in the U.S. in August 2010 and garnered $750,000 at the box office.

On Friday, Los Angeles Superior Court Judge Maureen Duffy-Lewis granted a motion by Fire Glow that "entered the consent judgment requiring Mallick to pay ... $12 million," according to Law360.

?Mallick's representations regarding his net worth, the purpose of the loan, the value of ePassporte and the proposed sale thereof were false when made, and were made with the intent to deceive Fire Glow and induce it to make the loan,? the original complaint said.

Mallick solicited the loan from Elias, the suit said, claiming that he needed the money to pay off a divorce settlement with his ex-wife.

Mallick said he would give Elias a cut of ePassporte's cash flow while the loan remained outstanding, and that the potential sale of the company would cover Mallick's debt, according to allegations.

Mallick, at the time, said that the processor had been valued by a potential buyer at $80 million. But in September 2010, Visa Inc. had severed its relationship with ePassporte, with the company dissolving the next month.

Elias later learned that Mallick had actually settled his divorce for $6.1 million, according to the complaint.

?Mallick used the loan proceeds or most of them for purposes other than the [divorce settlement] including investments in risky movie productions, and had the intent to do so at the time he negotiated the loan,? the complaint said.

Mallick did make a partial payment of $3 million to Fire Glow in August 2008, but he has indicated he would be unable to pay the remaining balance, according to the suit.

?As a direct and proximate cause of Mallick's false representations, Fire Glow now holds a worthless loan with a balance due of $12 million from an obliger who claims to have no ability to repay the loan,? the complaint said.

http://www.xbiz.com/news/181009

Possibly the only useful thread you've posted this year. Bump.

It is odd they wouldn't just sue him to perform versus try and prove fraud.

They wont get shit. Im certain he is either broke or the money is extremely well hidden. so now they have to hire a collections agency.

As Nelson would put it: HA HA!

He deserves to be ruined

almost a news ...

https://gfy.com/showthread.php?t=1143759

:)

Fucker should go to jail for FRAUD

I can't believe he thought that the public would actually care about someone running an obscure adult payment processor - he's one of those people who use borrowed money and loans to try to keep living a lie, chances are it will all catch up to him in good time.

:thumbsup:1orglaugh

How much grief did we all give Elias? Haha. And he was just one of us.

One of us? :1orglaugh

Elias was in on the whole scam, and wouldn't be saying shit if Mallick's ego movie had not been such a monumental box office flop. :2 cents:

http://s3.amazonaws.com/rapgenius/mr...flips-bird.jpg

I say middle fingers to all of the Middle Men - fuck them both! :thefinger

ADG

:thumbsup:1orglaugh

Anything else on the Mallick radar? I miss this guy and his service.. he used to be cool, what happened? Had some CB's done on my VV few years before epass flopped and they didn't charge me per CB like Paxum do..
Although that may have been a scam to get us to use the 'wallet' since it was a few months before that awesome life-saving feature was introduced :disgust

Still got the last ePassporte electron card his minions sent me in pristine condition still glued to the letter :Oh crap

congrats and have luck

and A Merry Christmas to you :winkwink:

I hope he gets what he deserves.

Money is in motion.

im sure he is hiding some $$$ somewhere :2 cents::2 cents:

I posted in this thread and btw ... guess... just below, just below:

Sounds like he spent it all on his shitty film that only made $700k..

Hopefully his wages are garnished for life and he can't even get a shitty used car loan..

I know this is an old article, but this sentence caught my eye.

So Greg Elias said in court that Mallick had promised him money from ePassporte's cashflow. He basically told the court that they had conspired to embezzle ePassporte's funds.

Did Greg Elias or Chris Mallick ever get charged for this? Sounds like a confession from Elias.

where is Mallick?

He is currently living in LA
http://www.linkedin.com/in/christophermallick

does matter? what you do? nothing :1orglaugh

:1orglaugh classic Zyber. It is a good job you post "anonymously" man.

So....the only "winner" here is Mallick's ex-wife who got $6 mil in the divorce?

Bitches!

He's not hiding. He writes promissory notes he won't honor and claims his reputation has been damaged with sites posting up pictures of him asking where their -safe- monies are/went..

And his kids who attend fancy colleges

To this day I haven't seen Middle Men.. maybe its time :winkwink:

So he makes his 1st movie for mils of dollars during the worst time in history for piracy;
makes it about back end processes on a website and he wrote the screen play before anyone was shot

......

win win win.

:winkwink:

Congrats for the winners.