• Class Action Lawsuit Filed Against Vince McMahon For Illegal Activity
In December, Vince McMahon told the Board of Directors in WWE that he wants to return, but they voted against his return.
Vince then threatened to not approve any deal for the sale of WWE or media rights deals if he’s not brought back.
Not only was he voted back to the Board, but he was made the Chairman once Stephanie McMahon announced her resignation from the Chairwoman and co-CEO of WWE positions.
Due to this, Vince is now facing a class action lawsuit by a WWE shareholder.
Here’s what Bloomberg Law reported about it:
“Vince McMahon is facing investor litigation over claims that he pushed aside the board to illegally install himself as chairman.
A shareholder sued McMahon in Delaware’s Chancery Court, accusing him of wielding his 81% voting control to oust three board members, replace them with loyalists, and push through bylaw changes that would ‘impose his will on the board and WWE’.
According to the proposed class action, McMahon timed his return to seize control of upcoming negotiations over the company’s expiring media rights, the ‘lifeblood’ of the business, and forced his way back by leveraging a threat to withhold support for any deal reached without his participation.
But the move to ‘take complete personal control over any major corporate decision’ by ‘adding his cronies to the board’ violates Delaware law, the suit says.”
WATCH: Torrie Wilson Reveals Her Buns In A Bikini (Part 1):
• ON THIS DAY IN WCW HISTORY (January 11, 1992) – WCW Power Hour
On this day in 1992, Ted Turner’s World Championship Wrestling aired an episode of their weekly TV show ‘WCW Power Hour’.
This episode featured pre-taped matches, interviews & storyline segments on the road to the ‘WCW SuperBrawl II’ PPV.
The card can be found below:
Cactus Jack vs. Z-Man
Rick Rude vs. Scrub
Ricky Steamboat & Dustin Rhodes vs. Pad Rose & The Medic
The Dangerous Alliance vs. P.N. News, Big Josh & Arachnaman