Oh boy, this is a bit tough for WWE. Vince McMahon is probably someone most of you know already because he was actively participating in the WWE action despite being a chairman of the company. It has been revealed that he is now furious of the fact that THQ has listed them as an unsecured creditor, and chances are they won’t get the money back.
How much money? Well, it’s $45 million according to a new statement released by them.
“WWE (NYSE:WWE) is listed in THQ, Inc.’s recent bankruptcy filing as an unsecured creditor holding a claim of approximately $45 million reflecting the entirety of the existing multi-year agreement,” they said.
“Any impairment of a current THQ account receivable would be immaterial to WWE’s financial statements. Even if the impact of THQ’s bankruptcy were detrimental to WWE, the Company does not believe that the ultimate economic impact for financial statement purposes would materially and adversely affect the results of operations or financial position of WWE in light of the strength of the WWE brand and the historical performance of WWE’s video game business.”
It looks like THQ would have a fight on their hands as WWE lawyers go to town on them, but since WWE is an unsecured creditor it looks like there’s nothing WWE can do.
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