Sebastian's Studios, INC. Surrenders...

[derekt]

Effective Thursday June 18, 2009 Sebastian's Studios, INC. releases films.

March, 2008 JJ Ruch owner of NoW @ ONE Entertainment and Robert Cornelius of AtticMen.com signed a buyout contract with lawyers Stephen Mowrey, ESQ. and Paralegal Stephanie Thompson under the witness of Kendra Wilson, ESQ. Both parties agreed to the business buyout of AtticMen.com on payment terms. On this date, JJ Ruch owner of NoW @ ONE Entertainment received 165 scenes from the Atticmen.com buyout and promised by contract to pay Robert Cornelius the sum of $3,000.00 per month until the full amount of $144,000.00.

After the buyout was complete both parties went about their way.

Later in the month of March, 2008 JJ Ruch discovered the films quality was very poor. It looked as if it were produced by a webcamera. With that said, JJ Ruch decided to give this venture a shot and see how it does. The footage did very well with online content providers.

Ruch says, "With this economy the way it is, this isn't worth it. I do not feel comfortable continuing with this buyout, it is causing us a decrease in growth due to the amount of money we need to compensate them, and with bad quality DVDs your options are limited. Once the media is surendered Sebastian's Studios, INC. will be in better standings than before. We will go back to producing new exclusive videos and DVDs each month as we did prior to the AtticMen buyout. We are knocked down, but we will pick ourselves back up, wipe off the dust, put a bandaid on it, and get back up on our feet. We tried many times to make an effort to work out a resolution with AtticMen towards the buyout and even made offers in his favor, all offers were declined by Robert Cornelius."

Within 90 days Ruch found the videos were selling very well as the latest videos produced by AtticMen were released first. After releasing aprox. 30 DVDs moving further to the oldest, Ruch discovered many of these were not sellable on DVD but provided a shot with VOD. Under attorney supervision, Ruch did confront AtticMen.com regarding a settlement with the said films in question. Robert Cornelius declined the offer.

March 25, 2009 NoW @ ONE Entertainment went out of business and Sebastian's Studios, INC. was formed. JJ Ruch was the guarantor on the buyout contract and the personal guarantor changed to the effect of the buyout.

On June 5th 2009, Ruch spoke with AtticMen.com via email to re-negotiate the terms of the said video products received on the compensation. If no agreements could be met at that time, Ruch would surrender the 165 video scenes to AtticMen.

On Thursday June 18th, 2009 Ruch met with new legal representatives of Sebastian's Studios, INC. Attorneys Jay A. Scherline, ESQ. and Norman Blatt Jr., ESQ. as the original attorneys who formed the buyout contract moved out of the state and cannot govern Sebastian's Studios, INC. at this time.

Effective 9:47AM Thursday June 18, 2009 Sebastian's Studios, INC. is hereby relinquishing all AtticMen footage to the safe return of Robert Cornelius of AtticMen. Ruch's legal representatives have advised Robert Cornelius of this action, Ruch has signed a relinquishment of the media product to the County of Northampton Pennsylvania as the Buyout was formed in the county.

A court date has not been set as of yet for Ruch to relinquish the AtticMen company back to Robert Cornelius. Ruch will be scheduling this date in the Northampton County Courthouse by the end of the day Friday June 19, 2009. A court appearance is only required to finalize and for both parties to confirm the footage and business buyout is being released back to Robert Cornelius.

At this time JJ Ruch, President of Sebastian's Studios, INC. is hereby making this situation public knowledge to all agents, successors, affiliations, partners, and all other parties involved with the footage such as Online Video On Demand Content Providers and DVD Retailers.

By Pennsylvania law, Ruch has 90 days to have all said content removed from all properties owned by Sebastian's Studios, INC., all Video On Demand Providers, DVD Retail Providers, and any other entities that carry the AtticMen DVD Products supplied by Sebastian's Studios, INC. Content Providers have until Wednesday September 30, 2009 at 11:59PM (EST) to have all said content removed. Ruch does ask all content providers to contact him directly before any content is removed to initiate a schedule and to ensure accuracy the proper Content is removed.
Ruch will email all providers within the next 7-10 days with a direct list of what products should be removed. Because a large portion of DVDs were produced by Sebastian's Studios, INC. and 165 products were produced by AtticMen, Ruch is calling out all providers to please wait until a direct list is emailed. At this time Sebastian's Studios, INC. is only informing of the situations.

Ruch has spoken to various Online Content Providers such as Hot Movies, AEBN, XTube, and others. Ruch has been ensured this surrenderance will not affect the standing with these parties.

Should you have any questions or concerns regarding this relinquishment please contact Sebastian's Studios, INC. Corporate Officials:
JJ Ruch
President
Email: JJ@Sebastiansstudios.com

Phil Belusko
Vice President
Email: Phil@SebastiansStudios.com

Office: (610) 419-9007

[nickbaer]

WTF?


(The message you have entered is too short. Please lengthen your message to at least 8 characters.)

[nicedreams]

I'll 2nd the WTF.

Jimmy

[xondemand]

I'll 2nd the WTF.

Jimmy

3rd..
:yeah:

[chadknowslaw]

Add me to the list of people with confused looks

[nickbaer]

Actually, you don't need to be an FBI agent to unravel the story...

[derekt]

It was surrendered because we were promised really good quality videos. After receiving it, the quality wasn't the best.
We made attempts to renegotiate it for the bad videos. They would not budge. We said okay, let's give this a try.
After a very short period of time, videos were rejected from Online VOD Providers for the bad quality videos.
We were not aware either that the content had been out for multiple years. We were aware the videos were produced between 2000 and 2005. They in fact were not. 80% of them were produced prior.

Secondly, it was returned because with only able to use 115 of the 165 videos we made attempts to negotiate the price and supplied rejection notices to them. They would still not negotiate.
We kept moving on.

We believe the only way to keep ourselves afloat through this economy is by producing more frequent and keeping a steady flow of DVDs out on the net and for resale. By paying them the promisary $3,000 per month it is blocking this opportunity.

We made attempts this week to renegotiate the full total buyout price by dropping $35,000 off the price to compensate for the quality of the videos and for the rejections. They said no but I will let you lower your monthly payments to $1,500.00 per month but you would need to owe a full $182,000 instead of $144,000. We said no. We feel we are now dealing with someone who might not be in the best financial state and is using us as a means to compensate for his bills and self-living costs. In other words, may be greedy.
Keep in mind, we are still friends, we will still get along, there are no hard feelings.
With that said we do feel that we did make a mistake by doing this and it didn't take up until now to realize this. We have learned a very valuable lesson.

By the contract, we have 90-100 days to surrender. We reached an agreement of September 30th to remove everything to protect ourselves with VOD Providers, Retailers, etc. Because this was a business buyout, we were buying out the business "AtticMen.com." And it is a legal sole-proprietorship, we do have to appear in court to say yes we have surrendered it, he says yes everything's accomplished. We do have a court date set in August. That was outlined in the legal binding contract both parties signed.

This may help your "WTF's"

[gaybucks_chip]

No offense, but it seems to me it would have been sufficient to say

"Sebastian Sloane was in an agreement to buy the assets of Atticmen.com. It didn't really work out because we felt there were some quality issues with some of the content, so we are terminating the agreement and returning all the content, and we need anyone who is using or displaying AtticMen content to contact us to arrange to remove it."

and that way people would have had what they needed without all the dirty laundry

[nickbaer]

I thought Derek T was fired last summer.

[nickbaer]

"Sebastian Sloane was in an agreement to buy the assets of Atticmen.com. It didn't really work out because we felt there were some quality issues with some of the content, so we are terminating the agreement and returning all the content, and we need anyone who is using or displaying AtticMen content to contact us to arrange to remove it."

and that way people would have had what they needed without all the dirty laundry

Or, "We knew of a catalog that was old and been around a while, we knew its website and VOD presence, we were quite aware of the content having known the owner and perhaps even shot some content for him, we wanted to be big shots and double or triple our catalog, we entered into an agreement to buy it, with our nose in the clouds thinking that we could sell enough DVD and VOD to afford the monthly payment, even though we weren't earning that much on our own content, and our business friends told us "no" VOD doesn't (necessarily) produce $3,000 a month on product that is 1-15 years old no matter how many titles you have...".

Something like that...

[deanb]

This can't be true. A business deal gone bad involving Sebastian. I am shocked. :broccoli:

[nickbaer]

Hi Hottie Deanb!

Where ya been?

Has anyone figured out where they stole some porn guys' pic for DerekT's avatar?