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More Bad News for Media Central

Stockhouse Editorial
0 Comments| May 6, 2022

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In its move to acquire media outlets across Canada, Media Central Corporation Inc. (CSE: FLYY, Forum) has run into some challenges of late, to say the least.

Media Central is in the process of defending itself against a civil claim brought by a former employee dating back to July 2020. This week, the company met in a hearing after it filed a Form 2 response to Moore, Laura versus Vancouver Free Press Publishing DBA Georgia Straight on September 2, 2020. Twice the company declined to settle the $250,000 claim.

After it was unable to meet its financial obligations, the company had filed an Assignment in Bankruptcy under Canada’s Bankruptcy and Insolvency Act earlier this spring to seek protection from its creditors.

Under Canada’s Bankruptcy and Insolvency Act, Wei Lin in his capacity as Nominee Holder issued on behalf of each of the holders of the Debentures outstanding in the aggregate principal amount of more than $1,097,000 and intends to enforce its security against the property of the company. Media Central is currently in default with the Debenture Holders and is in negotiations.

Right before all of this news came to light, the company’s Chief Financial Officer, Carmelo Marrelli resigned from his post, though former Media Central president Kirk MacDonald remains in his role as President of its subsidiaries and is still quite active on Twitter, retweeting a story this week about the weak state of NFTs, while the company recently announced it was selling NFTs of some of the covers published by NOW Magazine and the Georgia Straight.



FLYY stock has lost 88% of its value since this time last year.


(Media Central Corporation Inc. stock chart – May 2021 to May 2022. Click to enlarge.)



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