Utsick Receiver Disputed

Australian concert business execs Michael Chugg and Kevin Jacobsen disagreed with portions of the report issued July 19th by Michael I. Goldberg, the receiver for Florida-based Jack Utsick and two of his business partners, appointed by a federal court in a Securities and Exchange Commission fraud settlement.

As reported, Goldberg is in the process of untangling the financial status of Utsick, Worldwide Entertainment (WE), The Entertainment Group Fund Inc., and partners Robert and Donna Yeager. While several international promoters and other companies are affiliated with Utsick and his companies, none are under scrutiny by the SEC nor should it be implied they are under suspicion of wrongdoing.

In his second report to investors and creditors, Goldberg revealed his belief that Michael Chugg Entertainment (MCE) owed some $2 million on a co-promotion agreement with Utsick.

Chugg argues that Goldberg’s report is misleading and ultimately it will be shown that not only does his company not owe any debt from the affiliation with WE, but that MCE is owed money from Utsick’s company.

Meanwhile, Jacobsen, whose Jacobsen Venue Management holds the majority of a 75/25 split of Quay Park Arena Management (QPAM) with WE, e-mailed Pollstar to express his own dissatisfaction with Goldberg’s report. Jacobson and Utsick, through QPAM, partnered on the construction of the soon-to-open Vector Arena in Auckland, New Zealand.

Utsick resigned from QPAM’s board earlier in the year and a replacement was reportedly made by the receivers, raising a question about a legal change in shareholders.

“The receivers have made false allegations and have obviously been misled,” Jacobsen wrote. “… we have no idea as to what they are trying to achieve except spend their shareholders’ monies on legal costs.

“The Vector Arena continues to be developed and except for the nuisance factor is continuing towards completion,” Jacobsen concluded.

Goldberg has not responded to Pollstar‘s requests for clarification.

– Deborah Speer