| Michael Ledwitz Denver |
| Michael Ledwitz Denver Magazine Rippped off advertisers and subscribers Denver, Colorado |
| 19th of Apr, 2011 by User507206 |
| Denver Magazine, owned by Luxury Media Group, owned by Michael Ledwitz, ripped off and possibly stole (TBD) from hundreds or thousands of subscribers and advertisers of Denver Magazine. It was recently announced that Michael Ledwitz sold all the "key assets" of the company to rival magazine 5280, but 5280 would not be taking on any of the debt from Luxury Media Group: . As a "former" subscriber and acquaintance of Michael Ledwitz I was deeply disturbed by the events, particularly how the "sale" happened. Up until now I had always viewed Michael Ledwitz and Denver Magazine with respect, but now it's obvious he is only interested in himself and willing to cause harm to others to fulfill that interest. After first hearing the news my first reaction was sort of just a bit surprised because there was no indication that Denver Magazine was in trouble, but business is business so I figured this was a simple business deal between Denver Magazine and 5280. My view drastically changed after reading some other news posts and user comments to those posts because it made me realize that this was not a simple business transaction between two companies. This was MICHAEL'S exit strategy which only considered his personal best interest: If you read into the articles and comments it is now clear that Michael structured his deal with 5280 in order to either profit, or at least avoid potential losses or having a bankruptcy on his record. They key here is how he sold the "key assets" (9 news) of the company to 5280, he didn't sell the actual company. By doing this he sold them everything that had any value but did not pass on any debt or obligations the magazine had to advertisers or subscribers. This means everyone that is now owed money from Denver Magazine has no way to collect it other than suing him personally. Clearly it makes no sense to sue someone over a magazine subscription, but maybe there are some advertisers that are out larger sums of cash, or maybe collectively we can all sue him personally for the total sum of the outstanding debts and possibly get punitive damages awarded. The assets he sold to 5280 he obviously received money for (unless he and 5280 lied in their interviews) -Denver Post- and that money should have gone to all the subscribers and advertisers that now stand to lose money they paid to the magazine, but instead it went directly into Michael Ledwitz's personal bank account I assume. I don't know that as a fact but I am sure if he had done the moral thing and actually refunded people's money he might have mentioned that to show everyone he had some respect for others. Maybe 5280 has plans to compensate advertisers and subscribers for their losses but there was no mention of that other than from 9 News who said 5280 was going to give former Denver Magazine subscribers "a discount" for a subscription to 5280. In general it doesn't appear 5280 did anything wrong buy purchasing the assets offered to them by Michael Ledwitz but you would think they might do more than offer a discount? That is almost a slap in the face in my opinion, like a free year subscription to 5280 is going to hurt them? Apparently according to 9 news they still "need" to get $7 per issue from these former Denver Magazine subscribers. Maybe they spent too much paying Michael Ledwitz for the "key assets" so they need to make up the money buy charging everyone that got screwed by Denver Magazine more money to re-subscribe to 5280. Could it be any more of a joke? Hopefully this information serves two purposes: First, as a warning against working with or doing business with Michael Ledwitz because it may be a risky proposition. And two, maybe it will open the eyes of everyone else that lost money and should have been repaid by the sale of these "key assets" instead of that money cushioning Michael Ledwitz's bank account for his next scheme. |
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I find this report to be totally false and inaccurate. I am a lawyer and friend of Mr. Ledwitz. I gave him advice on how to sell the key assets in this manner for many reasons. All of the facts contained herein are false and have no merit. If the person that wrote this report would put their name on it, I assure you they would be in a court of law for slander and defamation of character. None of the advertisers have been harmed and all of the paid advertisers have been given subscriptions to 5280 Magazine for the remainder of their outstanding issues. I know Mr. Ledwitz would like to hear from anyone that feels they were dealt with in less than a favorable manner. He has given me permission to place his phone number on this reply. You may reach him at 303-952-0060.
A trusted adviser to Mr. Ledwitz |
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| Your post is clearly biased "friend of Mr. Ledwitz".. hilarious.. real smart too.. And from what I can see everything in this post seems to be legitimate based on other articles in the Denver Post, Westword, and more! Why don't you go sue all them and waste your money. Clearly Michael (maybe under your bad advice) sold "key assets" in a loophole in order to profit and avoid potential liabilities the company had.. There is nothing that isn't obvious going on here.. How about a comment from an "independent" attorney as to what really went down here! What a scum bag, you too as well, trusted friend... |
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| As someone that gave him advice, I told him to make sure all the of the people that were owed monies were paid. After talking with him they all have been. AGAIN, if you were harmed call him or place your name in this blog as an aggrieved party and I am sure your complaint will be answered. Don't talk like a child and just put the facts out there. |
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| Has anyone seen Dahlia Weinstein lately? |
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5280 buys Denver Magazine assets
Denver Business Journal by Heather Draper
Date: Tuesday, April 19, 2011, 11:41am MDT
Related:
Media & Marketing
Enlarge Image
Michael Ledwitz, Denver Magazine's founder, in a 2008 photo.
Michael Ledwitz, Denver Magazine's founder, in a 2008 photo.
Denver Magazine is no more.
5280 Publishing Inc. has acquired the key assets from Luxury Media Group Inc., licensor of Denver Magazine’s intellectual property, which means Denver Magazine will cease publication effective immediately, 5280 announced in a press release Tuesday.
Among the intellectual property transferred to 5280 are the federal trademark of the name Denver Magazine, several Internet domain names, and Denver Magazine’s Twitter account and Facebook pages, 5280 said.
5280 did not release any financial details of the deal.
Denver Magazine was first published in February 2008. Founder Michael Ledwitz ran a real-estate company and published a condo magazine in Miami before coming to Denver.
“As CEO, publisher and editor in chief of Denver Magazine, I was able to really understand what makes this city tick and have enjoyed every moment of it, ” Ledwitz said in the press release. “I look forward to 5280 continuing to publish a great city magazine for the residents and visitors of Denver.”
5280 will not be assuming any of Denver Magazine’s liabilities or obligations.
“Over the years, we’ve seen a lot of rival magazines come and go in Denver, ” Daniel Brogan, 5280 Magazine founder, editor and publisher, said in the press release. “None have lasted as long or made as big of a splash as Denver Magazine.”
Founded in 1993, 5280 is the largest local magazine in Colorado. |
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