Robert Sillerman, SFX Entertainment founder and CEO aka the Wolf of EDM Street, has found his rivals in the form of three disgruntled music-managers. Paolo Moreno, Lawrence Vavra and Gabriel Moreno, claim that the acquirement and consolidation of multiple music festivals and promoters under the brand name SFX was initially their idea, and are demanding $2.5 million dollars each in “founders shares” from the company that is valued at $1 billion, but whose stock recently fell by 8% due to the bad publicity. When they first pitched the idea to Sillerman, they were informally promised “significant equity” in return, but now suing SFX for defrauding them out of stock and with no evidence to substantiate their claim, the lesson has been learned – when it comes to conglomerates in the entertainment business, always sign a formal contract.

Intellectual property rights are always a sticky subject, so let’s hope the lawsuit doesn’t do damage to the amazing projects that SFX has in the pipeline. After all, Mark Zuckerberg had The Winklevoss twins, and he cleaned up pretty well for himself – am I right or am I right?