Former SFX Board member Mitchell Slater is suing former SFX CEO Robert Sillerman in New York Court, alleging Sillerman never repaid Slater for a personal loan from April 2015.
According to a promissory note signed by Sillerman, the loan would accrue interest at 5% annually and would be repayable to Slater upon demand.
On Sept 22, 2016, Slater sent Sillerman a letter titled “Demand for Payment on Promissory Note” requesting payment of $2,517,266.67 by Oct. 3.
“I will promptly pursue all available remedies including, but not limited to, my right to commence an action for the Payment plus all legal fees, expenses and disbursements incurred in connection with the enforcement and collection of the Note,” Slater wrote. “I sincerely hope that is not necessary, however. I expressly reserve, and do not waive, any and all rights under the Note or at law and equity.”
Sillerman never responded to the letter and Slater is hoping the judge in the case will issue a summary judgment forcing Sillerman to repay the loan, plus attorney fees.