Yes, the long awaited settlements in the two civil cases we've been following have finally been filed. Although looking at the terms, it appears more a capitulation than a settlement.
First, here's how the DeForest case wraps up:
Keep in mind DeForest's initial investment, the amount in dispute, was $150,000. So, this consent judgment for $175,000 gives Ray DeForest what he lost, plus $25,000 for his time and trouble (although realistically, I suspect much of that has already been spent in attorney fees and court costs).
Other key terms: Chisholm gives up any right to appeal, and the right to discharge the judgment in bankruptcy. The judgment also accrues interest at 7% per annum as long as it goes unpaid.
And very prominently, first clause at the top: "Chisholm admits that he is liable and consents to judgment against him in this matter." He also admits for the record that DeForest did indeed successfully extricate himself from the disaster that was OMP Paris on May 24, 2007, well before the event flopped.
As far as Chisholm's co-defendant Bobby Warner goes, she's simply been let go from the lawsuit ("Dismissal with Prejudice"):
And here's how the Bardfield case wraps up:
The consent judgment here is for $300,000, $100,000 more than the $200,000 Bardfield and Carver were fraudulently induced to part with. Other terms are similar (7% per annum, no appeal or bankruptcy, full Chisholm admission of liability).
Plus there's an injunction forcing Chisholm to forfeit all money held in those frozen bank accounts "in connection with his unlawful enterprise," i.e., One Mighty Weekend 2009.
So, the total amount Johnny Chisholm admitted liability and consented to judgment for was $475,000.
All that remains, I think, is for the judge to sign off on those consent judgments, and for both cases to be formally closed. Once that occurs I'll let you all know. Shouldn't be long ...
Addendum 4/2/2011: The judge signs off on the consent judgment in the DeForest case:
Addendum 4/3/2011: And here's the order for the Bardfield case:
And with that, I'd say this blog is now at an end. In other words, barring very unusual circumstances, I don't anticipate any new posts, although the blog will still be open for comments.
I hope you all found it as interesting and informative to read as I found it enjoyable to research and write.
And let me just end here, on one final nostalgic note:
"Johnny Chisholm proves once again what many have already determined...he IS the King of Circuit and a student of the "philosophical school of Circuit reinvention." He has the dreams and ability to bring back the parties we nearly lost only a few short years ago due to greed, mismanagement, and pessimism. The quiet, polite and honorable Johnny Chisholm has once again taken the Circuit, and those of us who follow the Circuit, to a whole new level. And the world is Johnny Chisholm's oyster! ...
... Johnny Chisholm was JustCircuit's very first inductee into the Circuit Hall of Fame(tm), and for very good reason. The Circuit is still alive, changing, and growing in part because of the innovation, optimism and hard work by Chisholm and his entire team. The bar has certainly been set high for others who desire to create a successful Circuit party. The Circuit anxiously awaits Johnny Chisholm's next dream."
-- Shane Alan Rogers, January 25, 2007
