Ed Kramer will no longer own part of Dragon*Con following a cash-out merger agreed to by directors and shareholders of Dragon Con/ACE, Inc., producer of Dragon*Con. The old company is merging into Dragon Con, Inc., a new corporation whose ownership includes five of the six founding owners of Dragon*Con – but not Kramer.
According to Dragon*Con’s official statement:
Edward Kramer, who has not had any role in managing or organizing the convention since 2000, was offered cash for his shares in the old company. Financial terms of the transaction were not disclosed.
However, Kramer has not accepted the terms according to the Atlanta Journal-Constitution:
McNeill Stokes, who has represented Kramer in lawsuits against DragonCon/ACE, called the merger a “discriminatory squeeze-out” and said the cash offered for Kramer’s shares was “grossly inadequate.”
Stokes said he expects a legal challenge.
The company had offered three times to buy Kramer’s shares for $500,000, in 2004, 2006 and 2008, according to spokesman Greg Euston.
Kramer remains in jail facing multiple counts of child molestation that have been pending since his arrest in 2000. Although no longer involved in the convention’s management, Kramer continued to earn dividends from his 34 percent ownership in DragonCon/ACE, which led Nancy Collins to call on fans to boycott Dragon*Con. The social media response has finally pressured the con’s leadership to take a step that just last February they publicly claimed was not possible.
[Thanks to Don Cook for the story.]