With Ed Kramer’s trial on child molestation charges due to begin next week, the corporate owners of Dragon*Con didn’t wait a minute to announce their out-of-court settlement severing all ties with the convention’s founder.
Last July, having succumbed to social media pressure and a threatened boycott over Kramer’s continuing financial interest in Dragon*Con, the directors did what they’d previously claimed was not possible – execute a transaction terminating his 34-percent share. A cash-out merger bought out all shares of stock in DragonCon/ACE and established a new conrunning entity, Dragon Con Inc., in which Kramer had no part.
However, Kramer had not agreed to any of this and his attorney told the press the merger was a “discriminatory squeeze-out” and the cash offered for Kramer’s shares was “grossly inadequate.”
The company struck first, suing Kramer in Fulton County Superior Court in August. When the parties reached settlement on November 25, Dragon*Con spokesman Greg Euston publicly announced “DragonCon’s relationship with Mr. Kramer is officially over.”
Euston said terms of the settlement were confidential but that it was “a small amount” more than they offered in the summer. The magnitude of the payment that might be involved is suggested by Kramer’s earlier suit to collect a 2011 dividend in the amount of $154,000, and Euston’s past statement that the company had offered three times to buy Kramer’s shares for $500,000, in 2004, 2006 and 2008.
[Thanks to Nancy A. Collins for the story.]