It has emerged that Dan Wagner, the man behind Shiny Media investor Brightstation Ventures, is the ‘minority shareholder’ stalling the current salvage plans of the troubled internet publisher.
Brightstation owns 50 per cent of Shiny Media following its 2007 investment of £2.7m – though Shiny co-founder Chris Price has since disputed the amounts involved.
“Shaa Wasmund and I, as directors of Shiny Media Limited and representing over 50 per cent of the shareholding in the company, are currently contesting the appointment of the administrator and the alleged subsequent sale of the assets,” Wagner told The Telegraph.
“We are firmly of the view that Shiny Media was a solvent company on Friday July 17th, in good shape and trading well.”
However, administrator Wilson Field has insisted that its appointment to handle Shiny’s administration is perfectly valid.
“Dan Wagner has disputed that the appointment is valid, however despite these assertions we are yet to hear from his legal advisers. Legal advice shows the appointment is valid. This has been communicated to Dan Wagner. The administrators are currently considering taking legal remedies against Dan Wagner.”