The Vice-backed Starworks Group has abruptly shut down.
Starworks Group has apparently shut down almost exactly three years after Vice Media made a majority investment in the company.
At the time of the Starworks investment, Creighton said the two companies would combine to bring SWG’s “vision to life through insights, data, innovation and the best content in the world.” However, Vice is said to have had little to no involvement in Starworks’ operations since, leaving that to Grant as chief executive officer, although Vice never formally divested.
Taken together, the total allegedly owed to these companies comes in at less than $200,000 and doesn’t seem like it should be detrimental to a well-established business. But the lawsuit filed in Los Angeles paints a very unstable picture of the company. The agreements, which are technically forward cash payments on future SWA accounts receivables but in effect loans, were made with factors NextWave Enterprises, Union Funding Source, West Coast Business Capital and Fox Capital Group. The deals total less than $1.4 million, but despite the payments purportedly being made through agreements signed by Grant against SWA’s business, SWA says it never received “one penny of the proceeds of these loans.
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