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Vince McMahon Announces Retirement From WWE
- Thread starter DinkyDev
- Start date
Stephanie McMahon and the WWE Universe give thanks to Mr. McMahon: SmackDown, July 22, 2022
Stephanie McMahon opens SmackDown and welcomes the WWE Universe with a touching tribute to her father. Catch WWE action on Peacock, WWE Network, FOX, USA Net...
www.youtube.com
makes this all the more hilarious (AND GROSS)
THANK YOU, VINCE
IIRC they got a tip off from someone about one of the payments which opened up an investigation and now all of this is coming out.
There was a report form the WSJ about hush money, so it probably started there or from the same source and the investigation found more instances of it
View: https://twitter.com/Variety/status/1551570518263857154
WWE will revise financial statements going back to 2019, saying that a total of $14.6 million of "certain payments" that Vince McMahon made while chairman and CEO should have been recorded as expenses.
McMahon on Friday announced that he was retiring from WWE. That came fives weeks after he said he would be stepping down from his roles as chairman and CEO of WWE amid an ongoing investigation into allegations that he paid out millions of dollars to multiple women to keep quiet about alleged affairs and misconduct.
On Monday, WWE disclosed in an SEC filing that it "has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made."
Those payments were or will be paid by McMahon personally, according to the company. WWE said while those were not material in any individual period, the aggregate amount of $14.6 million "would be material if recorded entirely in the second quarter of 2022." As such, the company currently anticipates that it will revise its previously issued financial statements to record McMahon's payments in the applicable periods for 2019, 2020 and 2021, as well as the first quarter of 2022, when it issues its financial statements for the second quarter of 2022.
Given that the payments McMahon made over the course of 16 years while leading company were not reflected in its financial statements, "the company expects to conclude that its internal control over financial reporting was not effective as a result of one or more material weaknesses."
WWE to Revise Financial Statements to Account for Vince McMahon’s $14.6 Million in Personal Payments
WWE will revise financial reports back to 2019, saying Vince McMahon's $14.6 million in payments should have been recorded as expenses.variety.com
AND THERE IT IS
Even with Vince gone, Fuck this company forever. The people running it are still as much as dirtbags as Vince. Don't watch this shit.
Trips stuck the knife in brother, getting revenge for the heart condition and booking himself back on top one last time
Forgive the basic question, but why wouldn't a sleaze like Vince just pay out of his own pocket rather than dip into WWE books? I know billionaires don't really have their entire fortunes at their ready access, but if he's truly worth a billion, I'd think Vince personally had access to 14 million. Is he just cheap and didn't think he'd get caught?
That's the thing about being rich. You're always looking to use someone else's money instead of your own for fear of running out.
View: https://twitter.com/Variety/status/1551570518263857154
WWE will revise financial statements going back to 2019, saying that a total of $14.6 million of "certain payments" that Vince McMahon made while chairman and CEO should have been recorded as expenses.
McMahon on Friday announced that he was retiring from WWE. That came fives weeks after he said he would be stepping down from his roles as chairman and CEO of WWE amid an ongoing investigation into allegations that he paid out millions of dollars to multiple women to keep quiet about alleged affairs and misconduct.
On Monday, WWE disclosed in an SEC filing that it "has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made."
Those payments were or will be paid by McMahon personally, according to the company. WWE said while those were not material in any individual period, the aggregate amount of $14.6 million "would be material if recorded entirely in the second quarter of 2022." As such, the company currently anticipates that it will revise its previously issued financial statements to record McMahon's payments in the applicable periods for 2019, 2020 and 2021, as well as the first quarter of 2022, when it issues its financial statements for the second quarter of 2022.
Given that the payments McMahon made over the course of 16 years while leading company were not reflected in its financial statements, "the company expects to conclude that its internal control over financial reporting was not effective as a result of one or more material weaknesses."
WWE to Revise Financial Statements to Account for Vince McMahon’s $14.6 Million in Personal Payments
WWE will revise financial reports back to 2019, saying Vince McMahon's $14.6 million in payments should have been recorded as expenses.
I knew he was close with Trump but I didn't realize it was this close.
View: https://twitter.com/Variety/status/1551570518263857154
WWE will revise financial statements going back to 2019, saying that a total of $14.6 million of "certain payments" that Vince McMahon made while chairman and CEO should have been recorded as expenses.
McMahon on Friday announced that he was retiring from WWE. That came fives weeks after he said he would be stepping down from his roles as chairman and CEO of WWE amid an ongoing investigation into allegations that he paid out millions of dollars to multiple women to keep quiet about alleged affairs and misconduct.
On Monday, WWE disclosed in an SEC filing that it "has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made."
Those payments were or will be paid by McMahon personally, according to the company. WWE said while those were not material in any individual period, the aggregate amount of $14.6 million "would be material if recorded entirely in the second quarter of 2022." As such, the company currently anticipates that it will revise its previously issued financial statements to record McMahon's payments in the applicable periods for 2019, 2020 and 2021, as well as the first quarter of 2022, when it issues its financial statements for the second quarter of 2022.
Given that the payments McMahon made over the course of 16 years while leading company were not reflected in its financial statements, "the company expects to conclude that its internal control over financial reporting was not effective as a result of one or more material weaknesses."
WWE to Revise Financial Statements to Account for Vince McMahon’s $14.6 Million in Personal Payments
WWE will revise financial reports back to 2019, saying Vince McMahon's $14.6 million in payments should have been recorded as expenses.
He needs burned next for the share selling before major stuff went down with xfl. Insider trading for sure. Plus there was a TON of book shuffling of wwe moneys when xfl hit which was against shareholders wishes if it was slushing funds from wwe to support xfl. A sudden extra saudi blood money show and a huge check cut suddenly had things looking normal but it was a pretty obvious cover-up. The class action suit got settled out of court to end ita investigation.
This wasnt his first sec violation. With his history of business tactics all the way from how he tooknover or killed territories to more recent stuff with trying to strong armnstreaming services from showing mlw to trying to blackball njpw and roh from arenas. Hes always had crooked illegal tactics. Its just the first that stuck and honestly we all had a feeling when they became a publicly traded company accountable to shareholders that ot was going to be how Vince finally ruined himself because its harder to do business in that manner when you answer to shareholders.
I hope the subpoena exposes it all and burns em. Also hope they end the saudi shows. Screw blood money and honestly shareholders need a real financial report to show just hoe much of their worth is held by huge influx reposits from the saudis. They gotta correct the product hard because 1 saudi show now makes more money than the enite rest of their year combined.
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So this pretty much means that anyone who paid for anything regarding WWE potentially had their money used towards funding Vince's bullshit, right?
That seems to be the gist of it from last I saw. Essentially he had to declare it because it could affect the business so him not doing so is a big deal. It being his money would lessen the severity I would assume but I'm no expert.
There's also the issue of the first woman reported on getting a huge salary increase, at the WWE's expense, following her physical relationship w/ McMahon and Lauranitis.
That's the thinking of just about every CEO. People's lives don't mean shit to them compared to money.
If it is true that the initial hush money agreements were made with his personal money, then that means this new number consists of costs calculated to fall on WWE based on his actions - prime example being one of the women who supposedly got a 100k / year raise after agreeing to a NDA with Vince.
So who knows how deep this goes.
This is wild so the last domino dropped and Triple H is in charge of creative. Yeah Vince is done and they are probably selling but Triple H finally get's his chance to book shows and storylines without the ever looming threat of Vince calling someone up or messing with his storylines.
So uh...seems like the feds are after him now.
https://www.cnbc.com/2022/07/25/fed...g-ex-wwe-ceo-vince-mcmahon-hush-payments.html
https://www.cnbc.com/2022/07/25/fed...g-ex-wwe-ceo-vince-mcmahon-hush-payments.html
Wait so it's confirmed Triple H is in charge of creative? I thought Pritchard was in charge
Yes its been confirmed. RAW last night was the first show Paul helped produce as lead creative.
Would seem with Mcmahon gone the 68% other shareholders are pushing for a sale of the company accounting for some of the stocks increase in value alongside the general consensus ofnthe market that Vince was a senile imbecile murdering the product alongside his stooges. With every large name kicked to the curb that was a "Vince guy" stock increased.
Theres your legacy. Instantly proven theyre better off without you. Hes gone forever. From the federal probes from the SEC to the company value boosting so hugely on the market with his removal he can never be voted back or run it via proxy.
Theres still 2 more major news stories nearing release as well that are said to be particularly damning from different outlets. Rides not over yet.
Theres your legacy. Instantly proven theyre better off without you. Hes gone forever. From the federal probes from the SEC to the company value boosting so hugely on the market with his removal he can never be voted back or run it via proxy.
Theres still 2 more major news stories nearing release as well that are said to be particularly damning from different outlets. Rides not over yet.
Keep in mind that last night's show was already written before Vince stepped down, and there likely is creative until the Cardiff show that's already settled on. There were some minor changes last night that made the show feel a little more organic but I don't think we'll really see Triple H's vision start to form until after Cardiff, and even then I don't think we'll fully see his vision until 6-12 months into this thing.
Oh for sure. Its going to take a while for his influence to really take hold. I'm sure at least the next 6 months if not to wrestlemania itself is already largely planned out.
Guess who lost his stock.
View: https://twitter.com/Fightful/status/1552036176009146368?s=20&t=SLCPRNVDGe2Ji2dLebfqMA
View: https://twitter.com/Fightful/status/1552036176009146368?s=20&t=SLCPRNVDGe2Ji2dLebfqMA
Wow, yeah, there's gotta be some more damning stories about to release if Vince sold his stock. Also ironic how Vince and Trump are both being investigated the same day.
That's basically a nothing story.
View: https://twitter.com/BrandonThurston/status/1552043811085467649
View: https://twitter.com/BrandonThurston/status/1552043811085467649
I assume he still has the majority of voting rights stock? I honestly have no idea what happens when someone with the majority of voting rights retires in disgrace like this?
No idea how it works in the current situation but vince had the majority of voting rights stock even with his way less than majority ownership of total stock so if he maintains that then I imagine a sale needs his yes vote to be approved? Even if it does I imagine at this point he'd just say yes and cash out because he apparently had no life outside of wwe and people have no idea wtf he'll do to keep his carnie ass busy now.
Good. Fuck off sexist piece of shit. Good to see WWE finally cleaning house of these Vince-enabling fuckwads.
Who is still there that really needs a kick out the door? I don't follow the backstage stuff super closely. Kevin Dunn? I'm sure there are probably plenty of others.
Dunn. He's the one I've wanted gone more than anyone since I started watching again infrequently in 2011. I legit get headaches trying to watch WWE under his direction.