The Chicago Tribune reports Erich "Mancow" Muller has filed a lawsuit against Rodney Rainey's Maverick Radio Partners claiming Rainey defrauded him out of $50,000 that Muller invested with him to purchase radio stations. Muller says the stations were never purchased and Rainey used the money for other purposes and did not return his $50,000.
The suit claims Muller was approached by Rainey in 2011 and claimed Maverick Radio Partners had secured $19.3 million in equity and debt to finance the acquisition of WFRE-FM and WFMD-AM in Frederick, Md. Muller alleges Maverick said it had secured a commitment of $200 million from Spartacus Partners to build a radio group with purchases in Hartford, Orlando, Charlotte, Nashville and other markets. Muller entered into an oral agreement with Rainey and wired him the money which was to be held in escrow until documentation was in place to buy the stations. That never happened. Muller reached out to Rainey on several occasions requesting his money be returned and says that also never happened.
Read the full Chicago Trib story HERE
Add a Comment Send This Story To A Friend