Sitrick can't collect, court rules
EmptyPublic relations guru Michael Sitrick has lost his attempt to collect a $7.7 million judgment he won against Relativity Media head Ryan Kavanaugh more than five years ago.
On Friday, Los Angeles Superior Court Judge James Chalfant found Kavanaugh told the truth in 2002 that he was bankrupt when the judgment was handed down.
The dispute stems from a $6.2 million venture capital investment Sitrick made with Kavanaugh's firm in 2001. Sitrick learned a year later that Kavanaugh failed to invest the money in publicy traded companies as he requested, and instead invested in private start-up companies that became worthless. Sitrick, represented by attorney Patty Glaser, said he will appeal the decision.