Flat out lies says one investor who watched Fox’s Interview with Lewis

Investor contradicts many of Fox's ascertains in Lewis Interview

League of Legends's Icon Kevin Hitt · 5 Aug 2019


Photo: The Richard Lewis Show

An August 1, 2019 email acquired by Upcomer shows one of the major investors in Echo Fox sent an email to the investment group stating that Rick Fox was very misleading and told a few “flat out lies” during Fox’s interview with journalist Richard Lewis.

Here are those notes with time stamps to correspond to Fox’s Interview with Lewis. You can find the entire video here.

4:30 Rick was a founding partner of VVP who was running Echo Fox and TG. VVP was overcharging EF for all services. Ricks office was smack in the middle of Jace, Stratton, and Amit’s. The office you would notice first.

6:00 The debt was controlled by TG. Jace was and is the president of TG. Jace was openly shopping the debt to anyone who would listen.

6:50 Rick never actually stepped in. He was never in the office. Only showed up to games. He did push for Fenix signing because he wanted to make his image better about what happened the previous season.

7:50 Rick never made any payment. He got a loan from Patrick. Rick never put a dollar in the company.

8:30 Amit bought the debt from Jace. Ricks podcast partner. Rick was well aware. It is Rick’s relationship he claims Amit had. Jace and TG owned the debt.

9:55 Rick has been best friends with Amit for 20 years. The friendship went south when Rick went to Riot with Patrick behind everyone’s back trying to steal the franchise from Echo Fox.

12:00 Amit was essentially out until he bought the debt and then bought out other limited partners through shell companies.

13:30 Rick is the one who signed allowing the senior preferred. This was all before the racist email. Amit, [Deleted] are the only ones who kept the company afloat when it needed money previously. Rick again, never put in any money. GP [General Partner] was pushing to convert as much debt as they could to equity to get the debt off the balance sheet to make it more attractive for investors.

15:20 Who did Rick scream to? No LP ever heard. Rick was happy to take his money. Why didn’t Rick put the money in if he didn’t want Amit’s?

16:50 Rick’s timeline is off but is correct that Amit threatened his family. Riot's reasoning for pulling the franchise is that Rick never cleared the debt conversion with Riot.

19:00 Rick has been in businesses with him for at least 15 years. They go back to a cellular wireless deal years ago.

19:50 Rick never brought any money in. Ali had all the relationships and brought the bankers and money.

20:30 Still your best friend for years. You have said it in many speeches.

21:00 Rick sent the letter [and] leaked it and caused this issue. He also had TMZ outside our office for that.

21:50 The operating agreement was changed when he sold the GP. The change was to allow the LP’s [Limited Partners] to remove the GP in case they weren’t performing. It protected the LP’s from Rick and Khalid. None of what he is saying here is accurate. I don’t think Rick understands business.

23:00 Rick never communicated any of this to LP’s. Nor any of what Riot was saying.

25:00 Company is 3.5 years old. Not 5. Rick was the original GP but was spending money so poorly we had to remove him.

26:06 There was always an option to buy the whole company. That was the plan all along. It was not to just raise money.

27:20 Rick does not know business development.

27:44 The deal would not have gotten the investors their money. There was a very long pay schedule and it was still lower than break even. The bankers also said it is unlikely this offer could come up with the cash as they never proved they had the funds.

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28:48 LP’s have still not been sent the “waterfall” despite asking for it many times.

29:43 Rick never pushed anything to anyone. He was silent and wouldn’t give any information to any LP’s. He is flat out lying here.

31:30 We know the market as we have been shopping it for months. Rick never shared “his research” with the investors.

33:00 It was Rick on one side and every investor on the other.

34:40 Auction would have likely lowered the price. We didn’t have enough parties interested. Riot would have just picked the best “partner” for them. Not the best price. League spots are not valuable. We saw what Clutch sold for.

36:30 Offers may not have been all cash up front. They could have had crazy structures.

37:00 The third bid was complete bullshit.

38:00 I spoke to Rick. He voted no on Kroenke and wanted it to go to auction unless we took Dick Clark.

38:15 Once again, none of these offers were presented to any LP.

39:40 This is true. Everyone said they wanted Kroenke. Rick’s fiduciary duty is to the investors. Not himself.

40:50 Rick did not create the company. It was a group of people. Rick is not the only person taking a hit. A lot of people are taking a hit. Rick signed all agreements. Amit’s change was the removal clause. Rick is very misleading in not correcting RL [Richard Lewis].

42:20 Rick engineered the firesale by leaking everything.

43:02 Rick didn’t protect the LP when he devised a plan to have [Deleted] steal EF employees.

44:20 Echo Fox isn’t being sold. The LCS slot is. But it is effectively the end of the team.

46:50 Rick shot the gun!

47:20 Amit was still Rick’s best friend up to a year ago. Kyle and Rick lived with him. He was recommended from a friend.

48:35 Rick spent no money. He borrowed from [Deleted], the guy who stole our key employee with Ricks help.

49:20 Self-dealing is hiring and paying your son for years when he did no work and actually drove down moral telling employees how much he hates it there and would just play games all day at his desk. Kyle showed up maybe half the time he was supposed to.

50:55 Difference between Hector and Rick? Hector actually worked and built his company. Rick was only interested in the fame part.

53:40 This offer was completely fake. It was for 10am and the rest was based on EBITA. All it proves is that he continues to lie and mislead.

56:20 How much money has Rick made investing with Amit? How many deals are they still in? Why has Rick not tried to exit any of those.

57:30 Amit is the villain in this story. But this story has multiple villains and Rick is one of them.

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