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A lawsuit that split the management of Ten Worldwide has been settled out of court and will lead to the holding company’s digital arm being sold, company officials said.
Terms of the settlement were not disclosed, but the deal allows Nancy Kramer, whose agency Resource was acquired by HMS Partners in April 2001, to buy it back.
Neither Kramer nor Ten Worldwide CEO Rick Milenthal would discuss specifics of the settlement, such as the timetable for Kramer to buy back Resource, or the price.
Ten Worldwide was formed in April of last year by Milenthal and his brother David, who both ran HMS Partners; Martin Beck, former CEO of Lighthouse Global; and Kramer, whose Resource had made a name for itself with its online Victoria’s Secret fashion show.
The partnership fizzled rapidly amid personal disagreements and the disintegrating economy.
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