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Utsick’s Worldwide Woes Run Deep

FORT LAUDERDALE, FL (CelebrityAccess MediaWire) — The continuing saga of Jack Utsick’s Worldwide Entertainment, Inc., has taken another turn as court-appointed receiver Michael Goldberg released his fourth report on his findings.

The latest major developments in the case involve a former assistant, Lyn Chong, who was paid nearly $5 million by way of checks from The Entertainment Group Fund, Inc., to an entity called Universal Entertainment in October 2005. Chong controlled the UE bank accounts, and used the money to purchase a $1.5 million waterfront house, pay $1.8 million in taxes and spent $300,000 on miscellaneous purchases.

Chong took the title to the home with her husband Kevin Wills, and still had nearly $1.4 million in the bank account at her disposal.

Goldberg writes in his report that he “immediately filed an injunctive action against Chong, requesting the Court to freeze her assets pending final determination of the estates’ rights to Chong’s assets,” and filed suit against her in March.

Goldberg and Chong will go to trial in July, with Wills and Universal also listed as defendants. Goldberg has also contacted appropriate law enforcement officials to investigate Chong, and plans to file criminal charges against her for her role in diverting $5 million from TEGFI.

Goldberg also reveals in his report that the Securities and Exchange Commission has concluded a settlement with Robert and Donna Yeager, former business partners of Utsick and the principals of AEI, in which they will return all profits they received by doing business with WWE, TEGFI and Utsick, as well as pay a fine.

He estimates that the Yeagers will turn over more than $6 million in assets consisting of “cash, automobiles, a boat, retirement accounts, several homes in Louisiana and their share of a house in Sunny Isles Beach, Florida.”

The receiver also reported that he is currently soliciting offers from parties interested in purchasing the 1,300-capacity Keswick Theater in Glenside, Pennsylvania. The venue currently has shows by Jonny Lang, Shawn Colvin, Peter Frampton, Arlo Guthrie, David Sedaris, and the Brian Setzer Orchestra, among others, on the books through the end of the year.

Goldberg writes in his report that a sale of the venue is not imminent, however, saying, “If I do not receive an acceptable offer, I will continue to operate the Keswick as it is operating profitably.”

The receiver is also considering going after embattled heiress Paris Hilton as well, after the movie “National Lampoon’s Pledge This” has not performed up to expectations after Utsick signed on as executive producer and sank more than $6 million into the project.

Goldberg writes, “Hilton was paid $1 million to appear in the movie and to promote it upon its release. However, Paris Hilton has completely refused to support the movie. Accordingly, I believe the estate was damaged by this breach and I am exploring the possibility of taking action to recover damages which I expect to commence shortly.”

Goldberg’s report, posted June 27, is his fourth report since taking on the role of receiver in April 2006, and his last since February 26, 2007. –by CelebrityAccess Staff Writers