Blockbuster Video has called off its deal to purchase electronics retailer Circuit City. “Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster’s shareholders to proceed with an acquisition of Circuit City,” Blockbuster CEO Jim Keyes said in a press release. Read.

Don’t screw with Steve Wynn, owner of Wynn Las Vegas Casino.  In May of this year, Wynn Las Vegas recovered a $400,000 gambling debt from retired basketball player Charles Barkley after filing a lawsuit against the TNT TV personality. After the media reported the lawsuit, Barkley quickly repaid the debt, plus $40,000 in district attorney’s fees for the case.

Then in June Wynn’s Casino filed a lawsuit against the NBA & Alonzo Mourning Charities seeking payment for a convention bill dating to the 2007 All-Star game.
Wynn Las Vegas claims NBA Entertainment, NBA Properties and co-defendant Alonzo Mourning Charities have failed to pay a $50,000 bill for convention and meeting space and related services used during the 2007 NBA All-Star weekend. 

Now “Girls Gone Wild” founder Joe Francis is in the hot seat again after the Wynn Las Vegas Casino filed a $2 million lawsuit against him for unpaid gambling debts dating back to February 2007. According to the lawsuit, Wynn Las Vegas extended $2.5 million in credit to Francis on Feb. 16, 2007, and an additional $300,000 two days later.  Francis made an $800,000 payment later that month, but the rest has yet to be paid, according to court papers filed in Clark County District Court.

“As far as Mr. Francis is concerned, his obligations to the Wynn hotel have been fully lived up to per prior agreements,” said a spokesman for Francis.

A Wynn Las Vegas representative declined comment. Francis  is currently free on bail pending his trial on tax evasion charges in Reno. 

 

This week New York businessman Jacob Arabo (Born Yakov Arabov) and known in the hip-hop world as “Jacob the Jeweler” was sentenced to 30 months in prison for lying to investigators looking into a multistate drug ring. In October Arabo pleaded guilty to falsifying records and giving false statements as part of a deal with federal prosecutors.  U.S. District Judge Avern Cohn was asked to impose a minimum sentence of three years and one month.  However Cohn decided to reduce the sentence by seven months, citing Arabo’s extensive charity work. Judge Cohn also ordered the Russian immigrant to pay a $50,000 fine and to make a $2 million forfeiture payment to the government.Arabo was arrested in 2006 at his

Manhattan jewelry shop. Authorities accused him and others of conspiring to launder somewhere near $300 million in drug profits. ”I feel ashamed that I broke the laws of this country, a country that has been so good for me,” Arabo said. “I will carry this shame for the rest of my life.”Prosecutors dropped the money laundering charges in the plea deal. Authorities accused Arabo and others of conspiring to launder drug profits for the “Black Mafia Family,” a ring that operated out of the

Detroit area beginning in the early 1990s. “Jacob the Jeweler” is most commonly known as the Jeweler to a growing list of Celebrities including Rappers, Athletes, and Movie Stars with Hip Hop and Fashion Mogul, Sean “P. Diddy” Combs being one of his most notable clients.

In a move that is sure to create ill will from music lovers, U2 manager Paul McGuinness has called for illegal music file-sharers to have their service cut off by their ISPs if they download music without paying for it.  McGuinness also said ISPs should face prosecution if they don’t participate in the crackdown.

“A simple three strikes and you are out enforcement process will see all serial illegal uploaders who resist the law face a stark choice: change or lose your ISP subscription”, said McGuinness.

The group is also calling upon their friend Steve Jobs to help with the situation.  Bono and crew recently allowed Apple to release a U2 branded ipod…and they’re hoping that Jobs can use some of his ipod, iphone, Mac Air magic to help craft a solution to the music industry’s biggest revenue challenge. Read.

Internet Billionaire/Movie Mogul/Dallas Mavericks owner Mark Cuban has managed to survive two weeks on Dancing With The Stars.
C
uban, who says hes “having a blast,” will dance the jive tonight (8 ET/PT) with professional partner Kym Johnson. “I’m doing something completely unnatural to me. I’m a fish out of water. And I’m loving every minute of it.”

The first week on the show, once the votes were tallied, Cuban was among the bottom two couples. Last week we fared a little better, avoiding the bottom two.
However, many feel that Cuban is going to have to lose the arrogance & brashness that he’s known for and appear a bit more human if he wants to remain on the show moving forward.

If he can accomplish this transformation quickly, he might have a chance. He has a great storyline if only he can connect with the audience…Cuban had his left hip replaced less than two months before he began grueling practice sessions to master a new dance each week. Read.

About a month ago we reported that Apple Co-Founder Steve Wozniak was dating Comedian Kathy Griffin.  At the time the couple seemed to be playing cat and mouse.  But apparently the games are over. 

Woz and Griffin attended the Emmy’s together where Griffin won a creative arts Emmy.

Her acceptance speech was edited when the event was shown Saturday on the E! channel.  The AP reports that some of her language had to be bleeped.

In her speech, Griffin said ” A lot of people come up here and thank Jesus for this award. I want you to know that no one had less to do with this award than Jesus.”

She went on to hold up her Emmy, make an off-color remark about Christ and proclaim, “This award is my god now!”

Her remarks were condemned Monday by Catholic League President Bill Donohue, who called them a “vulgar, in-your-face brand of hate speech.”