War of words on hold, for now
The ongoing battle between Ian Roseblatt and RBG Holdings has been put on hold for two weeks whilst the parties enter negotiations.
The pair hit headlines last week after RBG, which is publicly listed and owns two law firms, Rosenblatt and Memery Crystal, accused Ian Rosenblatt of breaching his agreements with the group and being “verbally abusive” towards a lender. The group added that his consultancy agreement with RBG was terminated. Rosenblatt denies the allegations.
The crux of the allegation was that Rosenblatt has acquired another SRA regulated firm contrary to his agreements with RBG, at a time when he was negotiating with RBG about his restrictive covenant and pay structure. This new firm was originally called AWH Acquisition Corp Corporate Limited, before being renamed by Rosenblatt to “Rosenblatt Law Ltd”.
Rosenblatt hit back soon after, denying the claims as “substantially untrue and defamatory” and stating that RBG is “insolvent”. Whilst the accepted that he had acquired a new firm, he argued that this took place later than RBG alleged, and that it was intended as a vehicle to allow him to repurchase Rosenblatt (the firm) from RBG.
Now, however, the parties have put their dispute on temporary ice, entering into a two-week exclusivity period to negotiate the sale of some of RBG’s assets.
The ceasefire has taken effect following a request from Rosenblatt, a public statement reads, and concerns the “‘Rosenblatt’ branded businesses together with certain assets owned by RBGH to Rosenblatt Law Limited”.
The notice published by RBG also notes that “The Company based its previous understanding of Mr Rosenblatt’s ownership of RLL [Rosenblatt Law Limited] on documents filed at Companies House. The Company has now received documentary evidence that Mr Rosenblatt purchased RLL on 19 December 2024.”
The exclusivity period runs until 24 January, with the parties agreeing to “act in good faith”, “not take any legal action of any nature against any of the other parties”, and “withdraw any ongoing action that may be outstanding against the Parties”. These requirements include Rosenblatt withdrawing his winding up petition filed last week.
“Further updates will be provided by the Company in due course once these discussions have been advanced.”
Whilst this break in hostility may well be positive for both factions, it hasn’t done much to boost RBG’s stock price, which currently sitting at 1.2p having slumped again last week down to an all-time low of 0.96p.
