When he protested, Ellin sent profanity-laced responses accusing Hoversten of stupidity and ungratefulness, according to court documents. In January 2019, Hoversten received an annual statement on his investment showing a 13% loss for the quarter and a 3.5% gain for the year. LiveXLive Earnings Show 'Contractual Dispute' With Tesla and Restrictions On Half Its Cash This would turn out to not be the case, according to the lawsuit. While Trinad did own 20% of LiveXLive’s stock, Ellin promised Hoversten that the LiveXLive investment represented a small fraction of the fund’s holdings, and said that all investments were capped at a 15% position, Hoversten’s attorney Ethan Brown writes in the arbitration claim. 2, Hoversten emailed Ellin asking, “How much exposure does the fund have to LiveXLive?”Ellin responded telling Schuyler his invitation to join the fund should be viewed as “a gift” and told Hoversten to focus on “getting deals done” over the next six months. But not long after wiring the money, Hoversten claims he became concerned about a lack of transparency at Trinad. And while Ellin usually required a $1 million investment to buy into the exclusive fund, he allowed Hoversten to buy in at $750,000, according to emails introduced as exhibits in the case. Trinad is marketed to investors as a diversified fund that focuses on small publicly-traded companies, according to its prospectus, reporting $46 million in assets under management in 2021, according to public filings.According to Hoversten’s complaint, investing in Trinad seemed like a good bet: Trinad’s financial prospectus showed a 109% annualized return rate.
Isaac Brekken/Getty Images for LiveXLiveīut Hoversten’s suit is the first to take on Ellin’s Trinad Capital Master Fund, a Cayman Islands hedge fund controlled by Ellin with the purpose of financing ventures like LiveXLive. LiveXLive CEO Rob Ellin speaks during the LiveXLive CES afterparty at CATCH on Jan.
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