Source: EricBischoff.com
The following was posted on EricBischoff.com. Click on the link to see the rest of Mr. Bischoff’s intelligent, excellent blog entry:
The other thing that is going to be interesting to watch is the independent contractor/employee lawsuit. I have gone on record as saying that Scott Levy and company are desperately looking for some kind of a pay day, and I have zero respect for someone who knowingly goes into an agreement fully aware of its terms and then comes back and cries foul. It wreaks “loser”.
That said, the implications of this lawsuit are beyond frightening. Should the government, as a result of this suit, determine that WWE wrestlers are employees, the fines and back taxes that WWE could be held liable for are astronomical. There is no statute of limitations on these taxes and in the case of a public company, the Chairman can be held personally responsible.
As I stated in a recent blog on this subject, this potential exposure was a major concern for the finance execs at AOL/Time Warner. How ironic would it be that three guys who had no real impact on the industry while they were in it, could have a devastating impact on it years after they could no longer find work in it?
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