Lars Windhorst, a German entrepreneur and co-founder of the investment firm Sapinda Group, has had his assets frozen by order of London’s High Court after allegedly reneging on his pledge to buy more than €60 million ($68.3 million) in securities, writes Law360’s Alex Davis.
Windhorst’s group isn’t a new name for the world of esports, as it was the investment firm that poured millions of dollars into the streaming platform Azubu. According to an extensive story from the Los Angeles Times’ Paresh Dave, Azubu was funded by drip-feeding the company about $1 million a month, which led to “unpaid vendors and frustrated employees with late paychecks.”
Azubu has since rebranded to Smashcast after it merged with Hitbox, another streaming platform. The former CEO of Azubu, Mike McGarvey, transitioned to the CEO of Smashcast, and though he had claimed Sapinda was still involved with Azubu, it’s unclear if the same firm is financing Smashcast.
The entrepreneur is familiar with financial trouble it seems, as according to the Law360 article, he was the subject of several suits by London’s High Court in the past 18 months about the same issues with purchasing bonds. Windhorst has previously filed for bankruptcy and pleaded guilty to embezzlement charges in 2009.