PleasrDAO enter a preliminary injunction against Martin Shkreli
PleasrDAO, a decentralized independent organization that acquires digital and unique art on behalf of its members, filed a preliminary injunction to prevent Martin Shkreli from sharing or distributing a one-of-a-kind music album, One Time at Shaolin by Wu. – Tang Clan.
The DAO's legal counsel, Shkreli, demonstrated “irreparable harm” — a legal term that cannot be remedied financially — by recording the album and streaming it at an XSpace event on June 9, 2024. The writ of preliminary injunction reads:
“The album was a singular, unique work of art that was not to be distributed, copied, or used except by its owner under the most narrow of circumstances. The album's value rested almost entirely on its uniqueness and the secrecy surrounding it. Shkreli knew this.
The filing went on to explain that Shkreli lost “all rights, title and interest” to the Wu-Tang album when he was forced to surrender to US law enforcement authorities in 2018 after being charged with securities fraud.
PleasrDAO for pre-order. Source: Reed Smith LLP
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PleasrDAO's legal filing cites the 88-year restrictions Shkreli agreed to in his original 2015 buyout agreement with the Wu-Tang Clan, which prevented him from distributing the album except under narrow circumstances allowed under the “fair use” clause.
The DAO's argument is based on showing that releasing the album through a social media forum is a breach of the original purchase agreement by playing the album in a larger venue, such as an art museum, art gallery, or limited private and public exhibition.
PleasrDAO said Shkreli was aware of the details in the original purchase agreement.
What's more, the court documents allege that Shkreli was fully aware of the terms and would honor them in similar situations before. The documents cited Shkreli's comments during a 2016 live broadcast:
“I actually have a contract with Wu-Tang Clan that doesn't allow me to do that. Obviously I own the music. And I bought it. And I paid a lot of money for it. And while in many ways the terms aren't that important, I'm also a man of my word. I have to keep my word [Wu-Tang Clan] as well as”
According to the file, in a May 2024 interview, Shkreli acknowledged his limitations, saying he was “not technically allowed to release the album” and responded to criticism for not releasing the public's content. Art.
Shkreli DJT token
Around the same time the PleasrDAO lawsuit was announced against Shkreli, the convicted felon grabbed crypto news headlines for allegedly collaborating with Barron Trump, son of former President Donald Trump, on the meme token.
Finally, Roger Stone and other sources close to the Trump family denied any involvement from the former first family. Shkreli has failed to provide any credible, consistent evidence linking the Trump family to the creation of the token or that Barron Trump holds the private keys to the project.
As of this writing, DJT Memcoin's price has plummeted, dropping a whopping 95% in one day on August 6th.
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