Pulse Films Founders Demand $20M from Vice, Court Rejects Their Claim

Thomas Benski and Marisa Clifford, the founders of London‑based Pulse Films, filed a lawsuit against Vice Media last month. They claim the media company owes them more than $20 million in unpaid loan notes.

The suit was made public by a UK High Court ruling that also dismissed their pre‑action disclosure request.

The dispute traces back to Vice’s 2021 purchase of the remaining 22% stake Benski and Clifford held in Pulse Films. In December 2021, Vice paid $10 million in cash and issued $43.24 million in loan notes to the pair. The pair later alleged that Vice failed to pay the $20.4 million owed under those loan notes.

After Benski and Clifford left Pulse in 2022, they said former Vice executives misled them about the company’s financial health and an upcoming sale to Antenna Group. , the executives induced them not to exercise contractual rights. They now contend that these representations were fraudulent.

## Background & Context

Vice had taken a majority stake in Pulse Films in 2016 before acquiring the founders’ remaining shares in 2021. The transaction was financed partly through the loan notes that form the basis of the current claim. The founders exited the company in 2022, shortly before Vice’s financial troubles deepened.

Vice Group entered Chapter 11 bankruptcy in May 2023. Three months later, a consortium led by Fortress Investment Group, Soros Fund Management and Monroe Capital won a bankruptcy auction and took control of the company. The new owners inherited Pulse Films’ intellectual property, including the Sky series Gangs of London.

The lawsuit was revealed in a UK High Court ruling earlier this month when Benski and Clifford’s request for pre‑action disclosure was denied. Judge Peter MacDonald Eggers dismissed the application but did not weigh on the merits of their claims. The court noted that the plaintiffs had failed to produce sufficient evidence.

## What People Are Saying

In the judge’s summary, Benski and Clifford are alleged to have “advanced serious allegations of fraudulent misrepresentation and unlawful means conspiracy against the respondents at Vice.” They claim former executives made repeated false assurances about valuation, solvency and an imminent sale.

The judge noted that whether fraud can be proved would be a question for future proceedings.

Vice Media’s spokesperson responded that “Those allegations are groundless. In dismissing the application, the court relied on the vague, inconsistent and unsatisfactory way in which the allegations have been advanced.” The company added it will continue to defend any claim robustly.

Vice maintains that its executives acted with “honesty and integrity” at all times.

The pre‑action disclosure request listed four defendants, including Pulse Films and former Vice CEO Nancy Dubuc. Pulse Films’ IP now resides under Vice Studios following the sale of the company. The lawsuit focuses on the unpaid $20.4 million loan notes issued in 2021.

## What Happens Next

Benski and Clifford are currently evaluating further legal options and have stated they will continue to pursue action against Vice. They have not yet filed a substantive claim, and the High Court has not ruled on the factual dispute. Their next steps will depend on how the new owners respond to the allegations.

The duo now run Magna Studios, a move that came after their exit from Pulse in 2022. They declined to comment on the proceedings. Their continued legal battle could set precedent for how media companies handle former partner loans.

If the case proceeds, it will test Vice’s claims of transparency and the validity of its loan agreements. The outcome could impact the broader media landscape where similar disputes over unpaid capital are becoming more common. Stakeholders will watch closely as the court’s next hearing approaches.

The lawsuit underscores the fragility of financial arrangements in high‑profile media ventures. As Vice navigates its new ownership structure, the court remains the arena where Benski and Clifford seek to recover their alleged $20 million debt. The industry will be watching to see whether the claims hold up under judicial scrutiny.