Two nightclub bigshots have settled their lawsuit over their failed partnership opening a location of the legendary Laugh Factory inside Times Square's once X-rated Show World building. In the suit, Laugh Factory owner Jamie Masada (pictured) had claimed that Show World head Richard Basciano was hiding millions from him, threatened him with a gun and told him that "somebody could be killed if a certain comic was booked again. Basciano, an associate of the Gambino and Bonnano crime families, told the News that he was regretful for the "misunderstandings." Masada said, "We are pleased we were able to reach an amicable settlement" and that he "wishes Mr. Basciano all the best in his future endeavors." There was no word still on which comic could have really ended up killing if they had come back to the Big Apple—any hopes as to who it might be? more ›

Show World owner Richard Basciano gives his first interview in 30 years to today’s NY Daily News, defending himself against allegations that he was shaking down his business partner, Laugh Factory co-owner Jamie Masada. Basciano calls Masada’s story “distortions and lies” and says that there were no "millions to hide" as Masada accuses because the club was not making a profit. He accuses Masada of poorly managing The Laugh Factory, undercharging on the menu and squashing a million dollar deal that they allegedly had in place with Comcast. Basciano claims that Masada wants him out of the picture so that he can open a another Laugh Factory with new partners. more ›

Laugh Factory owner Jamie Masada has filed suit against his Times Square business partner, Show World owner Richard Basciano, claiming that he has been shaken down by the mob-connected adult theater owner. Masada alleges to have been threatened with a gun, coerced into contracts and even says that the club was told that "somebody could be killed" if a certain comedian was booked again. The suit pits the new, cleaned-up Times Square against its seedier past. Basciano has Gambino crime family associates and is the brother Bonanno crime family boss "Vinny Gorgeous." Masada, on the other hand, was personally asked to bring the Laugh Factory to New York by former Mayor Rudolph Giuliani in the wake of 9/11. "I thought, 'Yes, New York needs some laughs,'" Masada said when he agreed to bring the club to Times Square in 2003. more ›