Viggle separates from chief revenue officer

• In an 8-K, Viggle (VGGL +0.9%) says it's approved a separation with Chief Revenue Officer Kevin Arrix.
• Arrix will provide some transition service until Dec. 31 in return for retaining 15,500 restricted stock units that vest next May 1. He'll give up the rest of his RSUs.
• In addition, the company disclosed that it borrowed another $1M on the line of credit that had been extended to it by the investment vehicle of CEO Robert Sillerman.
• Over the past two weeks, shares have sank 50.8% and the stock price has tumbled below the $1 mark.