JAY-Z has been accused by Bacardi of backing out of a deal to sell his ownership stake in D’USSÉ.
According to TMZ, Bacardi — Hov’s 50/50 partner in the liquor brand — claims both parties agreed on a “handshake deal” last December that would see Bacardi’s subsidiary, Empire Investments, purchase JAY-Z’s 50 percent share.
According to new legal documents filed by Bacardi, however, the Brooklyn-bred billionaire abruptly reneged on the deal and demanded double the price they agreed upon. It’s unclear what the original valuation due to the documents being redacted.
JAY-Z previously filed a lawsuit against Bacardi in October over concerns about financial transparency. Hov’s SC Liquor company demanded Bacardi open up its books and reveal the “location of all warehouses storing D’USSÉ barrels, bottles and accessories” in an effort to “protect SC’s rights.”
Bacardi claims it has already submitted more than 800 pages of financial records, and any further documents are off limits because they contain Bacardi data that is separate from their D’USSÉ partnership.
It was later reported that Hov was looking to sell his ownership stake in D’USSÉ to Bacardi, but he believed the spirits giant was trying to lowball him.
Legal documents revealed JAY-Z and SC Liquor exercised its right to a buyout around a year ago, with Bacardi being obliged to “negotiate in good faith” to come up with a fair price.
But SC Liquor claimed Empire Investments was trying to “stall and stonewall” efforts to reveal an accurate valuation of D’USSÉ. JAY-Z believed Bacardi was intentionally mismanaging the cognac line in ways to lower profits.
The documents contained a potential valuation of D’USSÉ offered by both sides, but Bacardi’s figure was apparently “well below” what Hov believed the company was worth, estimating its value to be over $100 million.
A hearing in the case is scheduled for Friday (November 4) in New York.
I thought Hov knew how to move in a room full of vultures? Well looks like they sold him bird feed. I know DeHaven, Calvin Bocate & Dame laughing their asses off
Reading is fundamental.
You a salty hater bruh, grow up and get a hobby bruh
A straight idiot, with no business sense
Lol so the company Bacardi did a ‘handshake deal’ and thought that would hold any legal weight. Like a company of this stature could be sold on a handshake smh
handshake real
I will never drink that again, so childish, grow up. A hand shake deal really. Tell me this is a joke, lol.
I believe that JayZ is correct in protecting his investment share and should not be low balled because he is intelligent enough to know when someone is trying to undermine him
JayZ is correct in protecting his investment share and should not be low balled because he is intelligent enough to know when someone is trying to undermine him
JayZ is correct in protecting his investment share and should not be low balled because he is intelligent enough to know when someone is trying to undermine him
CANNOT BE WORSE THEN THAT
DUMB ARSE KANYE WHATS MY NAME
YE…HOW IN THE WORLD DO YOU NOT OWN YOUR INTELLECTUAL PROPERTY
PATENTS DESIGN TRADEMARKS etc
But only your name….KANYE U BEEN BULLSHITTING TO LONG….YOUR SENSES ARE CATCHING UP WITH YOUR LOST….CORPORATE AMERICA IS FED UP WITH YOUR ARSE… WATCH & SEE…