Lower than every week after Jay-Z filed a lawsuit towards Bacardi, the key spirits firm is slamming the Roc Nation founder for allegedly backing out on their deal. Based on TMZ, Bacardi’s subsidiary, Empire Investments, responded to Jay’s lawsuit, claiming that each events truly had a “handshake deal” final December wherein Empire agreed to purchase Jay’s 50 % stake within the cognac line.
Nonetheless, the liquor firm says How “abruptly reneged on its settlement and doubled its demanded valuation.” The response comes on the heels of the 52-year previous music mogul’s firm SCLiquor LLC, filed a go well with towards Bacardi, looking for to research allegations that Empire has for years “artificially held D’Usse again from reaching its full potential.”
Jay’s staff is claiming that Bacardi is attempting to lowball him on the value, and that’s why he filed the lawsuit. The grievance states that the construction of the buyout rights “gave Bacardi a perverse incentive to mismanage D’Usse within the interim to artificially lower its valuation for functions of cashing out SC at an unfairly low worth.”
Paperwork obtained by TMZ additionally reveals that the lawsuit “says it wants all books and data, the placement of all warehouses storing D’Usse barrels, bottles and equipment, in addition to all information relating to Bacardi’s bodily stock and its stock course of.”
Nonetheless, Bacardi’s clapping again at SC’s claims. The liquor firm claims that they already handed him greater than 800 pages of economic data, and any additional paperwork he desires will not be for his eyes, as a result of they contain Bacardi knowledge— a wholly separate enterprise from the D’ussé enterprise.
Jay has but converse out following Bacardi’s responses to his lawsuit. Extra particulars to come back.