One of the star movie star traders on Shark Tank is taking authorized motion in opposition to a gaggle of former contestants whose enterprise deal went severely south after the present.
Daymond John selected to spend money on Bubba Q’s Boneless Baby Back Ribs throughout the fifth season of Shark Tank. He partnered with Al ‘Bubba’ Baker (pictured above, inset), his spouse Sabrina, and his daughter Brittani on the favored boneless meals product.
The future seemed brilliant after the group agreed the FUBU founder would tackle 30% of the corporate in trade for $300,000 on the present. But now, that deal has soured — and there’s a vicious authorized battle ongoing.
Related: Kevin O’Leary & Kevin Harrington Sued For Fraud In Alleged ‘Structured Scam’!
According to the Los Angeles Times, John has gone as far as to file for a brief restraining order and a preliminary injunction in opposition to the Bakers. His court docket submitting seeks to forestall the household from publicly discussing their time on the present, in addition to the aftermath of their allegedly troublesome take care of Daymond.
Per the newspaper, John initially filed his restraining order request in New Jersey. However, a choose there dismissed the injunction demand final week, “citing jurisdictional issues.” Now, per the outlet, the enterprise mogul has apparently re-filed an amended grievance which is “pending.” A enterprise associate of John’s that entered into the take care of the Bakers as effectively, Rastelli Foods Group, has additionally filed for a brief restraining order.
The restraining order ask comes after a bombshell Los Angeles Times report from two weeks in the past in regards to the Bakers’ take care of John. In that preliminary investigative report, the household claimed the $300,000 for 30% settlement on air was revised by John to $100,000 for a 35% stake after the present. Then, they alleged John “ignored their complaints” in regards to the particular person tasked with constructing their web site. That identical particular person allegedly “controlled the business’ bank account” exterior of the Bakers’ watch, too.
That preliminary Times report additionally asserted Al Baker was “excluded from key business meetings” and “left in the dark regarding real-time financial information” in regards to the enterprise. Ultimately, the Bakers declare they solely acquired roughly 4 p.c of the publicly-claimed $16 million in income from the biz.
In his new restraining order request, John calls these previously-published allegations a “willful and malicious smear campaign.” The biz mogul additionally claimed he was solely a “non-managing partner” of the infant again ribs model akin to a “brand ambassador” and “without access or control over the company’s books and records.” Since then, per John’s submitting, the Baker household has “continued to post outrageous, damaging, and false video content with the goal of inflicting harm on Plaintiffs.” He asserts on this TRO request that the Bakers have even price him enterprise alternatives, citing a talking engagement provide that was rescinded supposedly due to the controversy.
Related: Celebs We Want To See On ‘Shark Tank’!
John’s lawyer Zach Rosenfield additionally launched a press release to the media in regards to the restraining order. Per People, the Shark Tank star’s lawyer slammed the Baker household and asserted their “blatant actions” to undermine the enterprise deal are what is definitely at fault within the failed partnership:
“After repeated attempts to give the Bakers the ability to correct their violations, it is unfortunate that it has come to this. This temporary restraining order is due to the Bakers’ blatant actions to undermine a business partnership and the legal parameters they agreed to 4 years ago. Their belief that they can unwind poor business decisions through slanderous social media posts and articles will no longer be tolerated.”
As for the Bakers, they provided their soak up a press release of rejoinder initially filed with the aforementioned court docket in New Jersey earlier than that restraining order request was dismissed. The household claimed in court docket that it’s their proper to talk publicly about their enterprise experiences, and said:
“It is our belief that Rastelli Foods and Daymond John have breached the settlement agreement by excluding Al from participation and collaboration regarding the product. … [These actions] are causing us irreparable harm, particularly as the time on our patent is running out. We have reason to suspect fraudulent and illegal activities in the accounting practices between Rastelli Foods and Daymond John. We have reached out to governmental agencies to investigate this matter, as we believe it is in the best interest of the public.”
Wow.
For now, it seems the 54-year-old’s restraining order request shall be assessed by a brand new choose quickly. From there, we’ll see what else occurs with this sordid scenario.
You can revisit the Bakers’ preliminary activate Shark Tank (beneath):
https://www.youtube.com/watch?v=i1NQ3FNe5lc
From that blissful, heartwarming story of touchdown a life-changing deal to this unlucky consequence. Damn…
Reactions, Perezcious readers?
[Image via Shark Tank/ABC/YouTube]
Discussion about this post