Update 11/29/2022 11:00am:
Previously, Jay-Z launched a lawsuit against Bacardi, and now $2 billion may be up for dispute in the suit over Hov and Bacardi’s business relationship for D’Usse. An arbitrator in the case—Daniel Schimmel, allegedly cited the $2 billion as part of his work history on the website of his law firm.
Schimmel said, “Chair of an ICDR Tribunal with a seat in New York in an arbitration between members of a Delaware limited liability company. The amount in dispute exceeds US$2 billion.” Court documents acquired by Complex noted that Schimmel is one of the original arbitrators in Jay-Z’s 2018 lawsuit against Iconix Brand Group.
Since then, Jay-Z’s SC Liquor LLC was granted an emergency hearing against Bacardi’s subsidiary Empire Investments Inc. The hearing is supposed to happen at the beginning of December. In the suit filed against Bacardi by SC Liquor LLC, Hov’s company claims Empire “artificially held D’Usse back from achieving its full potential.” Stay tuned for more updates.
source: COMPLEX
Original 10/21/2022 3:36am:
According to TMZ, the partnership between Jay-Z and the popular cognac brand D'Ussé is looking like it's coming to an end over Hov's dispute with D'Ussé's parent company, Bacardi.
Jay is now selling his stake in the brand and demands Bacardi engage the buyout process "in good faith." As TMZ reports, "Jay's company, SC Liquor, exercised its right to a buyout about a year ago. Under their agreement, Bacardi now has to "negotiate in good faith" to come up with a fair price for Jay's stake in D'Ussé."
Court documents suggest both sides aren't close in terms of valuation. Although the numbers have been redacted from the court docs, it is reported that the value Jay's side sees in this isn't being similarly reflected from his counterparts at Bacardi.
Source: Tmz.com
