Adidas to resume selling Yeezys and Kanye is getting his proceeds

[Thavoiceofthevoiceless]

They aren't claiming a random $75 mill.

The unsealed court docs literally say it's from Yeezy profits:

Kanye West Was Right About Adidas Freezing $75M Of His Yeezy Funds

Kanye West has had a hunch of his come true with adidas freezing $75 million of his assets from Yeezy sales. adidas took legal action against Yeezy in 2022.

hiphopdx.com

They wanted him have zero dollars from them since the split. I'm legit confused as to why you think this doesn't apply to anything now. They're trying to take back the 15% they already paid him, not give him more money. shyt makes zero sense.





I'm starting to think you're slow. That article is from 16 days ago.

People assumed the number was the same ("previously agreed upon") until today when the court documents were unsealed. The documents say Adidas froze Kanye's profits from the Yeezy line....why would they do that, if they were gonna give him more money?

I hope you cats are doing some kinda 4D chess trolling.

Fred.

That $75 million dollars is irrelevant to what's transpiring next week as they're still going to owe him 15% of profits for every Yeezy sneaker sold. That is new money that has nothing to do with the $75 million dollars being discussed as those sneakers haven't been sold to consumers yet and have been sitting in a warehouse the entire time. All of those Yeezy's aren't going to be sold as a lot of them weren't even moving like that before the situation even happened.

Now whether he actually sees the upcoming bread or not is a different story altogether.

 

[Umoja]

They aren't claiming a random $75 mill.

The unsealed court docs literally say it's from Yeezy profits:

They wanted him have zero dollars from them since the split. I'm legit confused as to why you think this doesn't apply to anything now. They're trying to take back the 15% they already paid him, not give him more money. shyt makes zero sense.

You don't get it. The article does not invalidate or even question his 15% entitlement.

What it speaks on is Adidas looking to sever their partnership. Whilst going through that process, they'd naturally look to freeze assets of the partnership (in this case accounts tied to the partnership) whilst they work out who owns what.

 

[CodeBlaMeVi]

Adidas Quietly Won A Court Order Freezing $75M Held By Kanye’s Yeezy Brand – And It Wants To Keep It That Way

Adidas won a court order freezing $75M held by Kanye's Yeezy brand, with the company citing the rapper's "volatile behavior" and financial problems.

www.billboard.com

Adidas froze $75 million of Kanye's profits from their collaboration, directly after they fired him.

Like I said, they aren't trying to pay him a dime moving forward, and there is no new deal.

Now maybe people will listen.

Fred.

UUPDATE: On Friday (May 26), a federal judge lifted the court order freezing the $75 million in Yeezy bank accounts, ruling that Adidas ran afoul of procedural requirements and “deprived” Yeezy of a fair chance to challenge the freeze. You can read more here.

 

[Macallik86]

Where do you shop for off brand shoes?

Alibaba?

Amazon and Marshalls

 

[hex]

You don't get it. The article does not invalidate or even question his 15% entitlement.

What it speaks on is Adidas looking to sever their partnership. Whilst going through that process, they'd naturally look to freeze assets of the partnership (in this case accounts tied to the partnership) whilst they work out who owns what.

There's no mention of the 15% at all because nobody in their right mind would think Adidas would pay Kanye more money while trying to confiscate money they already paid him.

They froze 4 separate accounts directly related to profits from the shoes.

They didn't freeze a random account. They aren't randomly suing him for $75 million.

They specifically went after his Yeezy profits, in his personal accounts.

"Work out who owns what"....no, it's Kanye's money, out of his own mouth.

Kanye West Says The IRS Froze His Accounts For Owing $50 Million In Taxes

Kanye West says that the IRS tried to put him in jail because he owes $50 million in taxes.

www.hotnewhiphop.com

He initially thought the IRS froze his accounts because it had nothing to do with Adidas.

You cats are making this 100x more complicated than it needs to be because you keep putting your own personal spin on what they mean, instead of taking it at face value.

UUPDATE: On Friday (May 26), a federal judge lifted the court order freezing the $75 million in Yeezy bank accounts, ruling that Adidas ran afoul of procedural requirements and “deprived” Yeezy of a fair chance to challenge the freeze. You can read more here.

I already mentioned this:

Then?

Judge Overturns Adidas Court Order Freezing $75M Held by Kanye’s Yeezy Brand

In the Kanye v Adidas case, the freeze of $75M held by the rapper's Yeezy brand has been overturned by a judge.

www.billboard.com

A judge just lifted the freeze and Adidas is fighting to reinstate it. Meaning, they aren't trying to pay him ANYTHING. That literally happened earlier today.

Fred.

Again, Adidas is trying to take $75 million in Yeezy profits from Kanye and cats are in here arguing tooth and nail they want to give him 15% of $1+ billion.

WATTBA

Fred.

 

[Umoja]

There's no mention of the 15% at all because nobody in their right mind would think Adidas would pay Kanye more money while trying to confiscate money they already paid him.

They froze 4 separate accounts directly related to profits from the shoes.

They didn't freeze a random account. They aren't randomly suing him for $75 million.

They specifically went after his Yeezy profits, in his personal accounts.

"Figure out who owns what"....no, it's Kanye's money, out of his own mouth.

Kanye West Says The IRS Froze His Accounts For Owing $50 Million In Taxes

Kanye West says that the IRS tried to put him in jail because he owes $50 million in taxes.

www.hotnewhiphop.com

He initially thought the IRS froze his accounts because it had nothing to do with Adidas. You cats are making this 100x more complicated than it needs to be.



I already mentioned this:



Again, Adidas is trying to take $75 million in Yeezy profits from Kanye and cats are in here arguing tooth and nail they want to give him 15% of $1+ billion.

WATTBA

Fred.

That's now how contractual disputes work breh. You think when 10s of millions and lawyers are involved, they're just going to leave it up to "No one in their right mind would think this".

No, son. They specify. And it seems as though the dispute is a bit too technical for you. When money is tied to different issues, you can't just say "Oh well. I will just take it from this sum of money." It is an effective way of fukking over whatever rights you may have e.g.

1) I advance you 1 million to spend on marketing over the next year.

2) I agree to pay you 15% of the proceeds of the product you design.

If I decide to terminate our arrangement. I would want back the 1 million whilst accepting that I still need to pay you 15% under the agreement. I would understand that I cannot just take my 15% from the proceeds because the 1 million owed is its own claim with its own limitation period.

I would not want to be in a situation where you raise the limitation period expiring as an impregnable defence when I issue a counterclaim in response to your claim for the 15%.

It is technical stuff. It will take you some time to understand if you can be bothered to look into it.

 

[CodeBlaMeVi]

There's no mention of the 15% at all because nobody in their right mind would think Adidas would pay Kanye more money while trying to confiscate money they already paid him.

They froze 4 separate accounts directly related to profits from the shoes.

They didn't freeze a random account. They aren't randomly suing him for $75 million.

They specifically went after his Yeezy profits, in his personal accounts.

"Figure out who owns what"....no, it's Kanye's money, out of his own mouth.

Kanye West Says The IRS Froze His Accounts For Owing $50 Million In Taxes

Kanye West says that the IRS tried to put him in jail because he owes $50 million in taxes.

www.hotnewhiphop.com

He initially thought the IRS froze his accounts because it had nothing to do with Adidas. You cats are making this 100x more complicated than it needs to be.



I already mentioned this:



Again, Adidas is trying to take $75 million in Yeezy profits from Kanye and cats are in here arguing tooth and nail they want to give him 15% of $1+ billion.

WATTBA

Fred.

They can want to not give it to him all they want but he’s going to get his money inevitably. These lingering things affect stock prices as well.

This is one of the biggest L in business because how tf do you lose for doing the ‘right’ thing?

I love this for them.

I’m the type of black person, where no matter what a black person says or do; I’m not siding w/ cacs to crap on him/her. We can say and deal w/ Ye how we see fit but I’m not getting behind folks f**king a black person over. You let this slide then it’s open season.

 

[hex]

That's now how contractual disputes work breh. You think when 10s of millions and lawyers are involved, they're just going to leave it up to "No one in their right mind would think this".

No, son. They specify. And it seems as though the dispute is a bit too technical for you. When money is tied to different issues, you can't just say "Oh well. I will just take it from this sum of money." It is an effective way of fukking over whatever rights you may have e.g.

1) I advance you 1 million to spend on marketing over the next year.

2) I agree to pay you 15% of the proceeds of the product you design.

If I decide to terminate our arrangement. I would want back the 1 million whilst accepting that I still need to pay you 15% under the agreement. I would understand that I cannot just take my 15% from the proceeds because the 1 million owed is its own claim with its own limitation period.

I would not want to be in a situation where you raise the limitation period expiring as an impregnable defence when I issue a counterclaim in response to your claim for the 15%.

It is technical stuff. It will take you some time to understand if you can be bothered to look into it.

Lawyers aren't the ones writing these articles. I'm saying an article shouldn't have to spell out the 15% ain't happening in light of the fact that Adidas doesn't want their money in his hands, at all.

If you want to go look at the unsealed legal documents, they're up on Law360. I didn't see anything about the 15% anywhere in them. Which is why no article has mentioned it. I guess you could argue "because this a separate issue" but I'm not the one arguing it should've been mentioned here.

Lastly, this isn't an advance for marketing. It's profits from the sale of the shoes. I'm kinda confused why you keep saying this money is for other things, in joint accounts, "shared assets" and everything else when I've linked several articles that say it's in his personal accounts, and from the sale of the shoes.

Now, you could argue Adidas had no right to do that, but that's not what you're saying.

Fred.

 

[CodeBlaMeVi]

Lawyers aren't the ones writing these articles. I'm saying an article shouldn't have to spell out the 15% ain't happening in light of the fact that Adidas doesn't want their money in his hands, at all.

If you want to go look at the unsealed legal documents, they're up on Law360. I didn't see anything about the 15% anywhere in them. Which is why no article has mentioned it. I guess you could argue "because this a separate issue" but I'm not the one arguing it should've been mentioned here.

Lastly, this isn't an advance for marketing. It's profits from the sale of the shoes. I'm kinda confused why you keep saying this money is for other things, in joint accounts, "shared assets" and everything else when I've linked several articles that say it's in his personal accounts, and from the sale of the shoes.

Now, you could argue Adidas had no right to do that, but it's not what you're saying.

Fred.

Honestly, this sounds like awful accounting practices overall. His royalties should’ve always been a restricted when they’re receiving cash for revenue. Then Ye pays an accounting firm to audit them. Feel it’s some money missing then hire a forensic accountant to find it.

 

[Umoja]

Lawyers aren't the ones writing these articles. I'm saying an article shouldn't have to spell out the 15% ain't happening in light of the fact that Adidas doesn't want their money in his hands, at all.

If you want to go look at the unsealed legal documents, they're up on Law360. I didn't see anything about the 15% anywhere in them. Which is why no article has mentioned it. I guess you could argue "because this a separate issue" but I'm not the one arguing it should've been mentioned here.

Lastly, this isn't an advance for marketing. It's profits from the sale of the shoes. I'm kinda confused why you keep saying this money is for other things, in joint accounts, "shared assets" and everything else when I've linked several articles that say it's in his personal accounts, and from the sale of the shoes.

Now, you could argue Adidas had no right to do that, but that's not what you're saying.

Fred.

Breh, you're really not good at this. You can't rely on the article being written by people who are not lawyers. That just makes things worse for yourself because it is a secondary source of information which has not provided information on the arguments advanced.

The argument is stalling because you don't know what you're talking about.

 

[1thouwow]

Y’all in here really mad at Kanye?

 

[hex]

Breh, you're really not good at this. You can't rely on the article being written by people who are not lawyers. That just makes things worse for yourself because it is a secondary source of information which has not provided information on the arguments advanced.

The argument is stalling because you don't know what you're talking about.

Well, why don't you advance the argument by explaining to me how they owe him 15% for designs he no longer owns:

Adidas Owns the Rights to Yeezy Designs and Plans to Sell Products Without the Name

"Let me be clear, we own all the IP, we own all the designs, we own all the versions and new colorways," CFO Harm Ohlmeyer told reporters. "It's our product. We do not own the Yeezy name."

www.nbcphiladelphia.com

This is probably the part where you say "but they don't own the Yeezy brand!" which is a fair point....but the $75 million was in Yeezy accounts. Again, that's in the articles I linked.

Meaning, it seems to me they don't even want to pay him for the branding at this point.

I'm not trying to be a dikk head here breh, I'm legit confused by why you keep inserting info (joint account, shared assets, "he was paid for marketing", "they need to work out who owns what") into the conversation when every link I've given you says:

1. It's his personal Yeezy accounts.

2. It's profits from his shoes.

Again, I'm not attacking you I just don't get how or why you're coming to these conclusions.

Honestly, this sounds like awful accounting practices overall. His royalties should’ve always been a restricted when they’re receiving cash for revenue. Then Ye pays an accounting firm to audit them. Feel it’s some money missing then hire a forensic accountant to find it.

I'm assuming they feel entitled to his Yeezy profits because he single handedly destroyed the partnership, and cost them a fukk ton of money.

Not saying that's right or wrong, but that seems to be the move here. And since they own the designs, and the partnership has ended, I'm confused why people are quoting 15% moving forward. They are no longer in business together.

Fred.

 

[Thavoiceofthevoiceless]

Well, why don't you advance the argument by explaining to me how they owe him 15% for designs he no longer owns:

Adidas Owns the Rights to Yeezy Designs and Plans to Sell Products Without the Name

"Let me be clear, we own all the IP, we own all the designs, we own all the versions and new colorways," CFO Harm Ohlmeyer told reporters. "It's our product. We do not own the Yeezy name."

www.nbcphiladelphia.com

This is probably the part where you say "but they don't own the Yeezy brand!" which is a fair point....but the $75 million was in Yeezy accounts. Again, that's in the articles I linked.

Meaning, it seems to me they don't even want to pay him for the branding at this point.

I'm not trying to be a dikk head here breh, I'm legit confused by why you keep inserting info (joint account, shared assets, "he was paid for marketing", "they need to work out who owns what") into the conversation when every link I've given you says:

1. It's his personal Yeezy accounts.

2. It's profits from his shoes.

Again, I'm not attacking you I just don't get how or why you're coming to these conclusions.

That's an easy and simple explanation. Yeezy doesn't own the Yeezy design, but he owns the Yeezy name, so therefore they still owe him 15% profit for every item that they sell with the branding.

The problem they're going to run into is they're going to be hard pressed getting people to pay $230 for a non-Yeezy branded product, but that's a different discussion altogether.

 

[Estarossa]

 

[hex]

That's an easy and simple explanation. Yeezy doesn't own the Yeezy design, but he owns the Yeezy name, so therefore they still owe him 15% profit for every item that they sell with the branding.

The problem they're going to run into is they're going to be hard pressed getting people to pay $230 for a non-Yeezy branded product, but that's a different discussion altogether.

That's not an easy explanation because:

1. The 15% was when they were partners. They are no longer partners.

2. They just froze $75 million in profits from the shoes. From his personal Yeezy accounts. Why do you think they did that? No one can give me an explanation.

If Nike fires Tinker Hatfield, he doesn't walk out the door with all his designs and a cut of anything moving forward. He's fired.

Fred.