What does this mean
More than $2 billion may be in dispute in Jay-Z’s Bacardi lawsuit in connection with the D’Ussé side of their business relationship.
In short, the experience profile of Daniel Schimmel—who’s listed as heading the International Litigation and Arbitration practice of Foley Hoag’s New York offices and is an arbitrator in the case in question—cites the $2 billion figure as part of his work history.
Here’s how it’s worded on the site, at least at the time of this writing:
Meanwhile, in recent court documents viewed by Complex, Schimmel is mentioned as having been listed as among the original potential arbitrators in Jay’s 2018 litigation against Iconix Brand Group Inc.
Notably, Jay’s SC Liquor LLC has been granted an emergency hearing against Bacardi subsidiary Empire Investments Inc. The hearing, per separate court documents viewed by Complex, is slated to take place at the top of next month.
In October, it was reported (including by TMZ and other outlets) that Jay’s company was suing Bacardi over their D’Ussé partnership. Subsequent updates on this action, meanwhile, revealed that it had been alleged by Jay’s team that Empire Investments Inc. was trying to “stonewall” them when it came to disclosing financial information related to the agreement.
Update
Getty
TMZ broke the story ... Jay's in a legal war with Bacardi, trying to force the company to buy him out of their 50/50 partnership in the luxury cognac line. But, according to new docs, it was Jay who first tried to buy out Bacardi, back in December 2021.
Here's what's weird, months before his offer ... Jay says he and Bacardi exchanged valuations of the brand. They were light years apart -- Jay felt his half of D'Usse was worth $2.5 billion, and Bacardi thought it was only worth a measly $460 million!
Getty
According to the docs, Jay went back to the drawing board and then in December he offers to buy out his partner for the $1.5 bil ... which, keep in mind, would be 3 times what Bacardi said it was worth. Sweet deal, right?
TMZ/Getty Composite
In the docs, Jay basically accuses Bacardi of unduly influencing a third party that was called in to appraise the brand. It's unclear what number the appraiser came up with, but it's a fair bet it's closer to Bacardi's value than Jay-Z's.
We say that because Jay's now asking the court to modify the result of an arbitration both parties went through to settle the sale. As we've reported, Jay' is ready and willing to part ways with D'Usse ... he simply doesn't want to get cheated on the price.
There's a hearing set for Thursday afternoon in NYC to address the matter.
Over $2 Billion Might Be in Dispute in Jay-Z’s Bacardi Lawsuit Over D’Ussé Partnership
More than $2 billion may be in dispute in Jay-Z’s Bacardi lawsuit in connection with the D’Ussé side of their business relationship.
In short, the experience profile of Daniel Schimmel—who’s listed as heading the International Litigation and Arbitration practice of Foley Hoag’s New York offices and is an arbitrator in the case in question—cites the $2 billion figure as part of his work history.
Here’s how it’s worded on the site, at least at the time of this writing:
A source close to Foley Hoag indicated to Complex that the $2 billion case Schimmel makes mention of is the dispute between Jay-Z and Bacardi.
Meanwhile, in recent court documents viewed by Complex, Schimmel is mentioned as having been listed as among the original potential arbitrators in Jay’s 2018 litigation against Iconix Brand Group Inc.
Notably, Jay’s SC Liquor LLC has been granted an emergency hearing against Bacardi subsidiary Empire Investments Inc. The hearing, per separate court documents viewed by Complex, is slated to take place at the top of next month.
In October, it was reported (including by TMZ and other outlets) that Jay’s company was suing Bacardi over their D’Ussé partnership. Subsequent updates on this action, meanwhile, revealed that it had been alleged by Jay’s team that Empire Investments Inc. was trying to “stonewall” them when it came to disclosing financial information related to the agreement.
Over $2 Billion Might Be in Dispute in Jay-Z’s Bacardi Lawsuit Over D’Ussé Partnership
The legal dispute made headlines in October, followed by a series of updates on the allegations at the heart of the apparent D’Ussé disagreement.
www.complex.com
Over $2 Billion Might Be in Dispute in Jay-Z’s Bacardi Lawsuit Over D’Ussé Partnership
The legal dispute made headlines in October, followed by a series of updates on the allegations at the heart of the apparent D’Ussé disagreement.
www.complex.com
Update
Getty
JAY-ZBACARDI REJECTED MY $1.5B OFFER!!!Claims He's Getting Played in D'Usse War
12/1/2022 11:01 AM PT
Jay-Z made Bacardi an offer he thought it couldn't refuse -- he was willing to spend $1.5 billion to buy full ownership of D'Usse, but still got rejected.TMZ broke the story ... Jay's in a legal war with Bacardi, trying to force the company to buy him out of their 50/50 partnership in the luxury cognac line. But, according to new docs, it was Jay who first tried to buy out Bacardi, back in December 2021.
Here's what's weird, months before his offer ... Jay says he and Bacardi exchanged valuations of the brand. They were light years apart -- Jay felt his half of D'Usse was worth $2.5 billion, and Bacardi thought it was only worth a measly $460 million!
Getty
According to the docs, Jay went back to the drawing board and then in December he offers to buy out his partner for the $1.5 bil ... which, keep in mind, would be 3 times what Bacardi said it was worth. Sweet deal, right?
TMZ/Getty Composite
Alicia Keys and Jay-Z Fear They Can't Top 'Empire State of Mind'
Apparently not to Bacardi, since it rejected the offer -- and that's why Jay-Z thinks there's something shady going on here.In the docs, Jay basically accuses Bacardi of unduly influencing a third party that was called in to appraise the brand. It's unclear what number the appraiser came up with, but it's a fair bet it's closer to Bacardi's value than Jay-Z's.
We say that because Jay's now asking the court to modify the result of an arbitration both parties went through to settle the sale. As we've reported, Jay' is ready and willing to part ways with D'Usse ... he simply doesn't want to get cheated on the price.
There's a hearing set for Thursday afternoon in NYC to address the matter.
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