Thursday, November 03, 2022

Barcardi Responds to Jay Z's Lawsuit


Earlier this month news leaked that Jay Z was suing Barcardi to get out of his D'Ussé cognac deal [click here if you missed that]. 

Barcardi has fired back...

From TMZ
Bacardi's subsidiary, Empire Investments, responded to Jay's lawsuit, and in the docs it says both parties actually had a "handshake deal" last December ... in which Empire agreed to buy Jay's 50 percent stake in the cognac line.
But the company alleges Jay "abruptly reneged on its agreement and doubled its demanded valuation."
In the new docs, Empire/Bacardi doesn't say what, if any, price they'd agreed upon when they made the handshake deal -- much of the document is redacted as we're guessing neither side wants any valuation of D'Ussé to be made public at this point.
As for his demand for his partners to open up the books ... the company says it already handed him more than 800 pages of financial records, and says any further documents he wants are not for his eyes, because they involve Bacardi data ... which they see as entirely separate from the D'ussé venture.

14 comments:

Ella M Nopea said...

Welp, this ain't Dame or some start up company you can use your media friends to bully your way into winning a lawsuit.

Is a handshake deal like a lie detector test. It doesn't hold up in court?

Anonymous said...

Who in they right mind makes handshake deals in a lucrative business? Just Who. Simp

Kedarbenjudah said...

Flimsy ..........

Anonymous said...

Jay-z is not the great business man that the would like the world to believe. How is Tidal doing? The sports management company, how many of those athletes are doing well career wise? Jay-Z does not have the Midas touch.

Anonymous said...

Bacardi been robbing this Ninga for years and he is just now calling them out. Dumb Dumb

Anonymous said...

He should go back to school.

NyahbinghiObeahWomanWarrior said...

What the first 6 commenters said. Nothing else for me to add.

Anonymous said...

If you really believe Bacardi and its investors will "willingly" enter into an agreement/business venture with a handshake deal where billions are involved,..I got some beach front property to sell you in North Dakota. 2nd, the statement reads as an agreement to purchase Jay's stake only in D'usse. Well if Bacardi ownes D'usse, then Jay may need to see the Parent companies books to ensure no funds were diverted from subsidiary to parent company. No Jay doesn't have a midas touch, no one does. No one strikes gold on all investments. Jay is no good, jus a wealthy guy making investments. This seems like a stall tactic

Anonymous said...

Jay got taken by the people Kanye is complaining about.

Anonymous said...

Did you really think the j companies would do business with Jay-Z?!!? The same people that gave him a penny percentage of the Brooklyn Nets.

Rich Bitch said...

Thank you @ 12:34!! Jay Z is one of the only black hip hop billionaires we have. He's smarter than most and has obviously made great deals. I don't understand why we talk so bad about our own people! Someone who actually cares about the community can still be rich....as a matter of fact, he should be celebrated. We just lost Offset and this is how you wanna talk about Jay?? Wishing love and light on ALL of our people, and giving my faves their flowers while they're still here.

12:34 and 1:40 CUT IT OUT! said...

CUT IT OUT! ALL and I do mean ALL of Jays business moves have failed! Except for Marrying Beyonce.That has been his saving GRACE.

TOURING and Beyonce are his only tangible sources of income.He will be touring for Live Nation untill he is well into his 60s .

Anonymous said...

Rocafella, Roca wear, 40/40 - failed
Tidal and Roc Nation - on life support
Ace of Spades - it was actually a family-owned business, that has been in existence for generations.
He went on and on about owning the Nets, only for the truth to come out and his stake was about 0.01% (just over 100K).

Anonymous said...

@1:40 everything you said in that comment was made up right down to us losing "Offset" Offset is till here. It was Takeoff that died. Get your facts straight.

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