Jay-Z desires to promote his D’Ussé cake and eat it too … not less than in accordance with Bacardi, his companions within the top-shelf liquor, who now declare he is making an attempt to double the model’s worth and make a bundle.
Bacardi’s subsidiary, Empire Investments, responded to Jay’s lawsuit, and within the docs it says each events really had a “handshake deal” final December … during which Empire agreed to purchase Jay’s 50 % stake within the cognac line.
However the firm alleges Jay “abruptly reneged on its settlement and doubled its demanded valuation.”
TMZ Hip Hop broke the story … Jay’s firm, SC Liquor, exercised an choice final 12 months for Bacardi to purchase him out. They’d been 50/50 companions in D’Ussé since its inception in 2012. Bacardi does not disagree with that, however takes difficulty with Mr. Carter’s try to “outrageously inflate” the value … of their phrases.
Within the new docs, Empire/Bacardi does not say what, if any, value they’d agreed upon once they made the handshake deal — a lot of the doc is redacted as we’re guessing neither aspect desires any valuation of D’Ussé to be made public at this level.
As we reported, Jay thinks Bacardi is making an attempt to lowball him on the value, and that is why he filed the lawsuit.
As for his demand for his companions to open up the books … the corporate says it already handed him greater than 800 pages of monetary information, and says any additional paperwork he desires should not for his eyes, as a result of they contain Bacardi knowledge … which they see as solely separate from the D’ussé enterprise.
We have reached out to Jay’s camp, however no phrase again but. There is a listening to scheduled Friday in NY.