{"id":265214,"date":"2021-06-03T00:35:28","date_gmt":"2021-06-02T21:35:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/scooter-braun-sued-over-failed-venture\/"},"modified":"2021-06-03T00:35:28","modified_gmt":"2021-06-02T21:35:28","slug":"scooter-braun-sued-over-failed-venture","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/scooter-braun-sued-over-failed-venture\/","title":{"rendered":"#Scooter Braun sued over failed venture"},"content":{"rendered":"

“#Scooter Braun sued over failed venture<\/strong>”<\/p>\n

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Music exec Scooter Braun, best known for his ugly public spat with Taylor Swift, lured a high-flying financier into a dead-end job by name-dropping stars like Kanye West, according to a new lawsuit.\u00a0<\/p>\n

Former Goldman Sachs partner Peter Comisar says Braun duped him into leaving his lucrative gig at Guggenheim Securities by promising him a role at the top of a new boutique investment firm that he claimed would be backed by media<\/a> titans like App<\/a>le\u2019s Jimmy Iovine, Hollywood magnate David Geffen as well as the billionaire Soros family.<\/p>\n

\u201cBraun, by all outward appearance, was the real deal,\u201d the lawsuit said. But when it came time to secure funding from his high-powered pals, he turned out to be a \u201csheep in wolves clothing,\u201d the suit said. <\/p>\n

\"Taylor
Taylor Swift <\/figcaption>
Getty Images for MTV<\/span><\/figcaption><\/figure>\n

Comisar\u2019s Los Angeles state court lawsuit alleges that Braun \u201caggressively courted\u201d him from 2016 to 2017 to launch Scope Capital Partners together with business manager David Bolno.\u00a0<\/p>\n

According to court papers, the courtship kicked off in 2016 with Bolno touting Braun\u2019s success \u201creigniting Calvin Klein underwear through a campaign with Justin Bieber and creating the Yeezy brand for Kanye West.\u201d <\/p>\n

The courtship hit a fever pitch in 2017 when the slick Hollywood manager behind singers like Ariana Grande, Demi Lovato and Carly Rae Jepsen \u201cpersonally executed contractual commitments to support the new venture,\u201d the lawsuit claims. <\/p>\n

The contract committed Braun to a $7-million-a-year operating expense for Scope over three years, including a $3-million-a-year salary for Comisar, the suit said.\u00a0<\/p>\n

In luring Comisar, Braun allegedly boasted that he could raise between $500 million and $700 million from \u201cclose friends\u201d like Iovine, Geffen and the media and entertainment scion Haim Saban. He also name dropped billionaires like Soros, Mittal and Reuben families, the suit says. <\/p>\n

To prove his connections, Braun went so far as to describe Geffen, the Hollywood bigwig behind Dreamworks and cult films like \u201cBeetlejuice\u201d and \u201cRisky Business,\u201d as his \u201cgodfather,\u201d court papers say. <\/p>\n

\"David
David Geffen was touted by Braun as a potential investor in Scope, according to the lawsuit.<\/figcaption>
Imeh Akpanudosen<\/span><\/figcaption><\/figure>\n

But those investors never panned out, the suit said. <\/p>\n

\u201cBraun had to explain to Comisar, tail between his legs, how he had asked David Geffen, his supposed Godfather, to invest in Scope, only to be told by Geffen that he did not view Braun as someone with whom Geffen would invest.\u201d<\/p>\n

Braun allegedly got \u201cthe same brush-off from Jimmy Iovine, Haim Saban and the Reuben Soros and Mittal families.\u201d<\/p>\n

\u201cThe truth was that Braun\u2019s relations valued him as someone to socialize with, but to whom they could never and trust their millions,\u201d the lawsuit claimed. \u201cWhen it came to fundraising, Braun turned out to be a sheep in wolves clothing.\u201d<\/p>\n

\"Music
Music producer Jimmy Iovine was part of a group of Scope investors cited by Braun, the lawsuit said.<\/figcaption>
REUTERS<\/span><\/figcaption><\/figure>\n

Behind the scenes, meanwhile, Braun was allegedly double-dealing Comisar with private equity titan Carlyle Group to invest in his Ithaca Holdings, which has since been sold, in a deal that would allow him to make the same type of entertainment and consumer space investments that were to be the focus at Scope, the lawsuit claims. <\/p>\n

Because Scope\u2019s private equity strategy was in \u201cdirect conflict\u201d with Carlyle\u2019s deal, his contact was nullified, he claims. By April 2018, the former talent manager stopped funding Scope and paying Comisar\u2019s salary.\u00a0<\/p>\n

Comisar is seeking $50 million in compensatory damages plus unspecific punitive damages in what amounts to a breach of contract suit against Braun, Bolno, Ithaca and Scope. <\/p>\n

The lawsuit claims Bolno later told Comisar that \u201cpeople in the entertainment industry do not honor their contractual obligations\u201d and that if Comisar decided to go after them for breach of contract, \u201cBraun would trash Comisar\u2019s pristine reputation\u201d and \u201cruin him financially.\u201d<\/p>\n

The suit says that Bolno threatened Comisar, telling him that \u201cBraun is an expert in the media and would destroy his reputation in a press and litigation process.\u201d <\/p>\n

Braun and Bolno also separately had conversations with Comisar alluding to a \u201csmear campaign\u201d in which they would assert that the Wall Street veteran had been fired from his partner job at Goldman and that his career had come to an end at Guggenheim, both of which are not true, the suit says.\u00a0<\/p>\n

Comisar formally put Braun and Bolno on notice that they breached his contract, and not long after that, court papers said that the duo \u201cfalsely accused\u201d Comisar of racism as a \u201cpredicate for his removal.\u201d The suit did not spell out the racism claim.\u00a0<\/p>\n

The lawsuit claims that Carlyle\u2019s acquisition for a slice of Ithaca closed mere months after the formation of Scope, and included a $100 million for investments and acquisitions. <\/p>\n

Braun of course has a history with Carlyle, which helped Ithaca buy the rights to Swift\u2019s old music. That deal attracted the wrath of the \u201cShake it Off\u201d singer who called out the investment bank and other Braun backers at a Hollywood awards show in 2019.<\/p>\n

In April, Braun sold Ithaca to South Korea entertainment giant HYPBE, which is home to boy band BTS, for $1 billion.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Scooter Braun sued over failed venture” Music exec Scooter Braun, best known for his ugly public spat with Taylor Swift, lured a high-flying financier into a dead-end job by name-dropping stars like Kanye West, according to a new lawsuit.\u00a0 Former Goldman Sachs partner Peter Comisar says Braun duped him into leaving his lucrative gig at…<\/p>\n","protected":false},"author":1,"featured_media":265215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/scooter-braun-lawsuit-01.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[108053,70790,108125,70446,78778,68157,70671],"class_list":["post-265214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-2-21","tag-goldman-sachs","tag-guggenheim-partners","tag-lawsuits","tag-private-equity-investments","tag-scooter-braun","tag-taylor-swift"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/265214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=265214"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/265214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/265215"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=265214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=265214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=265214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}