Authentic Brands Sues Manoj Bhargava for $45 Million Over SI

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   Solarasposted 6 months ago

   WOW - JUST WOW...
   
   https://www.businessinsider.com/manoj-b … ers-2024-4
   
   The lawsuit claims Bhargava was threatening to "go nuclear" by holding Sports Illustrated hostage — threatening to shut down its websites, steal its content and subscriber data, and infringe its trademarks and copyrights. The lawsuit alleges this was all done to force Authentic Brands back to the negotiating table after their licensing deal fell apart.
   
   After ABG awarded the Sports Illustrated publishing rights to another media group, the lawsuit states Bhargava and Arena forced the websites to go dark, risking the loss of subscribers and ad revenue at the start of March Madness.
   
   "The timing of this action — right at the beginning of the NCAA men's and women's basketball tournaments, a particularly busy time for sports news outlets — shows Arena's deliberate and unlawful torpedoing of SI's web traffic and Google rankings to the benefit of Arena's own properties," the complaint states. ABG also claims Bhargava instructed Arena employees to tell third-party vendors to withhold or destroy Sports Illustrated's intellectual property and consumer data.
   
   It's the latest challenge for Bhargava, a Michigan-based monk-turned-entrepreneur who founded 5-Hour Energy and is reputed to be a billionaire from the brand's success (though Bhargava claimed in 2021 not to know his net worth).
   
   Last week, former Arena Group CEO Ross Levinsohn sued Bhargava, saying he was fired for pushing back on a false press release and a plan to steamroll SI's union. Rob Barrett, another fired exec, has also sued.
   
   Bhargava's tax issues have also been thrust into the spotlight. Senator Ron Wyden sent a letter to a Swiss bank in March seeking information about an array of accounts that are reportedly linked to Bhargava. And the IRS said in 2019 court filings that it regarded hundreds of millions of dollars of charitable donations by Bhargava as suspicious; that case hasn't been resolved.
   
   ABG's lawsuit touches on tax issues as well, stating "Bhargava allegedly used the bank to hide hundreds of millions of dollars overseas over the last 15 years" and citing Wyden's letter that, if the allegations are true, Bhargava would be facing one of the largest tax penalties in US history.

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      Kenna McHughposted 6 months agoin reply to this

      Alleged is used several times in this piece. Just because there is a lawsuit and allegations doesn't mean it's true. Just saying, it's spin, spin and spin.

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         Solarasposted 6 months agoin reply to this

         Other articles state that Bhargava used Sports Illustrated to post ads for 5 hour energy in the form of fraudulent SI articles.  That is apparently what he was talking about, when he said he would be using the old Soap Opera formula for advertising his products.
         
         There is no doubt that he failed to pay ABG the $15 million in licensing.  Apparently there is another $45 million due for early termination of the agreement. 
         
         Whether he has hidden millions of dollars in profits overseas and failed to pay taxes is alleged.  However, the IRS is likely to get to the bottom of it and fine him out of the billionaires club and perhaps send him to prison, if he has been playing fast and loose with his taxes, in an era when billionaires were paying the least amount in taxes for generations.
         
         All very interesting for a man who was a monk, once upon a time. .

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            Kenna McHughposted 6 months agoin reply to this

            He was a monk, clearly shows he is not a monk.

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               Solarasposted 6 months agoin reply to this

               Here is his early story.
               
               https://www.forbes.com/sites/clareoconn … ff3af27aea

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      chef-de-jourposted 6 months agoin reply to this

      My next article will be titled:
      
      10 Easy Ways To Become A Tax Attorney
      
      All You Need To Know About Tax Fraud
      
      The Two Best Tax Attorney Offices in NYC
      
      5 Lawful Ways To Illegally Hide Your Profits
      
      The True History of Mad Monk Syndrome
      
      How To Fall In Love With a Tax Attorney

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         Solarasposted 6 months agoin reply to this

         LOL - I am looking forward to the True History of Mad Monk Syndrome!

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         SerenityHaloposted 6 months agoin reply to this

         Hilarious.

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   PaulGoodman67posted 6 months ago

   While it’s not easy to determine the exact truth with so much mud-slinging going on, there’s no doubt it’s a mess and an unhealthy environment.
   
   I’m traveling in Africa at the moment and kind of glad to have a break from the TAG shenanigans!

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