Lakers legend Magic Johnson was stuck in the middle of nasty legal battle within his own company
Magic Johnson is a resourceful man, isn’t he?
As rich as his NBA career may have made him, it is his moves after retirement that have allowed him to have a gargantuan net worth of $620 million.
The man mainly does this through his different investment decisions, and of course, his numerous brand deals.
Now, while having this side of his life is most definitely not a bad thing, it can come with its own set of problems. And it is a situation where one such problem reared its ugly head for the Lakers legend, that we are here to talk about today.
Without further ado, let’s get right into it, shall we?
Magic Johnson got into some serious legal hot water with Star Jones
Among Magic Johnson’s many ventures, is his co-founding of the advertising company, ‘Walton-Isaacson’.
Now, the story goes that this company made a major deal with Star Jones, where it was said that if he could bring in some big-name clients to the company, he would receive 3% of the earnings from the whole thing. And it appears that he did as well, and it was the NYPD, a deal that was struck for $54 million.
So, what’s the problem? Well, here is what Chelsea Hirsch of ‘Page 6’ had to say on the matter.
“Reynolds alleged that he and the trio, who founded Walton/Isaacson advertising and marketing agency, made a deal that if Reynolds helped them secure a contract with the New York Police Department, he would receive a three percent commission on the deal. He alleged that he brought the potential business deal to their attention, as he knew that the NYPD was looking to hire a consultant to help them with a campaign to increase their minority recruitment.
Reynolds said in court papers that he vigorously worked on a strategy to secure the NYPD as a client, and his efforts led to a $54 million deal. But he claimed that the agency refused to honor its agreement to compensate him — and now he wants $5 million.”
As per our calculations, Reynolds was set to receive 1.62 million if everything had gone smoothly. So, it is clear he is swinging for the fences after being wronged.
As for the case itself, and its proceedings, stay tuned.