Magic Johnson cheated a man out of their share of a $54 million deal, causing a $5 million hole in his company’s pocket

Lakers legend Magic Johnson was caught in the center of a nasty authorized battle inside his personal firm

Magic Johnson is a resourceful man, is not he?

As wealthy as his NBA profession could have made him, it’s his strikes after retirement which have allowed him to have a gargantuan web value of $620 million.

The man primarily does this by his totally different funding choices, and of course, his quite a few model offers.

Now, whereas having this facet of his life is most undoubtedly not a unhealthy factor, it might probably include its personal set of issues. And it’s a scenario the place one such downside reared its ugly head for the Lakers legend, that we’re right here to speak about at the moment.

Without additional ado, let’s get proper into it, lets?

Also Read: $72,000 watch Michael Jordan wore in ‘the Last Dance’ reveals how MJ flexes his $2.1 billion web value

Magic Johnson bought into some severe authorized sizzling water with Star Jones

Among Magic Johnson’s many ventures, is his co-founding of the promoting firm, ‘Walton-Isaacson’.

Now, the story goes that this firm made a main take care of Star Jones, the place it was mentioned that if he might carry in some big-name shoppers to the corporate, he would obtain 3% of the earnings from the entire thing. And it seems that he did as effectively, and it was the NYPD, a deal that was struck for $54 million.

So, what’s the issue? Well, here’s what Chelsea Hirsch of ‘Page 6’ needed to say on the matter.

“Reynolds alleged that he and the trio, who based the Walton/Isaacson promoting and advertising and marketing company, made a deal that if Reynolds helped them safe a contract with the New York Police Department, he would obtain a three p.c fee on the deal. He alleged that he introduced the potential enterprise deal to their consideration, as he knew that the NYPD was trying to rent a guide to assist them with a marketing campaign to extend their minority recruitment.

Reynolds mentioned in court docket papers that he vigorously labored on a technique to safe the NYPD as a consumer, and his efforts led to a $54 million deal. But he claimed that the company refused to honor its settlement to compensate him — and now he needs $5 million.”

As per our calculations, Reynolds was set to obtain 1.62 million if all the pieces had gone easily. So, it’s clear he’s swinging for the fences after being wronged.

As for the case itself, and its proceedings, keep tuned.

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