Over a year ago, Jay’s company, SC Liquor, exercised its right to buy out Bacardi’s stake in D’Ussé.
According to the documents, Bacardi must now “negotiate in good faith” to get a fair price, but Jay doesn’t believe he will get what he is owed.
Documents claim that Bacardi’s subsidiary, Empire Investments Inc., is trying to prevent SC Liquor from obtaining financial information on D’Ussé’s valuation.
After a year of Bacardi dragging its feet, Jay believes their endgame is to underbid him on price, despite promoting the brand.
Jay claims that Bacardi has been mismanaging the company in numerous ways to reduce earnings.
The documents mentioned a potential value, but Jay’s lawyers redacted those figures. Jay claims their number is “well below” fair value.
