Music manager Scooter Braun, known for discovering Justin Bieber and making enemies of Taylor Swift, is embroiled in a legal battle with a former business partner over failed plans for a $750-million fund.
Scooter Braun |
The litigation stems from a dispute over Scope Capital Management, a now dormant Los Angeles investment firm that the pair would co-own to exploit “the convergence of media, commerce and consumer brands and celebrity association,” according to the lawsuit.
Comisar, a veteran banker, alleged Braun tempted him away from his post at Guggenheim Securities in February 2017 with promises that he had deep-pocketed connections with moguls such as David Geffen who would invest in the fund. According to the complaint, Braun thought of Geffen as his godfather and said the famous music producer had been looking to invest $100 million with him.
Peter Comisar |
Braun’s efforts to recruit investors such as Jimmy Iovine and Haim Saban were rejected, according to the complaint. The suit further alleges that Braun concealed raising funds from the private equity firm Carlyle Group to invest in another firm, Ithaca Holdings, which would compete with Scope Capital on investments in the entertainment industry. In April, Braun sold Ithaca Holdings for $1.05 billion to South Korea’s HYBE Co., which manages the K-pop group BTS.
Braun, who is seeking to resolve the dispute through arbitration, said in a court petition this week that Comisar’s claim is “unlawful, extortionate, and opportunistic.”
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