Legendary Businessman Daymond John recently filed a restraining order and lawsuit against former contestants on “Shark Tank.” The legal measures are being taken against the Baker family, who partnered with John after a business pitch on the TV show.
The Bakers, who own Bubba Q’s Boneless Baby Back Ribs, struck a deal with John on “Shark Tank” in 2015, where John invested $300,000 for a 30 percent stake in the company. However, the family claims John lowered his investment to $100,000 and increased his ownership to 35 percent in off-air revisions.
A feud between the family and John ensued, with the Bakers claiming it was a “nightmare” to work with Daymond. The family accuses John of stealing profits and hindering potential business opportunities. However, the shark denounced these accusations and proceeded with legal action, seeking to enact a temporary restraining order against the family.
A spokesperson stated on John’s behalf, “After repeated attempts to give the Bakers the ability to correct their violations. It is unfortunate that it has come to this. This temporary restraining order is due to the Baker’s blatant actions to undermine a business partnership and the legal parameters they agreed to 4 years ago.”
John’s spokesperson claims these accusations are baseless and that the family has resorted to slandering the entrepreneur’s name on social media to “unwind poor business decisions.” However, the Baker family claimed John modified the terms of their business deal, ignored their concerns, and left them out of business meetings.
Brittani, the daughter of the family, shared a recorded conversation between her and John where the two discussed a business concern. John said to Brittani, “When you send it to me, I’m not going to have anything to do with it. You have to keep continuing talking to the people, I guess however you guys set up the communication.”
John continued, “My life has just been a little bit simpler without dealing with the contention of this stuff. Only you’re going to jump in and f–k it up, they might have a right reason, they may be wrong…”
The Baker family has voiced their apprehension about the business relationship with John and Rastelli Foods Group, a food company to produce the patent owned by Bubba Q’s Boneless Baby Back Ribs. Allegedly, the business has produced nearly $16 million in revenue, of which the Bakers received only 4 percent.
The Los Angeles Times published an article covering the controversy which Daymond responded to on social media, denying the accusations and slamming the family for violating confidentiality agreements. John refused to provide further details regarding the matter, citing the confidentiality stipulations.
Daymond John rose to wealth as the founder and Chief Executive Officer of the hip-hop-oriented clothing line FUBU, which stands for “For Us, By Us.” John started the company by sewing logos onto clothing items and selling them on the streets of New York City. Furthermore, John founded The Shark Group, which seeks to identify and grow businesses by providing various solutions, similar to the concept of “Shark Tank.” In light of the controversy with the Bakers, John encouraged everyone to stand up for themselves in similar feuds.
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