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50 Cent Sues Sleek Audio For $285,000 Unpaid Loan
50 Cent goes after his former business partner for his wireless headphones, "Sleek by 50."
50 Cent has sued Sleek Audio LLC over an unpaid $285,000 promissory note that he lent to the company in 2010, according to The Miami Herald.
Fif initially partnered with Sleek for his “Sleek by 50” wireless headphones and terminated his partnership with the company in May. He claims that Sleek Audio agreed to make payments on the loan once it reached $750,000 in revenue, an amount that was apparently met in February 2011. After 50 partnered with SMS Audio, Sleek claimed that the initial loan was nullified since he took the idea to a competitor, and “purposely omitted and misstated information during their negotiations with intent of fraud,” according to the suit.
“Sleek would have never borrowed money from [Curtis] Jackson or allowed him to invest in its company had it known that Jackson would ultimately use this tactic (of misusing the money) to steal its design, technology and headphones," said the company in an un-sworn court statement.
50 tried to recoup the money in March 2011 but the company “essentially refused” by making itself unavailable to meet.
In addition to asking for his advance money returned, he is demanding $61,429 in back interest as well as an additional 15 percent for any unpaid debt moving forward. He also requests that Sleek Audio cover any legal fees connected to this issue.
Source: hiphopdx.com
50 Cent has sued Sleek Audio LLC over an unpaid $285,000 promissory note that he lent to the company in 2010, according to The Miami Herald.
Fif initially partnered with Sleek for his “Sleek by 50” wireless headphones and terminated his partnership with the company in May. He claims that Sleek Audio agreed to make payments on the loan once it reached $750,000 in revenue, an amount that was apparently met in February 2011. After 50 partnered with SMS Audio, Sleek claimed that the initial loan was nullified since he took the idea to a competitor, and “purposely omitted and misstated information during their negotiations with intent of fraud,” according to the suit.
“Sleek would have never borrowed money from [Curtis] Jackson or allowed him to invest in its company had it known that Jackson would ultimately use this tactic (of misusing the money) to steal its design, technology and headphones," said the company in an un-sworn court statement.
50 tried to recoup the money in March 2011 but the company “essentially refused” by making itself unavailable to meet.
In addition to asking for his advance money returned, he is demanding $61,429 in back interest as well as an additional 15 percent for any unpaid debt moving forward. He also requests that Sleek Audio cover any legal fees connected to this issue.
Source: hiphopdx.com