The financial blow proved fatal for Bang Energy. The company filed for Chapter 11 bankruptcy in October 2022, leading to Owoc’s removal as CEO. Monster Energy subsequently acquired Bang’s assets in July 2023, effectively absorbing its former competitor. However, the legal consequences for Owoc personally have continued to mount.
The $100 Million Bankruptcy Lawsuit
The most significant ongoing legal challenge facing Owoc stems from the Bang Energy bankruptcy proceedings. The liquidating trust for VPX and Bang Energy has filed a lawsuit in the U.S. Bankruptcy Court for the Southern District of Florida, seeking over $100 million from Owoc, his wife Megan, and son Jon.
The lawsuit paints a damning picture of corporate mismanagement and alleged fraudulent transfers. According to court documents, Owoc is accused of using company funds for personal expenses, including financing his son’s real estate business, purchasing a private island, funding home renovations, and paying personal taxes. These allegations suggest a pattern of treating corporate assets as personal funds, potentially violating fiduciary duties to shareholders and creditors.
