Lawsuits to bankruptcy: Monsterâs bid to Buy Bang Energy Successful
America ı By Jackie Allen
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Before starting Bang Owoc had a career in CPG and supplements. He often spoke at industry events, wrote a book, and always had something to say. Owocâs personality and management style were core elements of the brandâs identity.
Owoc was his baby. And VPX was financing the operation.
 When things started to unravel, Bang was the third-largest energy drink behind Red Bull and Monster. And it added another income stream with a successful new wave of workout-oriented, high-caffeine beverages.
But the problem was that Owocâs approach may have also contributed to the legal mess that forced VPX to file for bankruptcy.
VPX shot back on June 16 when it filed an emergency motion to hold Jack Owoc and his wife Megan in contempt. And accused the Owacs of failing to return any Bang Energy records, physical property, computers and devices, and access to company servers.Â
According to the contempt order, âNeither of the Owocs returned any devices, documents, or other property following their termination. While the Debtors moved swiftly to suspend the Owocsâ access to the Companyâs servers upon their termination, Mr. Owoc was able to gain access to a legacy email domain, from which he sent an email to all Company personnel entitled âHOSTILE TAKEOVER â MEG AND JACK FIRED!â
Bid to buy in Bankruptcy Â
At the time of its October 2022 Chapter 11 filing, the company had 1,103 employees.
During a court hearing on Thursday, Bang lawyer Andrew Sorkin said the company will halt all operations, leading to the loss of about 700 jobs, if the Monster deal falls apart, according to Bloomberg. This confirms that there are about 400 fewer employees now.
He told the court the FTC needs to make a determination within 24 hours because Monsterâs asset purchase agreement terminates if the deal doesnât clear the agencyâs review process by June 30.
âEither thereâs a sale to Monster or there will be an immediate liquidation,â Sorkin said.Â
In April, Stifel analyst Mark Astrachan said Monster was âbest-positioned to acquireâ Bang, noting that in addition to being its largest creditor, it is a co-rights holder to a 5% perpetual royalty/license for the use of the Bang beverage trademark. The license rights were negotiated as payment to offset some of Bangâs court-ordered losses.
At the same time, Astrchan said Monster was challenging Bangâs ability to transfer the Bang trademark license to an acquirer, which would give Monster ânear total control over Bangâs future.â
As part of the acquisition, Monster also will take control of a Bang-operated 400,000-square-foot manufacturing facility near Phoenix. Itâs estimated that this plant alone would be valued at more than the total Monster will pay for Bang.
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