VPX lowers the boom on Bang, Jack Owoc claims Hostile takeover
America ı By Jackie Allen
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Owocs testified that everything belonged to him because of “the excellent job he was doing.”
The court filing also claims that Owoc went on to testify that he didn’t have anything that belongs to the debtors or VPX.
He also testified under oath that the computer used for company business “hasn’t been turned on since [he] found out [the Company] remotely shut it down,” and stated that he had not provided any company documents to his counsel in response to discovery requests because “I don’t have any documents.”
Latest Litigation
In its January 27, 2023, motion to sell the business, VPX said it already started marketing the company to potential buyers. And the process would go through its investment bank, Rothschild & Co.
On Feb. 24, U.S. Bankruptcy Judge Peter Russin approved the motion to hold a court auction for VPX business entities on April 27.
This is not the first time that things have gone haywire at Bang.
Background Litigation
When Weston-based VPX filed Chapter 11 reorganization in October 2022 they had listed more than $1.7 billion in liabilities.
The company disclosed its primary reasons for filing the bankruptcy as litigation from rival Monster Energy. And a faulty distribution agreement with PepsiCo.
The initial bankruptcy case primarily stemmed from unfavorable outcomes in legal disputes.
In January 2022, Monster Energy and its affiliate, Orange Bang, emerged victorious in an arbitration case held in a California court. The case was related to a trademark infringement claim against VPX. Following the court's denial of VPX's request to overturn the judgment of $214.8 million, VPX decided to appeal the decision to the 8th U.S. Circuit Court of Appeals.
In September 2022, Monster Energy achieved a favorable outcome in a separate case against VPX and Owoc. A jury awarded Monster Energy $292.9 million based on claims of false advertising, trade secret misappropriation, violation of the federal Computer Fraud and Abuse Act, and interference with contracts for retail shelf space.
Bang was accused of interfering with its rival’s dealings with retailers and falsely advertising the mental and physical benefits of Bang drinks.
Following the court's denial of VPX's request to overturn the judgment of $214.8 million, VPX decided to appeal the decision to the 8th U.S. Circuit Court of Appeals. And it was initially agreed that Bang would pay Orange Bang and Monster 5% of net sales through an arbitration award.
Both rulings were some of the largest trademark infringement awards in US history.
One Bang after another
On February 17, VPX initiated a lawsuit in bankruptcy court against Orange Bang and Monster Energy. The purpose of the lawsuit was to ensure that any potential buyer of Bang Energy would be bound by the arbitration award between VPX and Monster Energy. As per the current agreement, VPX can continue using the Bang Energy trademarks by paying Monster Energy 5% of net sales.
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