Tuesday, November 20, 2012
From TheHollywoodGossip.Com, here's the situation:
Jersey Shore's Mike "The Situation" Sorrentino filed a breach of contract lawsuit against Devotion Vodka, claiming he was cheated out of millions in a business deal gone awry.
In 2010, Situation agreed to endorse the protein-infused vodka (yes, it's apparently a real thing) and claims he has not been paid the money he's owed for doing so.
According to court documents, Mike's camp claims the company was valued at approximately $4 million then, and is now worth $35-50 million thanks to him.
Sitch received the 8 percent ownership stake, as promised, but Devotion failed to add 2 percent to his share on their one-year anniversary, as promised in the deal.
Additionally, he alleges Devotion failed to provide a $400,000 "buy back" option for his shares on their two-year anniversary and failed to supply him with sales reports.
He feels the company keeps looking for excuses to cut him out and not pay him. Sounds like this deal went down faster than the quality of Jersey Shore Season 6.
Sorrentino is suing for his entire 10 percent share in the company (an estimated worth of up to $5 million) and other damages. Devotion has not responded yet.
[Meredith R. Miller]