The Deal
Saturday, July 4, 
2:39 pm

Marbury to hit the court against Steve & Barry's

  Share     E-Mail    Discussion    Print Story
Starbury_Steve_and_Barry.jpgNew York Knicks guard Stephon Marbury loves his low-price sneaker line so much that he's tattooed the "Starbury" logo into his head. But bankrupt Steve & Barry's LLC, the exclusive retailer of Marbury's affordable sneakers, apparently doesn't appreciate the extraordinary lengths the Brooklyn, N.Y., native has gone in promoting the brand.

Continue reading below

Also on Dealscape

In papers filed with the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on Monday, Marbury's attorneys claim the Knicks' brooding point guard is still owed at least $2.2 million in unpaid royalties.

Steve & Barry's, which sought court protection on July 9, has said it doesn't owe Marbury any more than the almost $6 million it has paid Marbury's Starbury Corp. since entering into the exclusive agreement in January.

Marbury, of course, wants the issue cleared up before Steve & Barry's sells its assets. But Marbury has employed a strategy familiar to him throughout his career -- he wants to change courts. Marbury, who has played for four different teams in his 12-year NBA career, wants the royalties dispute heard in a Manhattan District Court, not the Manhattan bankruptcy court where Steve & Barry's case is currently pending. - John Blakeley





Post a comment





The Deal Pipeline

Deal Video


Inside The Deal: SecondMarket's Silbert on helping VCs achieve pre-IPO liquidity for their investments.


More video...

Crisis On Wall Street
Technology
Deals of The Decade

Community

Industry Insight

Potential FBAR filing changes

Offshore hedge funds and private equity funds may be 'financial accounts' for which investors must file FBAR.


Industry Insight

Finger on the pulse

Things PE investors should keep in mind to maintain the support and commitment from their lenders and limited partners.


Industry Insight

Closing the tough deal

Terms and structures now used to get deals done are post-closing purchase price payments, earnouts, simultaneous acquisitions, rollups, payments in kind and joint ventures.


footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg


©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.