Stephon Marbury sold entire company for $1
If there was anyone in the world who could sell an entire company for one measly dollar, it’s Stephon Marbury. (TMZ)
Stephon Marbury — who once made tens of millions to ride the NY Knicks’ bench — is now in a legal battle over the sale of his company … for the grand total of $1, according to court documents.
In the lawsuit, filed Friday in L.A. County Superior Court, a woman named Thuymai K. Ung claims Marbury agreed to sell her 100% of his company — which includes a piece of property in L.A. — back in December … for the sum of one American dollar.
In the documents, Ung alleges that Marbury is now claiming that he still owns part of the company and/or the property.
I can only assume the company Marbury sold for a single dollar is the Starbury shoe company. And wouldn’t you know it – the only thing cheaper than Starbury shoes is the company that sells them.
By the way, the company is currently in forclosure. An absolute shocker — I never would have expected a company that sells sneakers for less than it costs to make them to be in forclosure.
P.S. - I wonder why he didn’t sell his company by an auction. He would have made a lot more than a dollar that way. Like, maybe seven or eight bucks?
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Why bag on Marbury? He gave a lot back to kids and their parents who couldn’t afford $200 sneakers. He should be commended for his efforts.
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If you have to ask “Why bag on Marbury?,” you’ve probably been hiding under a rock since before last summer.
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Yea there’s plenty to bag on in his personal life. But attacking his company designed to provide low cost sneakers to inner city kids is probably not a great target for ridicule.
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Any time a person tries to make money, tattoos a logo on his head, sells the worst sneakers ever made, and then sells the company for $1, I think it’s pretty funny. Whether he was doing a good thing or not.
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I can understand you not liking him or his personal life, but this guy has done more for inner city youth than Kobe, LBJ, or any other NBA player via his shoe company. So in my book his humanitarian efforts should not be bagged on just because he has personal flaws you don’t happen to like. If you’re going to bash him then please, as Cliff so rightly pointed out, do so fairly.
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I’m not at all bashing his humanitarian efforts. But I find it pretty damn funny he sold his business for one dollar.
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If a business is underwater in a lot of debt, then it’s not uncommon to sell a company for a dollar. If another person is willing to assume an insolvent company, there is no legal contract without compensation, so normally a nominal sum ($1)is necessary to make it a binding agreement. If Starbury is 10 million in debt, then the real cost to the purchaser of buying the company is 10 million and one dollar.
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However common it is, it was funny. To me, at least.
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Actually, it is a sad development as his company was doing wonderful things for its customers and now that has disappeared. Funny? Not really.
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james and cliff play on marbury’s mens league team.
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Hahaha.
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