Remember those Power Balance bands that practically every NBA player was rocking a year or so ago? Once it was discovered that the bands didn’t work as advertised, you started the countdown clock to the demise of the company.
Power Balance has recently filed for bankruptcy and was sued for $57 million dollars. Although, Power Balance’s Jason Damata reached out to the New York Daily News to say the settlement was $1 million and that the company is still in business.
Lakers star, Lamar Odom is a minority investor in the company that featured players like Shaq, Derrick Rose and Brandon Jennings pushing the product. Those are also some of the company’s creditors:
The bankruptcy filing leaves Power Balance with a substantial list of creditors, the most notable being Blake Griffin (owed $20,000), the Sacramento Kings ($100,000), the Los Angeles Kings ($250,491), and one Kobe Bryant ($400,000).
Next question, what happens to the former Arco Arena in Sacramento. Power Balance bought the naming rights and it’s known as the Power Balance Pavilion.
