Categories: In the Bleachers

Power Balance Bands Files For Bankruptcy Facing Lawsuit

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.

 

Source 

Jill Munroe

Jill Munroe is a Los Angeles-based host, producer, and writer. You can find her work on sites such as FoxSports.com, EURweb.com, and MSN.com. Munroe is a current member of the African-American Film Critics Association and the National Association of Black Journalists. Munroe has also been a frequent guest on ESPN radio and Yahoo Sports. In 2015, Munroe released her first book, "PostGame Pass: access into "the life" JillMunroe.com

Share
Published by
Jill Munroe

Recent Posts

Jay-Z Added to Diddy’s Assault Lawsuit; Tyrod Taylor vs. Draya Michele

On the latest episode of RSVP with Jill Munroe, we get into the latest swirl…

2 weeks ago

Drake Goes Full Karen + Kendrick Lamar’s GNX Rules Billboard

The past week has been a whirlwind of drama and dominance in the culture, and…

3 weeks ago

Why the NBA is Flopping in the Ratings Race: Blame the NFL, Beyoncé, and a Tricky Playbook

The NBA's Ratings Woes: Why 2024 is Looking Like a Dunk Gone Wrong The 2024…

4 weeks ago

 Turkey, Touchdowns, and the Tea: Your Ultimate Guide to the 2024 Thanksgiving NFL Games

Thanksgiving is all about family, food, and football—and let’s be honest, the drama that comes…

4 weeks ago

‘Reasonable Doubt’ Season 2 Hulu Tackles Friendship, Power & Secrets | Exclusive with Raamla Mohamed & Emayatzy Corinealdi

Hulu's *Reasonable Doubt* highly anticipated second season delivers a complex mix of courtroom drama, personal…

2 months ago

Frasier Reboot Season 2: How Olivia, Eve, and Roz Redefine Strong Female Characters | Watch on Peacock

The *Frasier* reboot on Peacock returns for its second season, bringing back the beloved character…

2 months ago

This website uses cookies.