Jersey Shore‘s Mike “The Situation” Sorrentino has a situationon his hands…he is suing the vodka company Devotion Vodka for a breach on contract. he claims he brought notoriety to the company and it was valued at $4 million and has ballooned to over $35 million. Sorrentino feels he was cheated out of millions when he ended his association with the company. He is looking for 10 percent of the company’s worth.
According to court documents, Sorrentino’s camp claims that in 2010, the company was “valued at approximately $4 million; two years later, largely due to Sorrentino’s endorsement efforts and the brand recognition he cultivated for Devotion, the company is estimated to be worth between $35 million and $50 million (the exact value is unconfirmed because defendants refuse to provide Sorrentino and MPS with quarterly company statements).”
Sitch received the 8 percent ownership stake in the company, as promised, but Devotion failed to add 2 percent to his ownership share on their one-year anniversary, which was promised in the deal.
Additionally, Mike alleges Devotion failed to provide him with a $400,000 “buy back” option for his shares on their two-year anniversary and failed to supply him with sales reports, and claims the company kept looking for an excuse to cut him out and avoid paying him.
Sorrentino is suing for his entire 10 percent share in the company (an estimated worth of up to $5 million) and other damages.
A rep from Devotion Vodka was not immediately available for comment.
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