In a surprising turn of events, recent court records have shed light on the reported financial freeze faced by Kanye West's YEEZY brand. It has been revealed that Adidas, the brand's former partner, sought a court order to freeze a substantial sum of $75 million USD held by the YEEZY brand.
The situation took a different trajectory last Friday when Judge Valerie E. Caproni decided to overturn the previous court order that enabled the freezing of a significant portion of the $100 million USD held by YEEZY Brand. Billboard reports that the judge cited "Adidas' failure to provide convincing evidence against YEEZY in court, a legal requirement under New York state law". The judge further expressed concerns that "YEEZY was not granted an adequate opportunity to challenge the freeze." These developments are part of an ongoing legal battle between Adidas and YEEZY, initiated by Adidas against Kanye West's brand in November. The motion to freeze $75 million USD was purportedly filed by Adidas to safeguard the funds during their highly publicized separation. Whats even more surprising is that recently Adidas has decided to release the remainder of its YEEZY stock with a majority of profits going to charity.
Interestingly, the judge had initially granted Adidas an "attachment" order on an ex parte basis, which means the asset freeze was authorized without giving YEEZY a chance to present their case against claims of potential asset removal or dissipation. However, in a surprising twist, the judge has now overturned the order and made the previously sealed records public. The judge reasoned that "Adidas' failure to file a motion to confirm the freeze essentially nullified the attachment order." We hope that Adidas and Kanye can settle their disputes and focus on their release. For more on the news circulating in the culture and to stay up to date with the latest sneaker news and releases, connect with us on Instagram and Twitter.
Photo via Getty Images
In a surprising turn of events, recent court records have shed light on the reported financial freeze faced by Kanye West's YEEZY brand. It has been revealed that Adidas, the brand's former partner, sought a court order to freeze a substantial sum of $75 million USD held by the YEEZY brand.
The situation took a different trajectory last Friday when Judge Valerie E. Caproni decided to overturn the previous court order that enabled the freezing of a significant portion of the $100 million USD held by YEEZY Brand. Billboard reports that the judge cited "Adidas' failure to provide convincing evidence against YEEZY in court, a legal requirement under New York state law". The judge further expressed concerns that "YEEZY was not granted an adequate opportunity to challenge the freeze." These developments are part of an ongoing legal battle between Adidas and YEEZY, initiated by Adidas against Kanye West's brand in November. The motion to freeze $75 million USD was purportedly filed by Adidas to safeguard the funds during their highly publicized separation. Whats even more surprising is that recently Adidas has decided to release the remainder of its YEEZY stock with a majority of profits going to charity.
Interestingly, the judge had initially granted Adidas an "attachment" order on an ex parte basis, which means the asset freeze was authorized without giving YEEZY a chance to present their case against claims of potential asset removal or dissipation. However, in a surprising twist, the judge has now overturned the order and made the previously sealed records public. The judge reasoned that "Adidas' failure to file a motion to confirm the freeze essentially nullified the attachment order." We hope that Adidas and Kanye can settle their disputes and focus on their release. For more on the news circulating in the culture and to stay up to date with the latest sneaker news and releases, connect with us on Instagram and Twitter.
Photo via Getty Images
