Investing

Braun, Scooter is currently embroiled in a $200 million legal battle over a private fund

June 7, 2021
Peter Comisar

According to the lawsuit, Braun and top Hollywood business manager David Bolno planned to extend their empire in 2016, chose a private equity firm as their vehicle, and started hiring Comisar in 2016. Braun claims in his appeal that he invested more than $5 million in the creation of SCOPE Capital Management and a $3 million salary for Comisar.

Comisar claims he only decided to come on board in exchange for a three-year budget and Braun’s investment and that he had written pledges. Braun is reportedly claimed to have approached David Geffen, Jimmy Iovine, and Haim Saban, among others, with the possibility of financing $500 million to 750 million from the entertainment industry’s billionaires. However, according to Comisar, Braun reneged on financial obligations and ceased funding everything, including Comisar’s salary.

Peter Comisar

Former Guggenheim Securities vice-chairman¬†Peter Comisar ¬†claims he was persuaded to a start-up by promises that Braun would access his network for hundreds of millions of dollars. Meanwhile, Braun claims Comisar is making “extortionate” demands due to Braun’s holding company, Ithaca, being sold for $1.05 billion. Scooter Braun, a well-known megastar in the industry. That person who launched Justin Bieber’s career is currently embroiled in a significant legal battle to launch a new private equity fund. Peter Comisar spent around two decades at Goldman Sachs before becoming vice chairman of investment banking at Guggenheim Securities. He filed suit in Los Angeles on Thursday night. Braun filed a petition for arbitration almost simultaneously.

According to the complaint, “Bono, utterly unrepentant, revealed to Comisar that Braun never actually imagined he’d have to perform and, boldly, told him that ‘people in the entertainment world do not fulfil their contractual agreements.'” “Bono made it apparent that he and Braun believed Braun could renege on his agreements with impunity and without consequence and that pursuing Braun on his pledges would wreak havoc on Comisar.”Comisar, he claims, is the one who broke a promise to fund $250 million for the fledgling company. According to the petition, “Comisar was unable to secure a single investor to invest with SCOPE Capital Management.”

Furthermore, according to Braun, Comisar moved resources to a consultancy and is only now making “extortionate” demands due to Braun’s holding company, Ithaca, a talent management company, a publishing company, and a publishing company, a record label, being sold for $1.05 billion.

Unfortunately, the public revelation of Braun’s recent high-profile commercial success has assisted Comisar. According to the arbitration claim, he is an evil former business associate to return because he sees an opportunity to collect yet another unwarranted and unjust payday,” according to the arbitration claim. After a three-year feud between Braun and Comisar, the case has finally reached a courtroom.

Braun claims that the idea that he had a grand plan to depose Comisar is “ridiculous,” while Comisar claims the script for his release was written too soon. Comisar claims that he was approached for a distortion campaign around three years ago, which incorporated incorrectly fired from Goldman Sachs. Because of the dereliction of duty by devoting time to counselling services and prejudice as a pretence for his liberation.