Music director Scooter Braun has been called a “sheep in wolf clothing” by a former Goldman Sachs partner, who is suing him for $50 million, it has been reported.
Peter Comisar has accused Braun of tricking him into quitting his lucrative job at Guggenheim Securities and “aggressively courting him” to join a new company he claimed would be backed entertainment bigwigs, the New York Post reported.
Braun told Comisar that Scope Capital Partners could raise between $500 million and $700 million from “close friends” such as Interscope Records co-founder Jimmy Iovine, DreamWorks co-founder David Geffen and Saban Entertainment founder Haim Saban, court records show. .
Braun, famous for his public feud with Taylor Swift over the rights to her early music, even tried to prove his connections to Geffen by describing him as his “godfather,” according to court records.
Comisar claimed those investments never materialized, amounting to a breach of contract lawsuit, seeking $50 million in compensatory damages plus non-specific punitive damages, the outlet reported.
Music director Scooter Braun has been called a ‘sheep in wolf’s clothing’ by former Goldman Sachs partner Peter Comisar, who is suing him for $50 million
Braun’s successes managing Justin Bieber, pictured, were reportedly used to convince Comisar to quit his lucrative job at Guggenheim Securities to join Scope Capital Partners.
Braun, famous for his public battle with Taylor Swift over the rights to her early music, last year sold the coveted masters for her first six albums to Los Angeles-based private equity firm Shamrock Holdings for more than $300 million.
“Braun was, by the looks of it, the real deal,” the lawsuit reads, according to the New York Post.
The lawsuit, filed in a California state court, alleges that from 2016 to 2017, Braun tried to recruit Comisar to the top position at Scope Capital Partners, which he would launch with business manager David Bolno.
Bolno reportedly praised Braun’s success managing Justin Bieber and “creating the Yeezy brand for Kanye West” to Comisar in 2016, kicking off the courtship. Braun has also led stars including Ariana Grande, Demi Lovato and Carly Rae Jepsen.
In 2017, Braun “personally executed contractual commitments to support the new venture,” which required him to pay $7 million in annual operating expenses for three years and a $3 million annual salary for Comisar, court documents show.
Braun had to explain to Comisar, tail between his legs, how he had asked David Geffen, his alleged godfather, to invest in Scope, but was told by Geffen that he did not see Braun as someone Geffen would invest with. lawsuit.
Iovine, Saban and Reuben Soros’ family allegedly gave Braun “the same brush-off” by telling Braun that they “valued him as someone to hang out with,” but not as someone they could ever trust their millions with, the lawsuit claimed.
The lawsuit alleges that Braun allegedly worked behind the scenes to secure an investment by Carlyle Group, a private equity firm, in his company Ithaca Holdings, which would allow him to make the same investments in entertainment and consumer products as Scope Capital. Partners.
Comisar alleges that Braun stopped paying his salary and funding from Scope Capital Partners in April 2018 because the company was in ‘direct conflict’ with the deal with the Carlyle Group.
“People in the entertainment industry are not fulfilling their contractual obligations,” Bolno is said to have told Comisar.
According to the New York Post, Boldno also threatened to destroy Comisar’s “pristine reputation” and “financially ruin him.”
The lawsuit also alleged that Braun and Bolno also had separate talks with Comisar and alleged that Comisar was fired from Goldman Sachs, which Comisar alleges in the lawsuit.
After Comisar formally notified them that his contract had been breached, Bolno and Braun falsely “accused” him of racism, although details of those claims were not included in the lawsuit, according to the New York Post.
The Carlyle Group, which helped Ithaca Holdings buy the rights to Swift’s early music, closed the deal to acquire part of the company just months after Scope Capital Partners was founded, according to the lawsuit.
Last year, Braun sold Swift’s coveted masters for her first six albums to Los Angeles-based private equity firm Shamrock Holdings for more than $300 million, Variety reported.
Ithaca Holdings was sold for $1 billion in April to Hybe Corporation, the South Korean entertainment company behind the popular boy band BTS.
Justin Bieber and Ariana Grande each made “about $10 million” from the sale, and $50 million from the purchase price has been split among some of Braun’s longtime employees and customers, according to Variety.