If being the NBA's highest paid player during a work stoppage wasn't taxing enough, things just became worse for Kobe Bryant.
Kobe Bryant isn't getting a penny of his $25,244,493 salary from the Lakers this season, and now he can forget about getting a payout from an endorsement deal gone bad. The Hollywood hoopster is listed among the biggest creditors in bankruptcy papers filed for Power Balance LLC.
The company claimed its popular performance bracelets, which retail for $30, help users improve strength, balance and flexibility. But when called out by Australian regulators, Power Balance fell like a house of cards, saying they had no credible scientific evidence that supported claims.
Bryant is owed $400,000 for giving his seal of approval to the product, reports the Orange County Register. Blake Griffin, Clippers rookie of the year, is out $20,000. Pro skateboarder Ryan Sheckler was supposed to have $25,000 coming his way for his backing. Even several professional sports franchises took a bath.
The NHL's LA Kings are owed $250,491, while the NBA's Sacramento Kings look like Jokers after selling an arena naming rights deal to the company which owes them $100,000 in financial support. Despite the bankruptcy, CBS Sacramento reports the NBA's Kings are standing by Power Balance, calling them "good partners since day one." (So what are bad partners like?)
All together, Power Balance has assets of less than $10 million and debts of as much as $50 million. Simple math tells you it's unlikely any of the athletes or teams will ever see the money they're owed.
Despite this frightening financial fumble, the Orange County Register reports Power Balance will continue to operate during its reorganization as it looks to find consumers willing to spend $30 money for a wristband.
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