Power Balance — the makers of those wrist bands that a number of NBA players wear — has settled a class action lawsuit that said they were crap. There have been a few of those lawsuits and a lot of legal fees. Andnow the company is filing bankruptcy.
Which is mostly interesting to me because of who is on the creditors list — the people who want to get paid as Power Balance reorganizes under Chapter 11.
On the list: Kobe Bryant, Lamar Odom, Blake Griffin and the Sacramento Kings, according to the Orange County Register.
…and a bankruptcy court filing shows an entity representing Bryant is now a creditor against Orange County-based Power Balance for $400,000.
Clippers star Blake Griffin, who does endorse the company in which the Lakers’ Lamar Odom is a minority investor, is owed $20,000, according to the. Also on the list of biggest creditors are the Los Angeles Kings ($250,491), Sacramento Kings ($100,000) and skateboarder Ryan Sheckler ($25,000).
The Sacramento Bee adds that the NBA’s Kings are unsecured creditors. Not that they’re in a place to turn down what, if any, money flows their way. Power Balance will remain the name on the Sacramento Arena where the Kings will play this season, whenever there is a season.
Power Balance wants you to know that the company is coming out of Chapter 11 just fine and will have a new mouthguard product coming on the market soon. They should try to pay Kobe in mouthguards. Yea, that will work.