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. Kobe I Shoes
Bryant is owed $400,000 for giving his seal of approval to the
product, reports the Orange
County
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. Kobe 6
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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