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Kobe Bryant Loses Wristband Endorsement
Posted On: November 4, 2011 at 12:07 p.m.
Closely related to the stories we have posted the past few days, news has surfaced that Kobe Bryant was slated to receive $400,000 in endorsement money from once famed rubber wristband company PowerBalance. That deal has fallen through as PowerBalance faces allegations of misleading advertising.
According to USA Today , “A little insult has been added to injury for Kobe Bryant. Not only is he not receiving paychecks because of the NBA lockout, it also appears he won't be receiving the $400,000 he had coming from an endorsement deal.
That's because the Power Balance company that marketed "performance bracelets" to athletes has filed for bankruptcy. The Orange County Register reports Bryant is listed among the biggest creditors in Chapter 11 court filings.
In addition to Bryant's $400,000, other sports-related creditors include: The Los Angeles Kings, $250,491; the Sacramento Kings, $100,000; pro skateboarder Ryan Sheckler, $25,000; Clippers center Blake Griffin, $20,000.
In a statement, the company acknowledged it was forced to file for bankruptcy because of several lawsuits that alleged misleading advertising for the $30 rubber bracelets.”
What other endorsements do you think celebrities should be wary of?
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