Saturday, August 23, 2008

Knicks' Marbury Says Steve & Barry's Still Owes Him $2 Million

Stephon Marbury has not done much on the court for my New York Knicks, but all is forgiven because of the line of clothing he puts out. I picked up a pair of his $8.00 jeans because, well, they were $8.00, they looked like decent quality jeans and they fit.

Since then I have been approached by 20 something women on more than one occasion telling me how nice the jeans look. They clearly mistake them for some $300 rapper jeans. They actually want to spend time talking about the jeans.

Now, Marbury, whose low-cost shoes and clothing are sold by Steve & Barry's, has moved to block the auction sale of the chain, claiming the company owes him more than $2 million in royalties.

Steve & Barry's, filed for bankruptcy last month. BHY S&B Holdings Llc, a newly formed affiliate of investment firm Bay Harbour Management and York Capital Management, has emerged as the successful auction bidder with its $168-million offer to acquire Steve & Barry's, the company said.

Marbury's Starbury Corp. has had an endorsement agreement to sell products through the discount retailer since November 2005, according to documents filed by Starbury.

Under the bankruptcy proceedings, the new owners would not owe Starbury anything, but Starbury earned $2.19 million in royalties before Jan. 15 that have not yet been paid, according to the court documents. Starbury is also owed additional royalties since that date, the documents state.

Douglas Teitelbaum, managing principal of Manhattan-based Bay Harbour Management, said Steve & Barry's disputed Starbury's claims.

Of Marbury, he told Newsday, "I have great respect for him, great respect for his line." Teitelbaum said he had not had time to analyze the court documents, which were filed Monday in U.S. Bankruptcy Court in Manhattan.

Note to Teitelbaum: If you know what the hell you are doing, you should pay the man and sign him up for more. Anybody that can design a jean that a middle age economist can wear, that costs only $8 and that gets 20 something females to strike up conversations with said economist is a fashion genius!


  1. They do have some big balls. Let me run up 650 million in debt, file bankruptcy, pay 2 cents on the dollar to all the creditors, and into the new company own 10% each and oh by the way, you can’t sue me after the fact. I want in on that deal. You almost got to love the fact that they tried but at the same time I can’t f*cking believe that they thought it was a good idea. F*ck them. They should just get the boot.

    Do you feel shame Steve Shore & Barry Prevor? Can you sleep well in the night huh? Do you know how many vendors go bankrupt because of you conspiracy? True, f*cking Jew is f*cking Jew!

  2. Um, maybe they went bankrupt by selling jeans for only $8.

  3. Actually Pepe,

    They sold everything in their store for $8.00 (might have been $8.99, I forget the exact price), which created huge traffic. So they went to malls across the country got mall owners to give them tenant improvement money to lease space.

    It appears that most of the their earnings came in the form of those one-time tenant improvement payments from landlords of $2 million to $7 million per new store

    That's why commenter 448 is so pissed. He sounds like a vendor that got screwed.But it sure does sound like Steve and Barry are a couple, shall we say, interesting operators.