Back in November, Kanye West accused Adidas of freezing some of his accounts. While speaking to an outlet called X17, he noted that over $75 million in cash was frozen out of nowhere. Overall, it was a pretty wild claim. However, many tied it to his anti-Semitic comments and the brand's attempts to get out of their deal with him. “I went from being a multi-billionaire to not even being able to use my Apple Pay four nights ago. I couldn’t use my Apple Pay because someone how Adidas was able to legally go in and freeze my money," he explained at the time.
In new unsealed court documents from Law360, it appears as though Kanye was right about having his money frozen. Ultimately, Adidas was told explicitly in a court of law that they could, indeed, freeze close to $100 million worth of Ye's money. Moreover, it was revealed that this was an "ex parte" decision from the court. Consequently, Ye was never given a chance to actually respond to the decision. Subsequently, Adidas is entering arbitration to officially terminate its deal with Kanye, and this has led to more litigation with the courts. Essentially, they want a New York federal court to uphold the initial ruling.
Kanye West Was Right
This is very interesting timing seeing as though Ye and Adidas have teamed up to sell off the remaining Yeezys that are in stock. Kanye will be getting a pretty hefty royalty from this. However, it is clear that Adidas would rather just sever ties completely, and as soon as humanly possible. Given the circumstances, it is understandable as to why they feel that way.
Overall, this is an ongoing situation with some fairly big stakes involved. For Kanye, he just wants proper access to his money. Meanwhile, Adidas wants to protect its interests and profits. Stay tuned to HNHH for all of the latest news and updates from around the sneaker world.
[Via]