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Posts Tagged ‘Calvin Darden Jr’

Maxim Owners Sue Over Botched Deal

Alpha Media Group — parent company of Maxim — is suing Darden Media Group for botching a deal to purchase the magazine. The New York Post reports that Alpha filed a suit in Manhattan Supreme Court yesterday seeking $38 million from Darden Media.

The filing claims that Alpha had meetings with both Calvin Darden and Calvin Darden Jr. and that Darden signed as guarantor, with a Merrill Lynch adviser — Roderick Jones — penning a letter that vouched for Darden’s ability to pay. Jones told the Post that he couldn’t recall if he wrote the letter or not.

Darden Jr., meanwhile, has his own issues. He was arrested last week on claims that he scammed investors out of $8 million by impersonating his father.

Not exactly a good week for the Darden family.

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Maxim Owners Back Out of Darden Media Deal

The deal between Maxim owner Alpha Media Group and Darden Media Group, which involved the latter buying and expanding the Maxim brand, is officially dead. The New York Post is reporting that Alpha has now turned to another bidder, a combination of Infinity Group, a licensing company, and Hilco Global, a financial services company.

Infinity and Hilco’s bid is expected to be about $20 million, making it $10 million less than Darden’s offer. Alpha and Darden hit a stumbling block in November, when it was rumored that Calvin Darden Jr. (son of Darden Media’s owner, Calvin Darden) would be involved in the acquisition. Further muddling things was Darden Media’s failure to come up with cash as deadlines came and went.

Infinity and Hilco already have a branding and licensing deal with Miss America, so Maxim would seem to be a natural fit. One is an event pairing cheesiness and scantily clad women, the other is magazine doing the same thing.

Maxim Deal Might be Dead

Maxim’s days might be numbered. In early September, Alpha Media Group triumphantly announced that they had sold Maxim to Darden Media Group, despite the glossy’s dwindling popularity. Now Adweek is reporting that the deal is likely dead.

Darden had plans to expand the Maxim brand — Maxim TV, Maxim Radio, etc. If you’re a normal person, that sounds absurd. But that’s just what Alpha Media Group wanted to hear. “As a company, we are excited to see Maxim everywhere,” said Ben MaddenMaxim’s president, at the time.

Unfortunately, things went sour soon afterward. Alpha is specifically worried about Calvin Darden Jr. (son of Darden Media’s owner, Calvin Darden) being involved in the acquisition:

However, the announcement made no mention of Darden’s son, Calvin Darden Jr., who was convicted eight years ago of stealing from securities firms and investors including former NBA star Latrell Sprewell while a stockbroker. Sources close to the company said they were surprised to learn that the younger Darden was involved in the Maxim deal, though, attending meetings and fundraising.

Damn. The guy ripped off Spree? We wouldn’t sell to him either.