{"id":88862,"date":"2026-09-10T22:55:50","date_gmt":"2026-09-10T22:55:50","guid":{"rendered":"https:\/\/site.itshrt.com\/hiphopmagizine\/drakes-ovo-faces-unpaid-c5-million-claim-detailed-by-a-r-i-before-sale-to-authentic-brands-group-and-vince\/"},"modified":"2026-09-10T22:55:50","modified_gmt":"2026-09-10T22:55:50","slug":"drakes-ovo-faces-unpaid-c5-million-claim-detailed-by-a-r-i-before-sale-to-authentic-brands-group-and-vince","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/hiphopmagizine\/drakes-ovo-faces-unpaid-c5-million-claim-detailed-by-a-r-i-before-sale-to-authentic-brands-group-and-vince\/","title":{"rendered":"Drake\u2019s OVO Faces Unpaid C$5 Million Claim Detailed by A.R.I. Before Sale to Authentic Brands Group and Vince."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt Hip Hop Magizine News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"9431463036\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p><span style=\"color: #000000;\">Two weeks before <span style=\"color: #ff0000;\"><strong><a style=\"color: #ff0000;\" href=\"https:\/\/rapindustry.com\/drake-partners-with-authentic-to-scale-ovo\/\">Authentic Brands Group and Vince Holding Corp. (Nasdaq: VNCE) publicly announced the purchase of the intellectual property and operating business associated with Drake\u2019s October\u2019s Very Own (\u201cOVO\u201d)<\/a><\/strong><\/span>, a lender to OVO\u2014A.R.I. OVO Growth Capital I, LLC (\u201cA.R.I.\u201d), which provided financing through the purchase of convertible promissory notes (the \u201cNotes\u201d)\u2014filed a 391-page Motion Record in the Ontario Superior Court of Justice (Commercial List) in Toronto.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>( SEE HERE<\/strong><\/span> <a href=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2026\/09\/ARI-OVO-Ontario-Motion-and-Affidavit-August-10-2026-Exhibits-Omitted.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #ff0000;\">Motion Record dated August 10, 2026, and accepted for filing on August 13, 2026, in October\u2019s Very Own ULC v. A.R.I. OVO Growth Capital I, LLC, Ontario Superior Court of Justice (Commercial List), Court File No. CL-26-00000256-0000. <span style=\"color: #000000;\">)<\/span><\/span><\/a><\/p>\n<p><span style=\"color: #000000;\">The Motion Record, dated August 10 and accepted for filing on August 13, states that A.R.I. calculated C$5,037,977 in unpaid contractual obligations owing by OVO as of July 31, 2026, with additional amounts continuing to accrue.<\/span><\/p>\n<p><span style=\"color: #000000;\">On August 27, Authentic Brands Group, led by Canadian businessman and reported billionaire Jamie Salter, its Founder and Executive Chairman, announced that it had acquired a 51% interest in the entity holding OVO\u2019s intellectual property. Canadian entertainer and OVO co-founder Aubrey \u201cDrake\u201d Graham owns 44%, and Vince owns the remaining 5%.<\/span><\/p>\n<p><span style=\"color: #000000;\">Authentic Brands Group is a privately held company backed by prominent institutional investors. In a previous public announcement, the company identified General Atlantic, BlackRock, CVC Capital Partners, HPS Investment Partners, Leonard Green &amp; Partners, Simon Property Group, and Brookfield among its significant shareholders. The company also reported that General Atlantic\u2019s latest US$500 million investment brought that firm\u2019s total investment in Authentic Brands Group to nearly US$2 billion at the time.<\/span><\/p>\n<p><span style=\"color: #000000;\">Vince, led by CEO Brendan Hoffman, separately announced that it had acquired OVO\u2019s existing operating companies, assets and liabilities, 12 retail stores and e-commerce platform.<\/span><\/p>\n<p><span style=\"color: #000000;\">The Asset and Equity Purchase Agreement, dated August 24 and filed with the Securities and Exchange Commission (SEC), assigned a stated purchase price of US$117,647,058.82 to OVO\u2019s intellectual-property assets and separate aggregate consideration of US$3.00 for the purchased equity of OVO\u2019s three operating companies in Canada, the United States and the United Kingdom.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">A.R.I.\u2019s Claim Was Already in Litigation Before OVO\u2019s Transaction<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">By the time OVO\u2019s transaction closed on August 24, A.R.I.\u2019s claim for millions of dollars in unpaid contractual obligations had been the subject of litigation for more than two months and was documented in court records filed in both British Columbia and Ontario.<\/span><\/p>\n<p><span style=\"color: #000000;\">On June 11, A.R.I. commenced a lawsuit against OVO in the Supreme Court of British Columbia. A.R.I.\u2019s claim calculated that at least C$4,609,455.72 remained unpaid, with additional amounts continuing to accrue. (British Columbia Notice of Civil Claim, paragraphs 9 and 73\u201375)<\/span><\/p>\n<p><span style=\"color: #000000;\">A.R.I.\u2019s Ontario Motion Record (available as an accompanying supplement) was subsequently accepted for filing on August 13\u2014two weeks before the OVO transaction was announced. The Motion Record states that A.R.I. calculated C$5,037,977 in outstanding obligations as of July 31, including amounts claimed for the Make Whole Fee, interest, default interest, legal and professional fees, and lender expenses. (Ontario Affidavit, paragraphs 142\u2013145; Exhibit Z)<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">A.R.I. Says OVO Never Disclosed the Transaction with Authentic Brands Group and Vince<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">A.R.I. states that OVO did not inform it about the negotiations with Authentic Brands Group and Vince. According to A.R.I., it learned of the completed transaction through the August 27 public announcement\u2014three days after it had reportedly closed.<\/span><\/p>\n<p><span style=\"color: #000000;\">Under the terms of their financing agreements, A.R.I. held strict information rights requiring OVO to disclose details regarding its financial condition, business, prospects and corporate affairs.<\/span><\/p>\n<p><span style=\"color: #000000;\">A.R.I.\u2019s February 27 Default Notice also identified earlier alleged failures by OVO to provide required financial statements, compliance certificates and other information. (Ontario Affidavit, paragraphs 79, 81 and 102\u2013107; Exhibits L, Q and R)<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">A.R.I.\u2019s Rights in the Event of OVO\u2019s Acquisition<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">The filed agreements also outline A.R.I.\u2019s specific protections in the event that OVO was acquired before the Notes were converted or repaid.<\/span><\/p>\n<p><span style=\"color: #000000;\">Under the applicable Change-of-Control provision, A.R.I. could elect either to convert its investment into OVO equity at a 20% discount or receive a cash payment equal to 1.4 times its original principal\u2014representing a 40% premium\u2014during the relevant period. (Ontario Affidavit, paragraphs 75\u201381; Exhibit L)<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">The Make Whole Was Negotiated Before A.R.I. Invested\u2014Not Imposed as a Default Penalty<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">A.R.I.\u2019s Ontario filing (available as an accompanying supplement) explains that A.R.I. and OVO negotiated a Make Whole Fee before A.R.I. invested. A Make Whole is a contractual provision used in many financing agreements that is designed to provide an investor with a specified minimum return under defined circumstances. In this instance, it was part of the original economic bargain between A.R.I. and OVO\u2014not added later as a fine or penalty for OVO\u2019s defaults. <strong>(Ontario Affidavit, paragraphs 85\u2013100)<\/strong><\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Before A.R.I. advanced the funds to OVO, the final Term Sheet executed by OVO CEO Derek \u201cDrex\u201d Jancar provided:<\/span><\/strong><\/p>\n<ul class=\"bwlistdisc\">\n<li><span style=\"color: #000000;\">\u201cSuccess Fee \/ Make Whole: If the notes do not convert into equity prior to maturity, investors will receive a make-whole payment ensuring a minimum 15% internal rate of return (IRR) over the life of the investment.\u201d <i>(Ontario Affidavit, paragraph 89; Exhibit L)<\/i><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">The definitive Convertible Note Agreements subsequently defined the Make Whole Fee as the additional amount required to produce an aggregate internal rate of return of at least 15%. <i>(Ontario Affidavit, paragraphs 90\u2013100)<\/i><\/span><\/p>\n<p><span style=\"color: #000000;\">The five-year Convertible Notes paid 10% interest and were unsecured. By comparison, A.R.I.\u2019s separate senior secured loan paid 12.5% interest and was collateralized by OVO intellectual property, including rights relating to the October\u2019s Very Own name and owl logo.<\/span><\/p>\n<p><span style=\"color: #000000;\">A.R.I.\u2019s affidavit states that it accepted the Convertible Notes\u2019 lower interest rate and unsecured position because the investment also included conversion rights to equity, a conversion discount of 20%, Change-of-Control payments (including a 40% premium during the applicable period), information rights and the Make Whole Fee. A.R.I. states that it would not have provided the financing without those negotiated rights. <i>(Ontario Affidavit, paragraphs 81\u201384)<\/i><\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Public Purchase Documents Do Not Explain How A.R.I.\u2019s Claim Was Treated<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">The Asset and Equity Purchase Agreement filed with the SEC in connection with the OVO transaction contains several provisions addressing OVO\u2019s debt, convertible noteholders and payments required in connection with the transaction. <\/span><\/p>\n<p><span style=\"color: #000000;\"><b>The Purchase Agreement states that:<\/b><\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li><span style=\"color: #000000;\"><b>OVO Debt was to be repaid.<\/b> The transaction contemplated the \u201crepayment and satisfaction in full of the OVO Debt\u201d before Vince acquired the equity of OVO\u2019s operating companies. <i>(Purchase Agreement, recitals; Sections 2.1\u20132.3)<\/i><\/span><\/li>\n<li><span style=\"color: #000000;\"><b>Covered debt included more than principal.<\/b> The definition of \u201cFunded Debt\u201d includes principal, accrued interest, penalties, fees, expenses, premiums, breakage costs and make-whole payments associated with covered obligations. <i>(Purchase Agreement, definitions of \u201cFunded Debt\u201d and \u201cOVO Debt\u201d)<\/i><\/span><\/li>\n<li><span style=\"color: #000000;\"><b>Covered convertible noteholders were to be paid.<\/b> Persons defined as \u201cOutstanding Convertible Noteholders\u201d were to be paid directly from the IP purchase-price payments \u201cin full satisfaction of all amounts owing\u201d under their notes. The amount payable to each covered noteholder and the corresponding payment instructions appeared in Exhibit G, which was omitted from the publicly filed agreement. <i>(Purchase Agreement, Section 2.7(b)(iii); Exhibit G)<\/i><\/span><\/li>\n<li><span style=\"color: #000000;\"><b>The public filing does not identify an excluded \u201cSpecified Person.\u201d<\/b> The Purchase Agreement defines \u201cOutstanding Convertible Noteholders\u201d as holders of OVO\u2019s Convertible Notes other than a confidentially identified \u201cSpecified Person.\u201d The identity of the \u201cSpecified Person\u201d is not disclosed in the public filing. <i>(Purchase Agreement, definition of \u201cOutstanding Convertible Noteholders\u201d)<\/i><\/span><\/li>\n<li><span style=\"color: #000000;\"><b>Payoff letters were required for applicable OVO Debt being repaid.<\/b> The Purchase Agreement required executed payoff letters and, where applicable, lien-release documentation with respect to the OVO Debt being repaid as part of the transaction. The applicable financial institutions or other lenders were to confirm the amount to be paid and provide payoff instructions.<i> (Purchase Agreement, Section 2.11(d))<\/i><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">The public documents do not explain how A.R.I.\u2019s already-litigated claim was classified or treated in the transaction, whether A.R.I. was treated as the confidentially identified \u201cSpecified Person,\u201d or how the transaction was completed without A.R.I. providing a payoff letter or releasing its claims.<\/span><\/p>\n<p><span style=\"color: #000000;\">In a separate SEC filing, Vince disclosed that its subsidiary amended an existing asset-based credit agreement under which Bank of America, N.A. serves as administrative and collateral agent. Vince stated that the amendment permitted completion of the OVO transaction and designated the acquired OVO operating companies as unrestricted subsidiaries under the credit facility. <\/span><\/p>\n<p><span style=\"color: #000000;\"><b><span class=\"bwuline\">A.R.I. Says Its Claim Remains Unpaid Following the OVO Transaction<\/span><\/b><\/span><\/p>\n<p><span style=\"color: #000000;\">The publicly filed transaction documents do not identify A.R.I. or explain how its disputed claim was classified or addressed. A.R.I. states that:<\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li><span style=\"color: #000000;\">A.R.I. issued no payoff letter related to the transaction.<\/span><\/li>\n<li><span style=\"color: #000000;\">A.R.I. did not authorize the release of any of its claims or contractual rights.<\/span><\/li>\n<li><span style=\"color: #000000;\">A.R.I. received none of the transaction proceeds.<\/span><\/li>\n<li><span style=\"color: #000000;\">A.R.I. has not been paid the C$5,037,977 it calculated as outstanding as of July 31, 2026.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">The C$5,037,977 pre-transaction calculation of OVO obligations includes amounts claimed for the Make Whole Fee, interest, default interest, lender expenses and legal expenses.<\/span><\/p>\n<p><span style=\"color: #000000;\"><b><span class=\"bwuline\">Statement from A.R.I.<\/span><\/b><\/span><\/p>\n<p><span style=\"color: #000000;\">A.R.I. provides growth capital to companies across the United States and Canada. The majority of the companies we finance perform as agreed and value our partnership. When a dispute does arise, however, our fiduciary responsibilities require us to protect our investors\u2019 capital and all of the contractual rights negotiated on their behalf.<\/span><\/p>\n<p><span style=\"color: #000000;\">In this case, A.R.I. provided growth capital to OVO and, after defaults occurred, agreed to refrain temporarily from exercising certain enforcement rights. This forbearance period gave OVO additional time and flexibility to address its obligations outside of court. When those efforts did not produce a resolution, A.R.I. pursued the remedies available under the contractual agreements.<\/span><\/p>\n<p><span style=\"color: #000000;\">A.R.I.\u2019s claim was already in litigation when the OVO transaction closed. We were not informed of the transaction negotiations, asked to provide a payoff amount or payoff letter, or asked to authorize the release of our claims. We received no portion of the transaction proceeds. Important information concerning the transaction and the treatment of our rights has still not been provided, and we will seek to obtain that information through the court process since OVO has not provided it despite multiple requests.<\/span><\/p>\n<div class=\"code-block code-block-2\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<a title=\"Hip-Hop hats, buckets, snapbacks, beanies.\" href=\"https:\/\/rapindustry.com\/shop\/\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-64516 size-full\" alt=\"\" width=\"800\" height=\"500\" src=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2026\/04\/hip-hop-hats.jpg\"\/><img decoding=\"async\" class=\"aligncenter wp-image-64516 size-full\" src=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2026\/04\/hip-hop-hats.jpg\" alt=\"\" width=\"800\" height=\"500\"\/><\/a><\/div>\n<p><span style=\"color: #000000;\">We believe in integrity, transparency, accountability and honoring contractual commitments. We also believe in the strength of the Canadian and United States legal systems to resolve commercial disputes based on the agreements and the facts. A.R.I. will continue pursuing its contractual rights until this matter is resolved through payment in full, a court judgment or a negotiated settlement.<\/span><\/p>\n<p><span style=\"color: #000000;\"><b><span class=\"bwuline\">Court Proceedings and Counsel<\/span><\/b><\/span><\/p>\n<p><span style=\"color: #000000;\"><i><b>Ontario Proceeding:<\/b><\/i><\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li><span style=\"color: #000000;\"><i>October\u2019s Very Own ULC v. A.R.I. OVO Growth Capital I, LLC<\/i>, Ontario Superior Court of Justice (Commercial List), Court File No. CL-26-00000256-0000. Motion Record is dated August 10, 2026 and was accepted for filing August 13, 2026.<\/span><\/li>\n<li><span style=\"color: #000000;\">Counsel for A.R.I.: Kyle Plunkett, Brian Chung, Sara Romeih, Aird &amp; Berlis LLP<\/span><\/li>\n<li><span style=\"color: #000000;\">Counsel for October\u2019s Very Own ULC: Larry Ellis, David Ward, Armando Ranjbar, Miller Thomson LLP<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><i><b>British Columbia Proceeding:<\/b><\/i><\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li><span style=\"color: #000000;\"><i>A.R.I. OVO Growth Capital I, LLC v. October\u2019s Very Own ULC<\/i>, Supreme Court of British Columbia, Vancouver Registry, Court File No. 264397. A.R.I.\u2019s Notice of Civil Claim was filed on June 11, 2026.<\/span><\/li>\n<li><span style=\"color: #000000;\">Counsel for A.R.I.: Arden Beddoes of McEwan Partners.<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><!-- CONTENT END 1 -->\n\t\t\t\t\t\t\t\t\t<\/div>\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt Hip Hop Magizine News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"9431463036\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>Two weeks before Authentic Brands Group and Vince Holding Corp. (Nasdaq: VNCE) publicly announced the purchase of the intellectual property<\/p>\n","protected":false},"author":1,"featured_media":88863,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[58,191,39],"class_list":["post-88862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-behind-the-scenes","tag-drake","tag-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Drake\u2019s OVO Faces Unpaid C$5 Million Claim Detailed by A.R.I. 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