Nicklaus’s business relationship with Milstein began after Nicklaus stopped playing competitively in 2005.
By hiring advisers to help sell a minority share of his companies, Nicklaus hoped to find a partner who would help the company grow beyond where Nicklaus had taken it.The deal Emigrant Bank would supply the $145 million through a loan to the company, which bore interest of 8.5%, and it would have the right to convert that loan to a 49% equity stake in the company.
In 2013, Nicklaus received $1,414,500 and would receive additional cash payments from ’13 to ’22 totaling $21,167,600. Nicklaus had a year left on his original employment agreement he signed in 2007 and, with the poor fortunes of the company, was looking to terminate his employment and let his five-year noncompete run out so he could be free of the company by ’17.
Nicklaus tried to buy Emigrant Bank out but was rebuffed by Milstein, and in 2017 Nicklaus terminated his employment effective June 1, 2017. All along, Nicklaus believed the five years of noncompetition would allow him to get back to design work under a new company.
BobHarig jacknicklaus Sad story…..but he did take $148 million out early on….
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