October’s Very Own (OVO), Drake‘s apparel company, is in the thick of a legal feud with an investor who recalled a $3,700,000.00 loan, and now claims the rapper’s business owes double that amount.
In 205, the lifestyle brand founded by Drake, his manager Oliver El-Khatib and producer Noah ’40’ Shebib, made a deal with Florida-based lending company Applied Real Intelligence (ARI).
Earlier this year, things went south when ARI claimed OVO had defaulted on the loan due to late interest payments and demanded reimbursement. And though OVO entered into a repayment agreement and paid back the original loan in May, ARI insisted the musician’s company pay an additional fee of $3.8 million as a consequence for defaulting.
Asking a judge to dismiss the additional amount, known as a make-whole fee, on June 2, OVO sued ARI in Toronto court. ARI subsequently responded with a lawsuit of its own against OVO, seeking to force OVO to pay the make-whole fee.
Drake’s OVO lifestyle brand, which sports a stylised owl not unlike the Sheffield Wednesday FC logo, is an umbrella for his music, festivals, radio show and merchandise.
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Author: Al Dente
Photo: Lunchbox LP