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I bear in mind again within the mid-Nineties once I heard that some school child tried to say a harrier jet from Pepsi due to a contest they have been operating. Within the industrial, they provided the jet for 7 million factors. Some child took them up on it!
Bear in mind, this was on the peak of what the business referred to as “The Cola Wars” between Pepsi and Coca-Cola. I didn’t bear in mind the main points till I watched the Netflix documentary sequence, “Pepsi, The place is my Harrier Jet?” It additionally produced the case Leonard v. Pepsico, Inc. which is taught in regulation colleges at the moment.
On The Small Enterprise Radio Present this week, I interviewed John Leonard who’s that school scholar who had the audacity to gather 7 million and requested Pepsi for that jet valued at $32 million. It reveals an instance of each child’s dream to get a begin in enterprise in a giant approach and determine one thing out that others had not (he wished to make use of the jets to provide rides).
We mentioned the joy he felt when he first watched the industrial for Pepsi merchandise and the related factors providing a harrier jet. John’s first plan he formulated together with his investor pal, Todd Hoffman was that the factors would value over $4 million to purchase the product, retailer it and detach the labels. However he then realized he might purchase the factors for 10 cents every for a complete of $700,000 to get the $32 million jet!
John goes by means of what occurred from the time that he despatched Pepsi a test for $700,000 till they sued him and the court docket battle that adopted (and why he turned down a suggestion from Pepsi to settle). Pepsi later modified the industrial so the jet could possibly be redeemed for 700 million factors as a substitute of seven million factors.
Essentially the most weird a part of the story is that Michael Avenatti (a former legal professional and convicted felon, greatest recognized for his authorized illustration of grownup movie actress Stormy Daniels) was concerned when he was in his 20s and never but a lawyer. Avenatti had prompt going after Pepsi publicly in print newspaper adverts.
One other unusual connection, on this case, was that the presiding choose was Kimba Woods who dealt with such high-profile instances as Michael Milken and Michael Cohen. John describes what it was like when Decide Woods issued her abstract judgement.
John talks about what the case taught him about his friendship with Todd Hoffman and what he hopes regulation college students be taught.
Take heed to the complete fascinating interview with John Leonard.
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Picture: netflix
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