The co-founders of Nylon magazine are taking their fight for the monthly fashion publication to court, reports the New York Post.
Marvin and Jaclynn Jarrett are suing after they say the 15-year-old magazine was taken from them by online entrepreneur Joe Mohen. According to sources speaking with the Post, the Jarretts received no notification that their investment partner Donald Hellinger sold 51 percent of the business to Mohen and his partners. This would make the sale illegal. The sources add that the Jarretts learned of the sale on May 2 from a friend. The joint investment is reportedly between LA-based private-equity firm Diversis Capital LLC and Backbone Capital Advisors LLC. According to earlier reports, Nylon will be merging with FashionIndie.com.
Post sources reveal that the merger was confirmed to the Jarretts by the company accountant. And they first learned from media reports that they had been removed from their roles as editor-in-chief and publisher and were locked out of their office.
“The company was obligated to attempt to agree with [the Jarretts] on the terms and conditions with respect to any sale,” read a letter sent to Diversis and Backbone by the Jarretts’ attorney Mitchell C. Littman.
“They want this resolved swiftly and are going to go full force with legal action to get their magazine back. They just want back the magazine they have spent almost two decades creating. This was handled so inappropriately,” said a source close to the Jarretts.
According to the Post, the new venture’s chief executive will be Joe Mohen. Dana Fields, a former publisher of Rolling Stone will be publisher, and FashionIndie’s Daniel Saynt will be the chief creative officer.
The Jarretts could not be reached for a comment on the sale, reports The Post. A Nylon rep said the magazine had “no comment on any dispute that may exist among the shareholders of the seller…we are extremely enthusiastic about consummating the transaction and what the future holds.”