The Chobani you wont read about in OD/WKTV

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1 - 20 of 22 Comments Last updated Sep 2, 2013
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Thief

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#1
Aug 8, 2013
 
Funny how the rinkydink media there is always up this guy's ass making Cuomo "look" good, but they forgot he's a swindler LOL!

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Chobani chief leaves upstate backers feeling sour after several former partners sue Yogurt King - ex-wife alone claims she was swindled out of $1.5B stake

This is no whey to treat your investors.

Hamdi Ulukaya — whose Greek yogurt company Chobani in a mere eight years has achieved skyrocketing success and won plaudits from Gov. Andrew Cuomo — has been accused by several people of cheating them out of a piece of his upstate dairy empire, The Post has learned. And one of the accusers is his former wife.

Last year, Ayse Giray, the Yogurt King’s ex, filed suit in Manhattan state court for $1.5 billion, alleging Ulukaya swindled her out of a 53-percent stake in a dairy startup that gave rise to Chobani — now the nation’s No. 1 brand of Greek yogurt. She’s demanding $1.5 billion.

The accusation may seem sensational, but court records show that Giray’s attack on Ulukaya, who launched Chobani in 2005 after buying a former Kraft plant, is far from unique.

Ulukaya, whose fortune is estimated at $1.1 billion, has been sued twice before by investors alleging he stiffed them on their stakes in Euphrates, Ulukaya’s original cheese-making company, which is also at the center of Giray’s complaint.

Both suits, settled on undisclosed terms, claim he promised 50-percent stakes in Euphrates in exchange for cash to grow the business.

In 2004, Ulukaya was sued in Schenectady state court by two Albany residents who claimed that he owed them $112,000 following investments of roughly $324,000 that started in 1999.

Hikmatullah Siraj and Mohammed Siraj said Ulukaya promised them a 50-percent stake in Euphrates in exchange for the money that was never realized.

A lawyer for Siraj declined to comment on the case, which was eventually settled in 2008.

Two years after the Schenectady suit, in 2006, Mustafa Coskun, the founder and CEO of Garden of Eden Gourmet Markets, sued Ulukaya in a separate action filed in Manhattan state court, claiming he was still owed money on a $600,000 investment in Euphrates.

He also argued that he had been promised a 50-percent stake in the cheese maker. A lawyer for Coskun declined to comment. That case was quickly settled in 2006.

Giray’s complaint filed in New York state court claims Ulukaya promised her a 53-percent stake in Euphrates in exchange for roughly $500,000 in startup cash between 1997 and 2003.
Thief

United States

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#2
Aug 8, 2013
 
Giray said she first received 33 percent of the company for her investments after the two married in 1997, according to the complaint.

In 2002, after the two were divorced, Giray gave Ulukaya another $200,000 to help him expand Euphrates into other product lines, including yogurt, according to the suit. In exchange, he promised to give her another 20 percent of the company.

But rather than expand Euphrates, Ulukaya quietly launched another entity, now Norwich, NY-based Chobani, to buy the Kraft yogurt plant, she has alleged. Giray didn’t discover that the factory was owned by Chobani and not Euphrates until 2007, the suit said.

Taken together, the suits depict a pattern of Ulukaya overselling Euphrates to the tune of 153 percent in exchange for $1.4 million of investments.

That’s a far cry from his public image. A Turkish immigrant who barely spoke English when he arrived in the US almost two decades ago, the 41-year-old Ulukaya has risen to CEO stardom.

Chobani is the nation’s third-largest yogurt brand, behind Dannon and Yoplait, fueling New York’s yogurt boom and helping revitalize rural areas of the state.

Just last month, Chobani was selected as the exclusive provider of Greek yogurt to public schools in four states, including New York.

Meanwhile, his battle with his ex over his empire is getting heated. Ulukaya recently sent out a “myriad of subpoenas,” including to his ex-wife’s daughters’ elementary and high schools, say court filings.

He is also seeking information about a telephone recording his ex made in an apparent attempt to get him to confess to her stake in the yogurt company, documents show.

Reps for Chobani didn’t return a request for comment. Scott Vernick, a lawyer for Euphrates, declined to comment, as did Giray’s lawyers at Rosenberg Feldman Smith.
Hmmmm

Utica, NY

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#3
Aug 8, 2013
 

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I don't know, maybe I'm an idiot. I just don't understand people giving up cash to invest in something or someone without having a signed contract. If they're that stupid, then they deserve to get screwed.
smh

Utica, NY

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#4
Aug 8, 2013
 

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They just want a piece of the pie.
Sticks35

Bristol, CT

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#5
Aug 8, 2013
 

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If there was nothing in writing then theres no case. Ive met hamdi myself. Hes one of the easiest down to earth guys you will ever meet. He told us himself that they never dreamed chobani would be this big.that mess will be tied up in courts for twenty yrs
Not So Fast My Friend

Utica, NY

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#6
Aug 8, 2013
 

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Sticks35 wrote:
If there was nothing in writing then theres no case. Ive met hamdi myself. Hes one of the easiest down to earth guys you will ever meet. He told us himself that they never dreamed chobani would be this big.that mess will be tied up in courts for twenty yrs
First, there is such a thing as an oral contract and an implied contract.

Second, based on the settlements cited in the article, I sincerely doubt any pending or future lawsuit against him will be tied up in courts for twenty years.
Mike

Wilbraham, MA

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#7
Aug 8, 2013
 
Unless he received a minority loan, I highly doubt he gave his wife controlling interest...
Truth

Utica, NY

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#10
Aug 9, 2013
 

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Like with most lawsuits, the plaintiff's attorney throws everything against the wall(true or not) and then waits to see what sticks. It's only when the case is actually heard and the plaintiff has to prove what they say that the real facts come out.

The other thing "Thief" is that when you cut and paste something it's a good idea to give credit where it's due:
http://www.nypost.com/p/news/business/yogurt_...
OMG dumb people

Millwood, NY

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#11
Aug 9, 2013
 

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Truth wrote:
Like with most lawsuits, the plaintiff's attorney throws everything against the wall(true or not) and then waits to see what sticks. It's only when the case is actually heard and the plaintiff has to prove what they say that the real facts come out.
The other thing "Thief" is that when you cut and paste something it's a good idea to give credit where it's due:
http://www.nypost.com/p/news/business/yogurt_...
Get a life I really wasn't concerned that some idiot would think that I wrote itasshole.
Truth

Utica, NY

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#12
Aug 9, 2013
 

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OMG dumb people wrote:
<quoted text>Get a life I really wasn't concerned that some idiot would think that I wrote itasshole.
Are you a disgruntled Chobani assembly line worker?
Not So Fast My Friend

Utica, NY

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#14
Aug 9, 2013
 

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OMG dumb people wrote:
<quoted text>Get a life I really wasn't concerned that some idiot would think that I wrote itasshole.
While showing the source when you use someone else's writing is a literary requirement, it is also a reflection of your honesty, or lack thereof, as the person using someone else's writing, which in turn could reflect on your ability to effectively spread your message. Your response above most assuredly kills that ability.
OMG dumb people

Millwood, NY

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#15
Aug 9, 2013
 

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Not So Fast My Friend wrote:
<quoted text>
While showing the source when you use someone else's writing is a literary requirement, it is also a reflection of your honesty, or lack thereof, as the person using someone else's writing, which in turn could reflect on your ability to effectively spread your message. Your response above most assuredly kills that ability.
No retard, lots of people quote things without citations in their comments retard. You really need to get out of the utica area it's dragging your intelligence and esteem down if this is where you're going retard. Wow talk about stupid insignificant crybabies. When you earn what I do we'll see who's working on an assembly line LOL!
Level 3

Since: Jul 12

Hartford, CT

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#16
Aug 9, 2013
 
Not So Fast My Friend wrote:
<quoted text>
First, there is such a thing as an oral contract and an implied contract.
Second, based on the settlements cited in the article, I sincerely doubt any pending or future lawsuit against him will be tied up in courts for twenty years.
those settlements were not with his ex wife... and the fact that they were settled quickly tells me they didn't have much of a case,otherwise they would have followed through and gotten more. just lookin for money, greedy people hate to see anyone but themselves succeed..... probably the same thing his ex wife is pulling.....
Costa

Tully, NY

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#17
Aug 9, 2013
 
Just for the record, Ulukaya is not a Greek. He is Turkish. It is insulting to Greek people that this man pretends to be Greek, when he is a Turk. Never trust a Turk.
None

Millwood, NY

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#18
Aug 9, 2013
 
Truth wrote:
<quoted text>
Are you a disgruntled Chobani assembly line worker?
You must be a born utican loser. Always with the first stupid thing that pops into your retarded lowlife pinheads lol! No wonder people laugh at you simple simons!
Sticks35

Sutton, MA

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#19
Aug 10, 2013
 
Costa wrote:
Just for the record, Ulukaya is not a Greek. He is Turkish. It is insulting to Greek people that this man pretends to be Greek, when he is a Turk. Never trust a Turk.
when has hamdi ever told anyone that he was greek. He told us when we met him that hd was turkish. Get a life...... The guy that runs fage is greek and hes absolutly a miserable person to deal with.
Sticks35

Sutton, MA

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#20
Aug 10, 2013
 
None wrote:
<quoted text>You must be a born utican loser. Always with the first stupid thing that pops into your retarded lowlife pinheads lol! No wonder people laugh at you simple simons!
ive been kn both the fage and chobani plants. The fage plant is all new and way more automated. The chobani plant is old and pieced together and alot more workers needed. However the chobani workers are much more freindly and say hello.
None

Millwood, NY

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#21
Aug 10, 2013
 
Sticks35 wrote:
<quoted text>ive been kn both the fage and chobani plants. The fage plant is all new and way more automated. The chobani plant is old and pieced together and alot more workers needed. However the chobani workers are much more freindly and say hello.
Who cares? They make yogurt in a factory. I make the plants they work. They are not my concern.
Vomit Food

New York, NY

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#22
Aug 10, 2013
 

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Why is NYS pushing this crap down our kids throat in school when anyone I know who's tried it said they'd rather eat dog food. Regular yogurt has always been just fine and all of a sudden it's like the masses discovered gold or something.
Sticks35

West Hartford, CT

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#23
Aug 10, 2013
 
None wrote:
<quoted text>Who cares? They make yogurt in a factory. I make the plants they work. They are not my concern.
nice attitude. I bet your co workers all think your a A-hole.....

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