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Bang Energy founder Jack Owoc hit with $30M foreclosure suit
Lender alleges the former energy drink mogul and his wife defaulted on mortgage secured by their waterfront Fort Lauderdale mansion
A photo illustration of Jack Owoc along with 3052 North Atlantic Boulevard in Fort Lauderdale (Getty, Bang Energy, Google Maps)
Less than a year after acquiring a waterfront Fort Lauderdale mansion, embattled energy drink mogul Jack Owoc and his wife, Meg Liz Owoc, allegedly defaulted on their $30 million mortgage, according to a recent foreclosure complaint.
The lender is an entity managed by David MacNeil, founder of WeatherTech, a maker of upholstery protection products, who sold the new seven-bedroom home to the Owocs for a record $40 million in October, records show. MacNeil built the 12,700-square-foot mansion at 3052 North Atlantic Boulevard.
The couple failed to make a $363,983 monthly payment due on May 1 and ignored subsequent notices of the alleged default, the lawsuit claims. Owoc could not be immediately reached for comment.
The foreclosure complaint is the latest round of legal woes for Owoc, who was ousted last year as CEO of Weston-based Bang’s parent company Vital Pharmaceuticals. A few months earlier, Bang and Vital filed for Chapter 11 bankruptcy after losing the verdict in a false advertising case by competitor Monster Energy, which was awarded $293 million in damages.
In February, Bang’s liquidator sued Owoc in the U.S. Bankruptcy Court’s Southern District of Florida, alleging he engaged in reckless management and use of company funds to primarily bankroll real estate deals. The liquidator is seeking $100 million in damages.
That lawsuit alleges that Owoc, with assistance from his wife, his son and two associates, used Bang’s company funds as “personal piggy bank.” He allegedly paid his taxes, bought a small island, renovated a home he owns in Southwest Ranches and funded his son’s real estate venture.
Owoc allegedly diverted $37.9 million in company funds to launch Owoc Real Estate Enterprise, which purchased 13 properties in Fort Lauderdale, Jupiter, Southwest Ranches, Pompano Beach and Delray Beach, the complaint also states.
Owoc’s “boundless greed” and “self-dealing regime” caused the collapse of Bang, which he founded in 1993, according to the lawsuit.