Overview
- The filing alleges Mat Ishbia failed to fund June and July capital calls tied to a $250 million raise and used a debt‑to‑equity swap, leaving minority owners to contribute about 38% despite holding 13%.
- Plaintiffs Scott Seldin and Andy Kohlberg say the agreement’s mechanics would cut Ishbia’s stake from roughly 83.2% to 32.7% and could let them reach about 60% control if the court rules he missed the deadlines.
- The minority owners challenge a $10 million per‑unit price set for the capital calls, noting units sold three months earlier at $198 million and citing Ishbia’s own August analysis valuing the franchise near $7 billion.
- Ishbia’s spokesman dismissed the filing as “nothing new” and “ridiculous,” saying the minority owners are using threats and publicity to force an inflated buyout.
- The Nov. 24 Delaware suit follows Ishbia’s October countersuit and an August team letter referencing an $825 million buyout demand, marking the seventh legal action tied to the Suns since November 2024.