ED Magedson – Founder
Karp Reilly LLC104 Field Point Road Greenwich, Connecticut USA
Karp Reilly LLC Adam BurgoonAllan KarpChris ReillyJohn SarksianSKLZ Karp Reilly LLC and SKLZ engage in elaborate scheme to rip off innovative new golf product Greenwich Connecticut
Our company developed, produced and begin marketing a portable golf product in the middle of 2009. We developed a follow-on product which is a full size version for golf courses and driving ranges. Seeking funding, I contacted Adam Burgoon a partner at the private equity firm Karp Rielly LLC.
I sent Adam an email on 7/13/2009 at 12:25 PM PST with a link to the website showing videos and animations of both products. One hour later Adam Burgoon replied saying: "Interesting. I'd like to learn more."
Later that day we set up a phone conference for the next day. On 7/16/2009 stated he wanted to see the product first hand and sent me this email: "I might have time late afternoon this coming Tuesday in LA. What does your schedule look like. I'd love to take a peek at your plan in the interim."
We met at my office that following Tuesday. He checked out the product, tested the functionality and said he really liked it. On 7/19/2009 I sent Adam my business plan.
On 8/7/2009 Adam sent this email: "It was very nice meeting you - you've got an impressive invention"
A few days later we had a telephone conversation and Adam stated our product does not fit the Karp Reilly LLC criteria as it is too early stage. However, he than stated, on occasion the partners personally invest in projects the they feel have great potential and my product fit that profile.
He asked me to submit a formal funding request. On 8/18/2009 I sent the funding request saying "Attached is our funding request we promised you."
On 8/24/2009 Adam scheduled a phone call for the following day. During this call Adam explained to me a common practice when investing the investors require an experienced (in the particular category) "Advisor" to help the investors increase their comfort level.
Adam suggested a company in the sports industry, SKLZ, he said Karp Reilly LLC already had a relationship with them and their founder John Sarkisian. We discussed whether I should set the meeting up or him.
On 8/28/2009 Adam stated in an email: "I think it is better if we introduce it to John directly. Allan and I will call him Monday." Allan happens to be Allan Karp to co-founder of Karp Reilly LLC.
My partner and I met with John Sarkisian, founder of SKLZ. We were initially delighted when he commented our product was the best solution he had ever seen.
We were dismayed to find that he had no interest in being the advisor for Karp Reilly LLC. Rather he wanted to license it and put on the market under the SKLZ brand.
I explained the product was already on the market, made a big splash at the PGA Merchandise Show, and already had been covered by the Golf Channel.
That the product was already beyond licensing in that there was $700,000 invested in tooling and inventory and was already shipping. Typically when an inventor licenses a product the licensing party pays for development and production and the inventor gets a licensing fee based on sales.
I said I would entertain licensing it if he reimbursed us for our costs to date. John Sarkisian of SKLZ admitted that this was a problem because is company was essentially broke due to the market melt-done. In other words John Sarkisian had no money pay for it so he decided to steal it.
Prior to the SKLZ meeting we signed an NDA with SKLZ which we noticed expired in three years. At the time we were not too concerned because Karp Reilly LLC had assured us they had a business relationship with SKLZ and that they would soon after this meeting have a large stake in the new business following their investment.
Exactly three years after this meeting SKLZ knocked off our product. When I called SKLZ about the their answer was F You, and besides we are sure we got around your patents.
When I contacted Adam Burgoon, of Karp Reilly LLC. He was in total denial of any involvement what-so-ever. I sent him an email reminding him I have all this in writing he sent the email to the SKLZ attorney (even thought it said "Confidential) on the email. The SKLZ attorney threatened me.
Check out my product: http://www.fairwaypro.com
Check out the SKLZ knockoff: http://shop.sklz.com/search?q=glide+pad
The only good news is the SKLZ product is poorly designed and actually does not perform very well. It has no handle and falls apart when you pick it up.
Instead if using compression springs like ours that last 1 million cycles SKLZ uses a single rubber band that only lasted 10 minutes when I set it up on our hitting machine.
This report was posted on Ripoff Report on 10/02/2013 04:50 PM and is a permanent record located here: http://www.ripoffreport.com/r/Karp-Reilly-LLC/Greenwich-Connecticut-06830-/Karp-Reilly-LLC-Adam-BurgoonAllan-KarpChris-ReillyJohn-SarksianSKLZ-Karp-Reilly-LLC-and-S-1089028. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
Advertisers above have met our
strict standards for business conduct.