CHICAGO (CelebrityAccess MediaWire) — Jerry Mickelson has launched a legal battle against his partner in Jam Theatricals Steve Traxler over claims that Traxler backed out of a deal last year to buy Mickelson's share of the company.
In a suit filed in Cook County Circuit Court, Mickelson alleges that Traxler had agreed to buy out Mickelson's 37.5 percent share in Jam Theatricals for $3.75 million, but failed to follow through with the deal, the Chicago Tribune reported. Traxler holds a 25% stake in the company.
Through the legal action, Mickelson is seeking to hold Traxler to the deal. The third partner, Arny Granat was not named as a party in the suit.
"Our lawyers were working in good faith on negotiating a separation of Jerry Mickelson from Jam Theatricals," Traxler told the Tribune "So while I was surprised Jerry ran to court, I remain hopeful that the lawyers will be able to work out an amicable solution."
Jam Theatricals is a separate entity from Mickelson's concert promotion company, Jam Productions. The company was founded in 1997 by Arny Granat, Jerry Mickelson and Steve Traxler, Jam Theatricals manages subscription seasons in more than 30 cities and produces a host of notable major touring B'way productions including CATS, The Producers, STOMP, Les Misérables, Mamma Mia!, Hairspray, Miss Saigon and Riverdance. – CelebrityAccess Staff Writers