Spurs about to lose more money.

[objective]

Being sued with the NBA and other former ABA teams by the St. Louis owners for even more money.

link (http://www.ibj.com/new-nba-tvrevenue-lawsuit-could-hurt-pacers/PARAMS/article/30931)

[ChumpDumper]

The Silnas invested some of their money with convicted con man Bernard Madoff, according to court records.Good luck, dumbasses.

[Bruno]

Given how the NBA and owners have acted like greedy businessmen by not caring at all about fans and arena workers with the lockout, it's hard to have some sympathy for them for being sued by a smarter greedy businessman.

[baseline bum]

LOL @ Kentucky taking a one-time payment of $3 million instead of getting the $230 million the Sails got. How the hell did the Spurs ever agree to this ridiculous deal?

[Fabbs]

Originally posted by RumpHumper: The Silnas invested some of their money with convicted con man Bernard Madoff, according to court records.

Good luck, dumbasses.
Wrong RumpHumper.
Your presumptuous cherry picking left out the quote that shorty followed:
They’ve been sued by Irving Picard, the court-appointed trustee liquidating Madoff’s former firm. Picard is seeking the return of millions of dollars he claims the Silnas took in profits from their Madoff accounts.

and

Ozzie and Dan Silna, the Spirits’ former owners, have made more than $237 million from the deal, Forbes estimated earlier this year. (the ABA-NBA deal)

[Fabbs]

Given how the NBA and owners have acted like greedy businessmen by not caring at all about fans and arena workers with the lockout, it's hard to have some sympathy for them for being sued by a smarter greedy businessman.
+1
And i don't even know that the Silnas are greedy.

[ChuckD]

LOL @ Kentucky taking a one-time payment of $3 million instead of getting the $230 million the Sails got. How the hell did the Spurs ever agree to this ridiculous deal?

Because back then, the broadcast rights weren't worth a bucket of warm spit. When this was signed, the Finals were being broadcast on tape delay.

This is the best damn Spurs news I've heard in years. The agreement was deemed airtight, and the only way to do that is to be VERY specific. The trouble for the freeloader brothers is that this leaves them almost no avenue to increase their take. If it's specific, it's specific enough to tell exactly what they get. IIRC, the ONLY thing they get is a cut of the domestic network broadcast rights. That other shit about international rights and merchandising is bullshit, and they're going to lose.

Thank you, Irving Picard for sodomizing their brokerage accounts on clawback. This may be the buyout opportunity that the former ABA teams have been looking for for decades.

[ChuckD]

Wrong RumpHumper.
Your presumptuous cherry picking left out the quote that shorty followed:
They’ve been sued by Irving Picard, the court-appointed trustee liquidating Madoff’s former firm. Picard is seeking the return of millions of dollars he claims the Silnas took in profits from their Madoff accounts.

and

Ozzie and Dan Silna, the Spirits’ former owners, have made more than $237 million from the deal, Forbes estimated earlier this year. (the ABA-NBA deal)

The thing about Ponzi scheme collapses is that it doesn't matter if you made or lost money, you're screwed, either by the schemer, or on clawback. Picard has a wicked high success rate in getting cash from the profit takers. These guys are fucked, and yes, if your broker returns 20% a year for decades, they're dumb for not seeing they were involved in a Ponzi.

[ChumpDumper]

lol dumbasses

[Fabbs]

The thing about Ponzi scheme collapses is that it doesn't matter if you made or lost money, you're screwed, either by the schemer, or on clawback. Picard has a wicked high success rate in getting cash from the profit takers. These guys are fucked, and yes, if your broker returns 20% a year for decades, they're dumb for not seeing they were involved in a Ponzi.
Except the Silnas were not investing with Madoff for decades.
Nor (they claim) did they put anywhere near all their NBA earnings with Madloff.
-----------------------------------------

South it went, and Silna claims he lost every penny he and his brother invested with Madoff's firm. He won't say how much they put in. Irving Picard, the trustee in charge of liquidating the Madoff accounts, insists the Silnas were in fact "net winners" with Madoff. In three lawsuits against the Silnas, Picard is asking for $24 million in "fictitious profits" that the Silnas withdrew from their Madoff accounts between 2002 and 2008 (which is the six-year statute of limitations period). The Silnas have countersued Picard, claiming his calculation is wrong.

The two brothers aren't crying poor. "Thankfully, we were pretty well diversified," says Dan. And, of course, they still have the NBA deal, which should yield them around $95 million over the final five years of this TV contract. Dunk that, Bernie.
http://www.forbes.com/forbes/2011/0606/focus-bernie-madoff-dan-ozzie-silna-aba-nba-hoops-oops.html

And Picard is hardly collecting from everyone involved.
JPMorgan, UBS Win Dismissal of Madoff Trustee’s Claims in Federal Court
http://www.bloomberg.com/news/2011-11-01/jpmorgan-ubs-win-dismissal-of-madoff-trustee-picard-s-common-law-claims.html

[lefty]

Spurs = Class

[ChuckD]

And Picard is hardly collecting from everyone involved.
JPMorgan, UBS Win Dismissal of Madoff Trustee’s Claims in Federal Court
http://www.bloomberg.com/news/2011-11-01/jpmorgan-ubs-win-dismissal-of-madoff-trustee-picard-s-common-law-claims.html

Those are banks, and it was a long shot at best. He has an excellent collection record against individuals, no matter how rich or lawyered up they are.

They're fucked. Go get 'em, Irving.

[Fabbs]

^^ unless you have stats on how much they invested with Madloff and other losing investments, they don't appear screwed to me.

Picard is going for 24 million in profits. Even if he hits that figure it sounds like Silnas are worth around 300 mil.

[ChumpDumper]

So the Silnas are either dumbasses or lying dumbasses.

[Fabbs]

^^ Surely you will be willing to show your portfolio vs the Silnas since you spout what "dumbasses" they are. :lol

[ChuckD]

^^ unless you have stats on how much they invested with Madloff and other losing investments, they don't appear screwed to me.

Picard is going for 24 million in profits. Even if he hits that figure it sounds like Silnas are worth around 300 mil.

You're assuming that they kept every penny that they've ever earned from their NBA pilferage that began in 1976. Even rich people are going to spend a lot of that over 35 years. This suit smacks of complete financial desperation. My guess is that they have some assets, but very little cash on hand, overly asset leveraged, as it were.

235M over 35 years is an average of only 6.57M per year, split two ways between the brothers. In the beginning, it was much less, and has gradually grown. My guess is that they've become accustomed to their income, been spending it all along, and never thought anything would happen to it, and this Picard thing either will completely deplete their cash, or hit them when they have little or no cash at all, sharply impacting their lifestyle. They'll be ripe for a buyout offer. Never a better chance.

[ChuckD]

^^ Surely you will be willing to show your portfolio vs the Silnas since you spout what "dumbasses" they are. :lol

Being caught in a Ponzi scheme IS dumb. Stop pretending that isn't so.

[ChumpDumper]

^^ Surely you will be willing to show your portfolio vs the Silnas since you spout what "dumbasses" they are. :lolI didn't give any money to a Ponzi scheme. :lol

Dumbasses.

[Fabbs]

Coach RHs portfolio:
"I didn't give any money to a Ponzi scheme." :lol
Wow, that's an impressive portfolio.

Yet you have purchased tickets to a Pop-Bonner era game?
I'd say that is worse then a Ponzi scheme. :lmao

[ChumpDumper]

Coach RHs portfolio:
"I didn't give any money to a Ponzi scheme." :lol
Wow, that's an impressive portfolio.

Yet you have purchased tickets to a Pop-Bonner era game?
I'd say that is worse then a Ponzi scheme. :lmaoNot at all. You're a dumbass.

[Fabbs]

You're assuming....

They'll be ripe for a buyout offer. Never a better chance.
And you don't know either.
So far it appears they have not lost a dime from Madoff but instead went up 24 mil. To be determined what happens to that as to Picard collecting or not. The US courts have nothing to do with what's fair, we all know that by now so lets see what their lawyers can work.

As to their NBA deal while i agree they might have blown it all, the Forbes article said they are in line for 95 million over the next 5 years. Even if bought out at half that i think they exceed most peoples net worth.

[ChumpDumper]

So far it appears they have not lost a dime from Madoff but instead went up 24 mil. They say they lost it all.

Don't you believe them?

[ChuckD]

And you don't know either.
So far it appears they have not lost a dime from Madoff but instead went up 24 mil. To be determined what happens to that as to Picard collecting or not. The US courts have nothing to do with what's fair, we all know that by now so lets see what their lawyers can work.
What part of this aren't you getting? You don't EVER make money in a Ponzi scheme. All they did was withdraw other people's money. That $24M is 100% forfeit if Picard has the paperwork/statements to show where it came from.

As to their NBA deal while i agree they might have blown it all, the Forbes article said they are in line for 95 million over the next 5 years. Even if bought out at half that i think they exceed most peoples net worth.

If I were the 4 former ABA teams, I'd hit them with a full offer buyout while they are in a cash crunch. If each team kicks in $24M, which the league would likely loan them, they could be rid of these ticks forever. They'd recoup it in just a few years by not having to pay out 1/7 of their TV revenue.

You seem to think I care about these brothers and their fortune. I care only that they are in a serious cash crunch, and ripe for a buyout that in the long run benefits the Spurs.

[TDMVPDPOY]

this is what i dont get, wtf does the spurs still have to pay them brothers for when they have nothing to do with the spurs besides some stupid agreement between the previous aba owners and the nba spurs....

so what happens if holt decides to sell the team or allocate to another city, do these brothers still get a share of the proceeds....

[GSH]

Given how the NBA and owners have acted like greedy businessmen by not caring at all about fans and arena workers with the lockout, it's hard to have some sympathy for them for being sued by a smarter greedy businessman.

Broken
Fucking
Record
:deadhorse

[FromWayDowntown]

this is what i dont get, wtf does the spurs still have to pay them brothers for when they have nothing to do with the spurs besides some stupid agreement between the previous aba owners and the nba spurs....

so what happens if holt decides to sell the team or allocate to another city, do these brothers still get a share of the proceeds....

In short, they have to pay those brothers because the Spurs' ownership in 1976 (as well as the ownership of all of the other ABA teams) agreed to it. The agreement requires payments in perpetuity, if I remember correctly. Contracts can certainly be written in a way that obligates a successor on one side to continue performance under the contract. In other words, this agreement applies to the Spurs (and the Nets, Nuggets, and Pacers) no matter who owns them and no matter where those teams play. My guess would be that it also applies to the heirs of the Silna brothers, thus giving it the perpetual term.

The only way to get out from under that obligation is to terminate the contract by some sort of settlement. My guess would be, as ChuckD has pointed out, that there is no legal basis to invalidate the contract and terminate it that way.