I haven't seen anything new. Well, this is new to me, but it's not new - from Forbes:
edit: whoa, I'm late to the party
Do we have anything on Ballmer yet?
Rochelle Sterling, who has taken the lead in running the sale of the team, is employing a strategy that is similar to the one used by Frank McCourt when he sold the Los Angeles Dodgers two years ago to maximize the sale price: conduct a blind auction that initially is devoid of interference from the league. Guggenheim Baseball Management paid $2 billion for the Dodgers and their stadium, $500 million more than the next highest bidder, hedge fund titan Steve Cohen, was willing to pay.
So how much does Sterling get?
50% goes to wife? assuming no prenup
33% capital gains tax? assuming fed + state
666 million? Pretty rough estimate.
So how much does Sterling get?
50% goes to wife? assuming no prenup
33% capital gains tax? assuming fed + state
666 million? Pretty rough estimate.
well the half that goes to the wife is her half, so I can't say he lost that part.So how much does Sterling get?
50% goes to wife? assuming no prenup
33% capital gains tax? assuming fed + state
666 million? Pretty rough estimate.
people on CNN were calling for the NBA to confiscate the cash fromt eh sale..
Sadly that can never happen in this back asswards country.
well frankly i never thought they could force a sale over a private conversation.
but they were trying. so i wouldn't be shocked if they go after it..
Racism should be cause for immediate loss of wealth and property. As a law, not an obscure NBA rule.
There is now signed agreement. Woah
http://espn.go.com/los-angeles/nba/...ts-winning-bid-buy-clippers-according-sources
Sweet. When can I pick up my fair share from Jesse Jackson?
Sounds about right. The big caveat is what he and his lawyer team does. A lawsuit or five, all they need is one injunction, I think (? not a lawyer), and it's a circus from there.
The real winners of this sale is the government. Sterling takes it in the ass.
$12.5million into $2billion, not sure he's taking it up the ass.
A younger man would not have given up without a fight. The very same reason why robbers often target the elderly. There's definitely something secretly going on behind the scenes, it must involve a very unusual amount of extortion. Oh and don't forget 50% estate taxes, when Sterling croaks and can't pass off the team to his kin. Good job McCarthyists. Now who's next!
This depends on how and when the family trust was set up. Is it revocable or irrevocable. If it's the later the other issue would be did Sterling do anything to break the irrevocable trust. Since it appears he was a trustee as late as last month and he was the CEO of the team it's probably not going to end up being irrevocable. Which means yes, there is going to be a lot more taxes when they die. That said its not the govts fault the Sterling's failed at estate planning.
Apparently Sterling is still a trustee along with his wife. Reports are the trust moved to have him found incompetent under the guidelines set forth in the trust and that under those guidelines a 3rd party found him incompetent. So yeah his could go to litigation. He'd be suing his wife and his family trust, not the NBA. Lawyers would make out like bandits of he sues as the family trust would be paying out money for both side of the suit.
That said his competency has been brought up before so I'm not surprised how this turned out.
Racism should be cause for immediate loss of wealth and property. As a law, not an obscure NBA rule.