Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Insider trading charges could derail Cuban's bid for Cubs (Dinosaur Media DeathWatch™)
Chicago Tribune ^ | November 17, 2008 | Ameet Sachdev

Posted on 11/18/2008 12:37:58 PM PST by abb

Insider-trading charges brought Monday against Mark Cuban, an Internet entrepreneur and owner of the Dallas Mavericks basketball team, could weaken his chances of buying the Chicago Cubs.

There was already some doubt whether other baseball owners would welcome the loud and brash self-made billionaire into their fraternity if he had the highest bid. Now, they have something to point to to deny him entry, said a sports economist familiar with baseball ownership decisions.

"The charges give the commissioner's office another pretext for turning him down," said Andrew Zimbalist, an economics professor at Smith College.

Robert DuPuy, president of Major League Baseball, declined to comment.

If the charges effectively eliminate Cuban from Cubs auction, his absence would be the latest setback for the sales process that began when Chicago real estate investor Sam Zell reached a deal to acquire team owner Tribune Co., the media conglomerate, in April 2007.

Since then, a declining economy and tight credit markets have raised questions about whether Zell can complete a transaction once valued at more than $1 billion. Cuban's absence would further alter the dynamics of the auction, as other bidders were afraid he would try to win the team and Wrigley Field at any cost. "Mark was the wild card," said a person close to one of the bidders who asked to remain anonymous because the sales process is ongoing. "No one knew what he was going to do."

Other bidders include the Ricketts family, a founder of online brokerage TD Ameritrade Holding Corp., and Chicago real estate investor Hersch Klaff.

snip

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; Politics/Elections
KEYWORDS: corruptdems; cubs; dbm; markcuban; nba; newspapers; tribune
Navigation: use the links below to view more comments.
first 1-2021-32 next last
Tribune Co. (LA Times, Orlando Sentinel) is not long for this world.
1 posted on 11/18/2008 12:37:58 PM PST by abb
[ Post Reply | Private Reply | View Replies]

To: 04-Bravo; aimhigh; andyandval; Arizona Carolyn; backhoe; Bahbah; bert; bilhosty; Caipirabob; ...

ping


2 posted on 11/18/2008 12:40:18 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

In order to avoid waste of time and effort, first ask the question: Is he a democrat?

If yes, fogetttabowdit.
If no, prosecute.

Easy, wasn’t it?

Remember, we’re dealing with an upcoming Obamaloon and associated Clinton criminal cabinet here.


3 posted on 11/18/2008 12:40:47 PM PST by Da Coyote (-)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

I love happy endings in both accounts.


4 posted on 11/18/2008 12:42:09 PM PST by HANG THE EXPENSE (Defeat liberalism, its the right thing to do for America.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Da Coyote

Huge Democrat and even financed a movie that smeared U.S. soldiers as murdering rapists.

Mark Cuban is getting karma...big time. F-CK him. I hope he burns in hell.


5 posted on 11/18/2008 12:43:00 PM PST by My Favorite Headache (Forget the 3AM phone call. Obama can not even answer the phone at 3PM.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Da Coyote

The inside story here is how desperately Sam Zell (owner of Tribune Co. - LA Times, etc) needs to raise cash to meet an upcoming mortgage payment. He HAS to sell the Cubs to raise cash.

Otherwise, Tribune Co. - and it’s newspapers - just fade away...


6 posted on 11/18/2008 12:43:33 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 3 | View Replies]

To: abb

It had been pretty clear from various noisemakers inside MLB that there was no way the owners would approve letting Cuban in their club anyway. He’s too much a boat rocker, upsets the delicate balance of power.


7 posted on 11/18/2008 12:44:46 PM PST by dilvish
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

http://gannettblog.blogspot.com/2008/11/for-editors-new-software-tool-and.html
For editors, new software tool — and Connell, too?

http://www.ft.com/cms/s/0/92600a68-b565-11dd-ab71-0000779fd18c.html
Independent to shed quarter of journalists

http://www.mediaweek.com/mw/content_display/news/magazines-newspapers/e3i39f08ab5c0c81e8df0aaf6a41579701e
Forbes Cuts 43 in Sales and Marketing Mash Up

http://www.nypost.com/seven/11182008/business/layoffs_at_tv_guide__forbes_139301.htm
LAYOFFS AT TV GUIDE, FORBES

http://www.latimes.com/business/la-fi-univision18-2008nov18,0,7094033.story

Univision predicts lean times ahead
The Spanish-language broadcaster posts a $2.9-billion third-quarter loss after writing down assets.


8 posted on 11/18/2008 12:46:39 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 6 | View Replies]

To: abb

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003892437
‘Erie Times-News’ Looks to Buy Out 25 Staffers

http://seattletimes.nwsource.com/html/businesstechnology/2008403633_crosscut18.html
Online news site Crosscut poised to switch to nonprofit

http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20081117/FREE/811179928/1084
NBC signs lease for 100,000 square feet
The deal at 75 Rockefeller Plaza is expected to be short term until NBC Universal can consolidate most of its operations in a still undetermined site.

http://www.bizjournals.com/dallas/stories/2008/11/17/daily12.html
D Magazine cuts staff, closes three papers

http://www.worldscreen.com/newscurrent.php?filename=amd11178.htm
AMD, YouGov Release European Internet, Content Survey

http://www.niemanlab.org/2008/11/the-newspaper-summit-lots-of-lines-all-going-the-wrong-way/
The newspaper summit: Lots of lines, all going the wrong way


9 posted on 11/18/2008 12:49:39 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 8 | View Replies]

To: abb

Right, and if Cuban should somehow offer, let’s say, $100 million more than the other bidders, how are they going to deny Zell the right to sell him the team?

Answer is, they probably can’t and won’t.

But, I doubt now Cuban can be a serious bidder considering his legal woes.


10 posted on 11/18/2008 12:50:45 PM PST by Boiling Pots (I'd be laughing if it wasn't going to be so expensive.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: abb
http://www.observer.com/2008/media/times-gerry-marzorati-play-no-options-make-it-viable Times' Gerry Marzorati on Play: No Options to 'Make it Viable' http://www.portfolio.com/views/blogs/mixed-media/2008/11/18/number-crunch-downsizing-at-the-newsweeklies Number Crunch: Downsizing at the Newsweeklies http://www.cjr.org/feature/overload_1.php?page=all Overload! Journalism’s battle for relevance in an 
age of too much information http://bottomlinecom.com/currentnews/kcstarinbigtrouble.html KC STAR MAY DROP 'MONEY' AND 'TRAVEL' SECTIONS; CIRCUIT CITY CLOSING IS DEVASTATING
11 posted on 11/18/2008 12:52:19 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Boiling Pots

Can’t lay my hands on it right now, but I saw a story the other day which said that 3/4 of the existing owners had to agree on the prospective buyer. Definitely a “Good Ole Boy Network.”


12 posted on 11/18/2008 12:54:28 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 10 | View Replies]

To: abb

Right, and they would not deny (imo) one owner a much better deal than he would get otherwise.

The value of these franchises lies in the marketable title.

When it comes time for them to sell, they want to be able to sell to the highest bidder too.

That being said, it’s probably all moot, Cuban has bigger problems now. He could face jail time.


13 posted on 11/18/2008 12:57:17 PM PST by Boiling Pots (I'd be laughing if it wasn't going to be so expensive.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Da Coyote
In order to avoid waste of time and effort, first ask the question: Is he a democrat?

He funded the recent box office trash "Redacted".......

That should answer any questions you might have of this ahole.......

14 posted on 11/18/2008 1:00:20 PM PST by Hot Tabasco (soon to be pushed over the line. Payback is going to be a bitch......)
[ Post Reply | Private Reply | To 3 | View Replies]

To: abb

Well if you are selling an inferior product you deserve to go down the toilet.


15 posted on 11/18/2008 1:01:02 PM PST by Joe Boucher (An enemy of Islam)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Boiling Pots

Yes. He’s got troubles. But what I want to see is the Tribune’s newspapers turned to ash.

LA Times
Chicago Tribune
Orlando Sentinel
Hartford Courant
Baltimore Sun
Sun Sentinel (Ft. Lauderdale)

I want them to suffer. I want it to be painful and drawn-out. I want to hear the moaning and bitching and wailing.

I want revenge.


16 posted on 11/18/2008 1:04:15 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 13 | View Replies]

To: abb

And the Networks, Fox/Murdoch, CNN...all big media.

Then we gotta work on the thieving businesses, and chop them down to size.


17 posted on 11/18/2008 1:25:18 PM PST by Boiling Pots (I'd be laughing if it wasn't going to be so expensive.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Boiling Pots

Don’t know how much it has gone national, but there is big talk in the local market here about Cuban doing some insider trading and saving himself $750K.

Martha Stewart went to prison for a lot less.


18 posted on 11/18/2008 1:33:39 PM PST by Clay Moore (An aura of breathtaking density and general dimwittedness surrounds zerO)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Clay Moore

Don’t know if you’ve taken note there, but another story in the DFW Metroplex is the sharing of content by the Dallas Morning News and the Ft. Worth Star-Telegram. They might even combine.

If they last long enough to do the deal...


19 posted on 11/18/2008 1:37:26 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 18 | View Replies]

To: Clay Moore

It’s well known Cuban is officially potentially screwed by the SEC for his trades in mamma.com.

Martha Stewart went to jail for obstruction of justice (lying to the FBI). Insider Trading is a civil matter, although the Attorney’s Office may bring criminal charges.


20 posted on 11/18/2008 1:42:21 PM PST by Boiling Pots (I'd be laughing if it wasn't going to be so expensive.)
[ Post Reply | Private Reply | To 18 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-32 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson