Skip to comments.Insider trading charges could derail Cuban's bid for Cubs (Dinosaur Media DeathWatch™)
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.
(Excerpt) Read more at chicagotribune.com ...
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.
I love happy endings in both accounts.
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.
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...
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.
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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.
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.”
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.
He funded the recent box office trash "Redacted".......
That should answer any questions you might have of this ahole.......
Well if you are selling an inferior product you deserve to go down the toilet.
Yes. He’s got troubles. But what I want to see is the Tribune’s newspapers turned to ash.
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.
And the Networks, Fox/Murdoch, CNN...all big media.
Then we gotta work on the thieving businesses, and chop them down to size.
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.
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...
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.
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