Posted on 05/30/2014 5:28:17 AM PDT by SoFloFreeper
..., Los Angeles Clippers owner Donald Sterling has been ruled mentally unfit and cannot stop the sale of his NBA team.
It was announced late Thursday night that Donald's wife Shelly had reached a deal with former Microsoft CEO Steve Ballmer to sell the Clippers for a record $2 billion. According to ESPN, the papers were signed shortly before midnight.
(Excerpt) Read more at jrn.com ...
She just sold the team for $2 billion and will walk away with at least half if she divorces him. How much more financial reward do you want?
Hell hath no fury.....
I also wonder how comfortable other NBA owners are that they couldn't be set up. This whole situation is a real bad situation on so many levels.
I know this because I was the legal guardian of my elderly aunt....the process was a nightmare.
The other NBA owners are happier than pigs in slop over this. Sterling was a joke of an owner and he's gone. Now that his team has been sold for $2 billion that's upped the value of every other NBA team, probably by hundreds of millions of dollars. What's not to like?
With the sale at such a huge price, it's good. If it had gone to anyone who was behind the situation I'd think they'd have to worry about everything they said and did, for fear someone wanted their team.
Yup. And because it was a forced sale, he will likely get a big tax break, too.
He is “incompetently” laughing all the way to the bank...
The previous owners of the Milwaukee Bucks must be kicking themselves.
Well said.
Dangerous precedent, but they will laugh all the way to the bank
Yes, perhaps even worse. Here, we have a long history of the constitutionally and legally protected rights to own and control property, to speak and act freely, and to an expectation of some unknown measure of privacy. Here, mental competence is (has been) assumed unless adjudicated by a law court of competent jurisdiction to be otherwise.
The grandiose monetary fine, and the NBA lifetime ban, all that was approximately within the pale of the NBA rules. The illegal forced sale of the Clippers, and now this shabby and incoherent determination as to mental competence, are evil, anti-American, and violative of this man’s civil rights.
No rights are being taken away. (No. Free Speech does not apply). The League has the right to do this per the Franchise Agreement. Whether they should is another issue, but there are no “rights” at play here.
As they say, it’s just business. Franchises are forced out in many businesses ALL the time for the seemingly vague “conduct detrimental”.
So Steve Ballmer can do the same magic for the LA Clippers as he did for Microsoft? Hmmm, see the comparison chart for MSFT and AAPL for the past 15 years. Good luck there!
It might be suggested that a number of moves by Herb Kohl indicated the intelligence of a mental incompetent.
I did not know that you could sign away you Constitutional rights in a Family trust.
See my post #30, sir, please. Try to force me to sell anything that I own without a court order, sir, please. Try to declare me mentally incompetent without a court order, sir, please. It’s not personal, it’s only business.
If you sell an asset under duress are you subject to capital gains?
The old fart might be able to sue his wife for her share if he is not found incompetent by a judge.
They'll have a hard time arguing duress since the owners didn't vote to force them to sell.
The old fart might be able to sue his wife for her share if he is not found incompetent by a judge.
If the story is correct then he already has been.
Yeah they were just a couple of rude comments away from being billionares. If only they had known.
He’s making about $1.4 billion more than the team is worth. Why would he want to stop it?
>>Now that his team has been sold for $2 billion that’s upped the value of every other NBA team, probably by hundreds of millions of dollars. <<
Does this mean the price of slaves will rise too?
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