Sterling gets last laugh

Discussion in 'Nuttin' but Net' started by ThePlayer, Jun 5, 2014.

  1. ThePlayer
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    ThePlayer VIP Member

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  2. tilly
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    tilly Superhero Moderator VIP Member

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    I've wondered why the league doesn't place some sort of in house "lien" on outstanding fines upon selling a team.
  3. FakeRickSutcliffe
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    FakeRickSutcliffe Active Member

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    Wow. My struggle to work my way through that article reminds me why I never considered going to business school. lol. What I got out of it was, due to favorable tax ramifications Sterling may profit hugely by the fact that he was forced to sell the team as opposed to doing it voluntarily? Personally I don't really have a problem with that.

    As big a jerk as the guy is, obviously, I am not totally comfortable with the idea of a man being forced to sell his property not because of anything he did but merely because of something he said in a private conversation. I get that the NBA has the right to do it, just not sure it was the right thing to do. I suppose in this case it will all work out for the best, though.
    • Agree Agree x 3
  4. corpgator
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    corpgator Well-Known Member

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    That was a bunch of nonsense. If he reinvests the money, he's not going to have it, so he's not making out better that way. 1.35 billion is still more than 0 from reinvesting. The investment will gain money of course, but he'll have to pay tax on that and whatever the principal was when he cashes out anyway. Plus, he would have to invest in basketball, not in some random stuff like the article posits.

    He's making out because he bought low and sold high, not because of the circumstances around it.

    And I don't know where they got him not paying the fine from. He may not want to, but his contract says he has to pay it. He did drop the lawsuit, though.
  5. bakaduin
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    bakaduin Moderator

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  6. Bradass
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    Bradass Well-Known Member

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    Man, that article took me back to law school. It reads like the answer to a hypothetical tax law exam question like, "An NBA owner is forced to sell his franchise. Here are a few facts about how the forced sale is set up. Please explain the tax ramifications of the sale of the franchise." The writer then explains a buttload of hypothetical situations started by "If tax law X applies, then...." as if he isn't sure about the right answer and couldn't have looked up the actual information somewhere (because it's an exam...). This is a very strange article.
  7. NorthCaptivaGator
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    NorthCaptivaGator Well-Known Member

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    The guy is 85 years old, he loved being able to sit in the front row and watch his "slaves" work for him while the world envied him, he lost it all, deservedly so, what the hell does he need with two billion dollars
  8. your_perfect_enemy
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    your_perfect_enemy Well-Known Member

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    The NBA agreed to drop the fine in an agreement that he would drop his $1 billion lawsuit against them. Even though Shelly indemnified the league against damages*, they still would have had to go to court and $2.5 million is a drop in the bucket to just make it all go away. He's still banned for life.

    *I didn't fully understand how that would work if he went through with it and for the sake of arguement won. He wins, Shelly pays the $1 billion in damamges from the trust that would then go back to the trust so the only money that exchanges hand would be from the trust to their lawyers
  9. diehardgator1
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    diehardgator1 Well-Known Member

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    I wonder how much you thank Justin Bieber should lose for his raciest jokes
  10. Bradass
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    Bradass Well-Known Member

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    Nothing short of his life, honestly, but that's less about his racist beliefs/"jokes" than about his value to society.
    • Winner Winner x 1
  11. your_perfect_enemy
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    your_perfect_enemy Well-Known Member

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    70% of the nba players are black whereas 0% of the just beibers fans are, so it is interesting to see the difference in outrage
  12. your_perfect_enemy
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    your_perfect_enemy Well-Known Member

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    Apparently whoever I heard saying the fine was going to be dropped (I think it was Mike and Mike) was apparently wrong. I stand corrected.
  13. ThePlayer
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    ThePlayer VIP Member

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  14. GatorPlanet
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    GatorPlanet Well-Known Member

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    This is a soap opera in which all the key players are villains. Sad.
  15. NorthCaptivaGator
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    NorthCaptivaGator Well-Known Member

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    Not quite sure what one has to do with the other, Sterling wasn't just making racist jokes and Bieber is not a member of an association that has every right to vote him out of it. My point was, that despite making 2 billion dollars, Sterling will never have the "last laugh" in all of this
  16. Bradass
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    Bradass Well-Known Member

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    I wonder what was more important to Sterling, having another billion dollars, or being able to say "I own an NBA franchise." I don't think he is laughing about his inability to make that claim anymore.
  17. ThePlayer
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    ThePlayer VIP Member

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    The irony is....he claims this suit against the NBA is all about his reputation.
    Apparently 'reputation' means different things to different people.
  18. GatorPlanet
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    GatorPlanet Well-Known Member

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    If he were that worried about his reputation, he'd take a few million dollars and boost programs for inner-city youth.
  19. rock8591
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    rock8591 Well-Known Member

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    If Donald Sterling was truly racist, he would give JJ Reddick the max contract, and then proceed to offer Blake Griffin HALF that.
  20. Dreamliner
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    Dreamliner Well-Known Member

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    Well, Sterling is right about the utter hypocrisy of society in general (along with the national obsession: race) and the NBA in particular.

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