http://sports.espn.go.com/nba/news/story?id=3708124 (http://sports.espn.go.com/nba/news/story?id=3708124)
Feds accuse Mavs owner Cuban of insider trading
I dont think that this will have a good effect on Cuban's bid for the Cubs. I dont think that this is what Bud, Chicago, or the Chicago Tribune are really looking for right now.
"According to the SEC, the complaint seeks to permanently enjoin Cuban from future violations of the federal securities laws, disgorgement (with prejudgment interest), and a financial penalty."
I can't find a legaleze to English translator on the Internet. Can one of you lawyer types explain what this means? Permanently enjoin him from future violations...sounds like they aren't going to let him break the law in the future. Oooh, that's harsh.
I am guessing that is not what it really means.
Quote from: MUEng92 on November 17, 2008, 12:15:51 PM
"According to the SEC, the complaint seeks to permanently enjoin Cuban from future violations of the federal securities laws, disgorgement (with prejudgment interest), and a financial penalty."
He will have to have his future trading done with more oversight by the SEC (TBD), he will have to pay back his ill-gotten profits with interest and he will have to pay a financial penalty if he is found guilty.
From what I understand this a a civil case not a criminal case.
Also the Tribune now wants to still own 50% of the team and sell the other half. I can't imagine that appeals to Cuban in any way now.
Quote from: TallTitan34 on November 18, 2008, 11:36:35 AM
Also the Tribune now wants to still own 50% of the team and sell the other half. I can't imagine that appeals to Cuban in any way now.
Do they have a timeline for when they would like to sell? anyone?
Can't remember where I read it, but I'm pretty sure the idea of Cuban owning the Cubs has already been squashed and offers won't even be entertained.
Quote from: jaybilaswho? on November 18, 2008, 12:53:36 PM
Do they have a timeline for when they would like to sell? anyone?
http://www.chicagotribune.com/sports/baseball/cubs/chi-081119-chicago-cubs-owners-meeting,0,1978979.story
trouble raising money for a purchase of the famously unsuccessful franchise, which hasn't won the World Series in a century.