The Cubs Sale Thread

[Derwood]

I'll believe that Cuban is out of it when Cuban says he's out of it

[jersey cubs fan]

Cuban charged with insider trading today. If this goes anywhere it could very easily eliminate any chance he has of buying the Cubs.

[C.C.]

Cuban charged with insider trading today. If this goes anywhere it could very easily eliminate any chance he has of buying the Cubs.

 

I was just going to post this. Interesting...

[Tyrant]

Cuban charged with insider trading today. If this goes anywhere it could very easily eliminate any chance he has of buying the Cubs.

 

Even the charge will give Selig enough reason (in his mind) to block Cuban.

 

He's out.

[evv98]

Cuban charged with insider trading today. If this goes anywhere it could very easily eliminate any chance he has of buying the Cubs.

 

I was just going to post this. Interesting...

 

The party is over for sure.

 

It will take months, if not years to clear himself even if there isn't anything to this. Any resolution will come after the sale.

 

This sucks.

[Banedon]

See....DallasGreen told you guys that Cuban wasn't getting the Cubs. But you wouldn't believe him.

[erik316wttn]

Here's the article if anyone is interested...

 

http://sports.espn.go.com/nba/news/story?id=3708124

[C.C.]

You might as well just hand it over to the Ricketts family and be done with it.

[shnsajax]

Well this sucks.

[Outshined_One]

He'll negotiate a settlement, pay a fine, have a few restrictions put on his trading activities, and admit no wrongdoing.

[Lefty]

He'll negotiate a settlement, pay a fine, have a few restrictions put on his trading activities, and admit no wrongdoing.

 

... and not own the Cubs. :cry:

[UK1679666180]

Besides unable to field a winner, we can't even get the owner we want. This has been a miserable 2 months.

[rocket]

Well crap

[Soul]

I always wonder if something like this is "timed" just right to achieve the desired effect, if you know what I mean.

 

But......there's almost no chance of ever knowing for sure.

[Outshined_One]

I always wonder if something like this is "timed" just right to achieve the desired effect, if you know what I mean.

 

But......there's almost no chance of ever knowing for sure.

 

There's not much of a desired effect to be had here. It's not like he was all set to buy the Cubs and then this suddenly dropped, you know?

[Jehrico]

See....DallasGreen told you guys that Cuban wasn't getting the Cubs. But you wouldn't believe him.

Yeah, but he could have told me in '97 that the Cubs weren't going to win the World Series that year, and I wouldn't have believed him then either.

[Banedon]

Mark posted this on his blog:

 

I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.

November 17, 2008

RE: SEC Civil Action in the United States District

 

for the Northern District of Texas, Dallas Division

 

Mark Cuban today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District for the Northern District of Texas, Dallas Division. In its complaint, the Commission charges that Mr. Cuban engaged in violations of the federal securities laws in connection with transactions in the securities of Mamma.com Inc.

 

This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.

 

Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”

——————————

 

——————————

 

Ralph C. Ferrara, Esq.

 

Dewey & LeBoeuf LLP

 

1101 New York Avenue, N.W., Suite 1100

 

Washington, D.C. 20005

[bukie]

Interesting synopsis of the Cuban stock ordeal here on Truehoop

 

Looks like he did engage in insider trading, from the sounds of it. He'll likely have to pay a fine in the area of 1 million and then the matter will likely go away, officially.

[Smack]

Mark posted this on his blog:

 

I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.

November 17, 2008

RE: SEC Civil Action in the United States District

 

for the Northern District of Texas, Dallas Division

 

Mark Cuban today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District for the Northern District of Texas, Dallas Division. In its complaint, the Commission charges that Mr. Cuban engaged in violations of the federal securities laws in connection with transactions in the securities of Mamma.com Inc.

 

This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.

 

Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”

——————————

 

——————————

 

Ralph C. Ferrara, Esq.

 

Dewey & LeBoeuf LLP

 

1101 New York Avenue, N.W., Suite 1100

 

Washington, D.C. 20005

 

This is probably just posturing, but those are still pretty bold words.

[Soul]

I always wonder if something like this is "timed" just right to achieve the desired effect, if you know what I mean.

 

But......there's almost no chance of ever knowing for sure.

 

There's not much of a desired effect to be had here. It's not like he was all set to buy the Cubs and then this suddenly dropped, you know?

 

But that would be too obvious. If the desired effect is to knock Cuban out of the running, now would be as good a time as any. I'm not saying that's what it is, I just wonder that's all. I wonder about lots of things I'll never really have answers to :)

[Gmoney08]

The timing is ironic and could hurt Cuban's chances with the Cubs. But, I doubt the SEC timed this for the MLB. With the financial crisis and stock market problems right now, I would think the SEC would have bigger fish to fry then sports. But, who knows..

[Banedon]

This is probably just posturing, but those are still pretty bold words.

 

http://sports.espn.go.com/nba/columns/story?columnist=munson_lester&id=3708545

 

Cuban's lawyer, Ralph C. Ferrara, said in a statement on Cuban's blog, blogmaverick.com, that the SEC is guilty of a "gross abuse of prosecutorial discretion" and "misconduct" in filing its complaint against Cuban. Will the comments help or hurt Cuban?

 

The statements can only hurt. At a time when Cuban should be trying to settle things with the SEC, this is an attack on its integrity. It does not take much to trigger Cuban's righteous indignation, but these statements might be a big mistake. Unlike NBA referees, federal investigators and prosecutors are not accustomed to melodramatic attacks on their decision-making. They do not take kindly to any kind of criticism, and they do not forget it. It would be in Cuban's interest to find a way to compromise with the SEC and bring this to an end. Whatever chance he might have had to settle things amicably disappeared when he and his lawyer decided to accuse them of misconduct.

[NCCubFan]

See....DallasGreen told you guys that Cuban wasn't getting the Cubs. But you wouldn't believe him.

Yeah, but he could have told me in '97 that the Cubs weren't going to win the World Series that year, and I wouldn't have believed him then either.

Yes, there's no way he would have convinced me that the Cubs wouldn't win that year after their 0-14 start. :D

[Banedon]

However, people close to Cuban suggested the SEC's probe was tainted by an adversarial relationship the entrepreneur had with SEC lawyer Jeffrey Norris in Fort Worth. In one e-mail, Norris criticized Cuban for "smearing the good name of a patriot like President Bush," because of Cuban's reported involvement with a controversial film about the Sept. 11 attacks. Cuban said he played no role with the film, Loose Change. The e-mail exchange was also sent to SEC chairman Christopher Cox. SEC officials said the e-mail was irrelevant because Norris didn't work on the Cuban investigation. Cox didn't vote on the decision to pursue the enforcement case to avoid the appearance of a conflict of interest, SEC officials said.

 

http://www.dallasnews.com/sharedcontent/dws/spt/stories/111808dnbuscuban.1c00744a4.html

[jersey cubs fan]

This is probably just posturing, but those are still pretty bold words.

 

http://sports.espn.go.com/nba/columns/story?columnist=munson_lester&id=3708545

 

Cuban's lawyer, Ralph C. Ferrara, said in a statement on Cuban's blog, blogmaverick.com, that the SEC is guilty of a "gross abuse of prosecutorial discretion" and "misconduct" in filing its complaint against Cuban. Will the comments help or hurt Cuban?

 

The statements can only hurt. At a time when Cuban should be trying to settle things with the SEC, this is an attack on its integrity. It does not take much to trigger Cuban's righteous indignation, but these statements might be a big mistake. Unlike NBA referees, federal investigators and prosecutors are not accustomed to melodramatic attacks on their decision-making. They do not take kindly to any kind of criticism, and they do not forget it. It would be in Cuban's interest to find a way to compromise with the SEC and bring this to an end. Whatever chance he might have had to settle things amicably disappeared when he and his lawyer decided to accuse them of misconduct.

 

Lester Munson is a buffoon. How he became ESPN's legal expert is beyond me. His performance during the duke lacrosse scandal was embarrassing, or should have been embarrassing to anybody who cared about credibility.