The Cubs Sale Thread

[CubinNY]

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

They're going for the political attack angle.

 

If I'm Cuban I pay the fine and move on with my life. It looks like a pretty clear case of adventitious inside information being used here. I sounds like Cuban sunk a bunch of money in this internet venture and then when they came back asking for more and using the method they did he tried to wash his hands of the entire business. The problem is it is not fair to all the other investors.

[Banedon]

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.

 

Comcast Sports Net is using him too. He was on Chicago Tribune Live last night (or whatever they're calling it these days).

[Banedon]

Of course this is what they'd say, but....

 

Christopher Clark, a lawyer for Cuban, said the insider-trading charges should not hurt Cuban's involvement in the Cubs sale because the two matters are not connected.

[Smack]

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.

 

If he really is innocent... It would be amusing to see him raise all sorts of hell, beat this out, and make the SEC look like clowns.

[shnsajax]

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.

 

If he really is innocent... It would be amusing to see him raise all sorts of hell, beat this out, and make the SEC look like clowns.

 

And the beauty is that he has no problem in dropping the money to do so if thats an option.

[Outshined_One]

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

They're going for the political attack angle.

 

If I'm Cuban I pay the fine and move on with my life. It looks like a pretty clear case of adventitious inside information being used here. I sounds like Cuban sunk a bunch of money in this internet venture and then when they came back asking for more and using the method they did he tried to wash his hands of the entire business. The problem is it is not fair to all the other investors.

 

He's airing his dirty laundry and building up public sympathy. I have my doubts that he'll let this drag out, but we'll see where he goes with it.

[Soul]

Of course this is what they'd say, but....

 

Christopher Clark, a lawyer for Cuban, said the insider-trading charges should not hurt Cuban's involvement in the Cubs sale because the two matters are not connected.

 

I can't see how he can even try to say that.

[Ding Dong Johnson]

Of course this is what they'd say, but....

 

Christopher Clark, a lawyer for Cuban, said the insider-trading charges should not hurt Cuban's involvement in the Cubs sale because the two matters are not connected.

 

I can't see how he can even try to say that.

because he's right

[justlikethecubs]

Of course this is what they'd say, but....

 

Christopher Clark, a lawyer for Cuban, said the insider-trading charges should not hurt Cuban's involvement in the Cubs sale because the two matters are not connected.

 

I can't see how he can even try to say that.

 

He's a a lawyer, they will say anything (specially one for Cuban)

[jersey cubs fan]

Of course this is what they'd say, but....

 

Christopher Clark, a lawyer for Cuban, said the insider-trading charges should not hurt Cuban's involvement in the Cubs sale because the two matters are not connected.

 

I can't see how he can even try to say that.

because he's right

 

Not really. Killing your wife and trying to buy a team are not connected on the surface, but committing a crime can easily derail your bid. Insider trading may be less serious than murder, but committing unethical and/or illegal business practices are actually much closer related to trying to buy a baseball team.

[Soul]

Of course this is what they'd say, but....

 

Christopher Clark, a lawyer for Cuban, said the insider-trading charges should not hurt Cuban's involvement in the Cubs sale because the two matters are not connected.

 

I can't see how he can even try to say that.

because he's right

 

Not really. Killing your wife and trying to buy a team are not connected on the surface, but committing a crime can easily derail your bid. Insider trading may be less serious than murder, but committing unethical and/or illegal business practices are actually much closer related to trying to buy a baseball team.

 

Pretty much.

 

Everything's in play. It doesn't really matter if it "isn't connected." Everything will be taken into account, including accusations made by the SEC. I don't see how this guy can try to make the argument that something like insider trading charges won't be considered by the MLB owners. Obviously they will be.

[Banedon]

Another lawyer post on http://www.blogmaverick.com.

 

Essentially Cuban is going to argue that he was never told by the Mamma.com guy that the information was confidential.

[weatherdood]

Just down off the AP Wires.

 

By RONALD BLUM

AP Baseball Writer

 

NEW YORK (AP) -- Major League Baseball says the deadline to submit bids to buy the Chicago Cubs is Dec. 1.

 

Bob DuPuy, baseball's chief operating officer, said representatives of four bidders have met in New York in recent weeks with officials from the commissioner's office, MLB's Internet company and the sport's new television network.

 

The team was put up for sale in April 2007 when Tribune Co., the Cubs' owner, announced it was being acquired by real estate developer Sam Zell.

[SouthSideRyan]

Of course this is what they'd say, but....

 

Christopher Clark, a lawyer for Cuban, said the insider-trading charges should not hurt Cuban's involvement in the Cubs sale because the two matters are not connected.

 

I can't see how he can even try to say that.

because he's right

 

Not really. Killing your wife and trying to buy a team are not connected on the surface, but committing a crime can easily derail your bid. Insider trading may be less serious than murder, but committing unethical and/or illegal business practices are actually much closer related to trying to buy a baseball team.

 

Pretty much.

 

Everything's in play. It doesn't really matter if it "isn't connected." Everything will be taken into account, including accusations made by the SEC. I don't see how this guy can try to make the argument that something like insider trading charges won't be considered by the MLB owners. Obviously they will be.

 

DeBartolo's business dealings is pretty much the reason he's not White Sox owner. Cuban's cooked unless he can prove compete innocence, and even then.

[radarluv1]

cuban doesnt have time to keep quiet and let the sec complete their investigation. his only chance to stay in the hunt for the cubs is to get the charges dropped and soon.

[CubinNY]

cuban doesnt have time to keep quiet and let the sec complete their investigation. his only chance to stay in the hunt for the cubs is to get the charges dropped and soon.

I don't think he's in the hunt any longer not matter what happens. However, his only hope is to get this cleared up as soon as possible. He either needs to admit to a mistake and pay the fine (its not a criminal offense, yet) or to get the hearing moved up to ASAP.

 

It's terrible timing for something that happened two years ago, but he had to know it was coming.

[shnsajax]

cuban doesnt have time to keep quiet and let the sec complete their investigation. his only chance to stay in the hunt for the cubs is to get the charges dropped and soon.

I don't think he's in the hunt any longer not matter what happens. However, his only hope is to get this cleared up as soon as possible. He either needs to admit to a mistake and pay the fine (its not a criminal offense, yet) or to get the hearing moved up to ASAP.

 

It's terrible timing for something that happened two years ago, but he had to know it was coming.

 

I think this happened in 2004 from what I read, it suprised me being 4 years old.

[Dallas Green]

Here is the latest, its down to Ricketts and Klaff according to my peeps and the ap says Cuban has been out for months.

 

http://chi-ball.com/blog/2008/11/sources-cubs-sale-down-to-two-ap-cuban-out-for-months/

 

Baseball officials do not think Dallas Mavericks owner Mark Cuban has been part of the bidding process for months. Cuban was charged Monday by federal regulators with insider trading for allegedly using confidential information on a stock sale.

[Outshined_One]

Bloomberg

 

The second round of bids is due on Dec. 1, DuPuy said, and any buyer must be approved by 75 percent of baseball teams. Sam Zell's Tribune Co. is selling the franchise to help pay down $11.8 billion in debt.

 

Bidders include Tom Ricketts, the chairman of Incapital LLC whose father founded TD Ameritrade Holding Corp; Michael Tokarz of MVC Capital Inc.; Leo Hindery, managing partner of Intermedia Partners; and Hersch Klaff, a real-estate executive.

 

Dallas Mavericks owner Mark Cuban also submitted a proposal to buy the Cubs, Wrigley Field and a 25 percent stake in a sports network. Cuban was accused two days ago by U.S. securities regulators of making illegal trades in an Internet search company. Cuban denied the charges.

[Sammy Sofa]

Comcast Sportsrise just said Cuban is not part of the next step of the bidding process.

[Gmoney08]

He may be out now but if he was out for months why would Cuban still publicly be commenting that he is very much involved (as recently as last week).

[Banedon]

I'm betting that Comcast was basing their comment on the AP story.

[RedIvyCub]

Bloomberg

 

The second round of bids is due on Dec. 1, DuPuy said, and any buyer must be approved by 75 percent of baseball teams. Sam Zell's Tribune Co. is selling the franchise to help pay down $11.8 billion in debt.

 

Bidders include Tom Ricketts, the chairman of Incapital LLC whose father founded TD Ameritrade Holding Corp; Michael Tokarz of MVC Capital Inc.; Leo Hindery, managing partner of Intermedia Partners; and Hersch Klaff, a real-estate executive.

 

Dallas Mavericks owner Mark Cuban also submitted a proposal to buy the Cubs, Wrigley Field and a 25 percent stake in a sports network. Cuban was accused two days ago by U.S. securities regulators of making illegal trades in an Internet search company. Cuban denied the charges.

 

Seriously? Gee this is news to me....NOT!

[inari]

It's nice to be important, but it's more important not to get caught doing insider trading!!! Edited November 20, 2008 by inari

[jersey cubs fan]

NOT!!!!!