Monday, October 21, 2013
Mark Cuban Owner Dallas Mavericks
Mark Cuban is a mainstay around the Shot of Ginn website, with his awesome dancing skills and party antics. However, he was in the news for something else recently, but as per usual -- the Shark came out on top.
In 2004 Cuban was accused of selling his share in an internet search engine after the CEO of the said search engine told Cuban they were going to have a private offering which would lower the price and dilute Cuban's share. After selling hours prior to the information going public, Cuban apparently avoided close to $750,000 in losses.
Being worth approximately $2.5 billion you can usually afford a dream team of lawyers better than Johnny Cochran and his ill fitting gloves. They attacked the CEO of the corporation that sold the stocks, and the lead SEC lawyer. To top it all off, apparently the CEO changed his story in a way that benefitted the SEC apparently 2 weeks after they dropped an unrelated investigation against the company according to the New York Times. In the end, the jury found Cuban not liable after deliberating for less than 4 hours. Had Cuban been found liable he was facing a fine of upwards of $2 million. Which, given the amount, made it seem like this case was personal for Cuban.
He came out a winner, and hopefully he celebrated like a champion after this 5 year case. Similar to above with him smoking cohiba cigars, but with less of the head bobbing action.