SportsGIG
02-23-2007, 08:54 PM
This is an explanation by an attorney friend of mine who loves basketball.
I believe he makes great sense. This is just speculation based on public information from the SEC and law suits filed in Indiana.
Joe goes public with his ABA. Raises money by telling investors we have John Salley and Tom Doyle to run the league. All this is public information in the stock offering. Companies and small investors put in the 2.5million dollars. The new guys, Salley, Doyle and others see Joe doing things he shouldnt be doing and vote him off. Joe turns around and votes the guys off that he promised the investors would be with the company. All this costing money that the investors have put in for the league, now Joe is spending on lawyers.
The judge rules in Joe's favor, Salley and Doyle and a bunch of teams are gone. Investors have a right to sue to get the money back they invested and THATS THE BALL GAME, ABA GONE. Even if the Judge rules in Doyles favor, Joe has enough shares to vote himself back in and throw off Sally and Doyle. Same result, Teams leave. ABA GONE. This is just speculation from a smart corporate attorney based on what he has found in the public domain.
I believe he makes great sense. This is just speculation based on public information from the SEC and law suits filed in Indiana.
Joe goes public with his ABA. Raises money by telling investors we have John Salley and Tom Doyle to run the league. All this is public information in the stock offering. Companies and small investors put in the 2.5million dollars. The new guys, Salley, Doyle and others see Joe doing things he shouldnt be doing and vote him off. Joe turns around and votes the guys off that he promised the investors would be with the company. All this costing money that the investors have put in for the league, now Joe is spending on lawyers.
The judge rules in Joe's favor, Salley and Doyle and a bunch of teams are gone. Investors have a right to sue to get the money back they invested and THATS THE BALL GAME, ABA GONE. Even if the Judge rules in Doyles favor, Joe has enough shares to vote himself back in and throw off Sally and Doyle. Same result, Teams leave. ABA GONE. This is just speculation from a smart corporate attorney based on what he has found in the public domain.