Official lance armstrong thread, part 2 (from september 2012) - Page 289 - Cyclingnews Forum

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  #2881  
Old 12-27-12, 05:18
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MarkvW MarkvW is offline
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The haters are on a "Lance is Doomed" jag.
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  #2882  
Old 12-27-12, 09:51
webvan webvan is offline
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Had missed on the unearthing of that credit line, who spilled the beans? Why did he need one when he was supposedly worth $125 million? Seems stupid to pay interest when you have that kind of money?
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  #2883  
Old 12-27-12, 11:05
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Originally Posted by Merckx index View Post
What are they going to do if LA refuses to hand back the bronze medal? He still has those yellow jerseys on his living room wall, after all. Would the IOC be allowed to take the medal when LA’s home is put up for sale? What if the home is sold “as is”, with all of LA’s personal belongings going with it? Could the IOC put a lien on it? How much is a tainted bronze medal worth in today’s market? How much is it worth if it is melted down for just the bronze?

So far, this seems to be what LA owes:

SCA – $12.5 million
London Times - $1.6 million
Line of credit - $8 million (I assume that was given when he still had his sponsors, and presumed capable of paying it back with income)

So $22 million, with possibly a federal suit still to come.
There have been cases before with ppl resisting handing back their ill-gotten medal. I don't know if they ever got back the 2004 Olympics shot put gold from Irina Korzhanenko. Whatever happened with that medal, IOC gave the bronze to Svetlana Krivelyova. She was disqualified this year after retests, and now she will not give back the medal. The next in line for it is Nadzeya Ostapchuk. She will probably be thrilled to get a new medal after she had to hand back her London gold.
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  #2884  
Old 12-27-12, 17:55
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DirtyWorks DirtyWorks is offline
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Originally Posted by neineinei View Post
... The next in line for it is Nadzeya Ostapchuk. She will probably be thrilled to get a new medal after she had to hand back her London gold.
For those that don't know Ms. Ostapchuk completely failed the doping IQ test. I won't post a link to a photo of her from the London games. She was in the Tammy Thomas level of abuse.

As long as the other sports like Tennis and various track and field disciplines have cycling tied to the whipping post they will keep the doping controversy sufficiently hidden. The IOC is managing doping very well.
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  #2885  
Old 12-27-12, 18:03
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Originally Posted by webvan View Post
Had missed on the unearthing of that credit line, who spilled the beans? Why did he need one when he was supposedly worth $125 million? Seems stupid to pay interest when you have that kind of money?
It's not special to Wonderboy. Banks offer credit as soon as they can on mortgages and/or deposits they originate. There's really, really good money in it.

As for the "Lance is doomed" sarcasm, those legal bills are piling up. Is he doomed? I doubt it. Will he have to limit his lifestyle to keep the kids and baby mommas funded? Probably. Will he actually act responsibly for them? I don't know, but I doubt it.

I agree with Mr. Hamliton, Wonderboy is not going to be humbled by any of this. I'm waiting for the next scam as his way of getting the last word in.
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  #2886  
Old 12-27-12, 18:07
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thehog thehog is offline
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Originally Posted by webvan View Post
Had missed on the unearthing of that credit line, who spilled the beans? Why did he need one when he was supposedly worth $125 million? Seems stupid to pay interest when you have that kind of money?
But he doesn't have 125million cash.

He has a sum of cash but other money in assets and investments.

He can't call early on many of those assets without loss or penalty.

Cash flow is his biggest problem. It's starts to tie a noose around your neck and gets tighter and tighter.

You begin to sell assets below their market value and for lower than your of original investment.

Horrible situation to be in....
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  #2887  
Old 12-27-12, 18:22
Velodude Velodude is offline
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Originally Posted by webvan View Post
Had missed on the unearthing of that credit line, who spilled the beans? Why did he need one when he was supposedly worth $125 million? Seems stupid to pay interest when you have that kind of money?
It is called leveraging. If return on assets and asset growth exceed costs of borrowing then you are increasing your wealth without any personal exertion.

Alternatively, Wonderboy could have mortgaged previously unencumbered assets and moved the proceeds of that funding out of the reach of future creditors.
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  #2888  
Old 12-27-12, 18:28
Oldman Oldman is offline
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He needs cash flow. Nothing coming in. A lot going out.

Lance's lawyers doing very well. Good on them. They should keep bleeding him dry.
As Tyler suggested, Lance's most treasured asset is gone. He'll need to look long and far to find any hero worshippers.
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  #2889  
Old 12-27-12, 18:37
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Originally Posted by MarkvW View Post
The haters are on a "Lance is Doomed" jag.
But maybe this is better than when Armstrong is in one of his "I'm gonna make your life a living f*+!ing hell" moods.

http://deadspin.com/5951473/excerpts...ike-an-*******
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Last edited by frenchfry; 12-27-12 at 18:40.
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  #2890  
Old 12-27-12, 19:16
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BroDeal BroDeal is offline
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As Tyler suggested, Lance's most treasured asset is gone. He'll need to look long and far to find any hero worshippers.
That Alp373 tard in the comments will probably always be willing to buy him a beer.
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