Armstrong's financial situation

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Nov 8, 2012
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DirtyWorks said:
The corporation is probably worthless now. There's a legal concept called "piercing the corporate shield" that SCA would have to overcome to get anything from the officers. Not easy at all.

They've got a case I think is a lock for a win. My guess: they will get pennies on the dollar if anything at all.

It might set the trap for a bigger, somehow related, case to follow by another party... I'm just fishing in murky water on that one.
If former officers of a defunct Tailwind get sued civilly because of perjury committed by the beneficiary of the payee then I'm guessing the **** will roll downhill and the payee will sue the beneficiary.

Unless Mr. Weisel does not want Mr. Armstrong to spill his guts in which case Mr. Weisel writes SCA a check.

All conjecture, of course. I'm curious though, why would Lance's team have already offered SCA $1,000,000 to settle... if ultimately Tailwind was the entity to get sued?
 
THE amount of Australian taxpayer money paid to Lance Armstrong may yet be disclosed by a South Australian government under renewed pressure to declare how it lured the now-disgraced cyclist to Tour Down Under three times.

After pre-eminent anti-doping expert Michael Ashenden told Fairfax Media that Tour Down Under “prostituted itself” by paying Armstrong to race in Australia's premier cycling event from 2009-2011, South Australian premier Jay Weatherill suggested the current government may relent by disclosing the controversial investment.

Mike Rann was South Australian Premier when Armstrong was lured with three enormous appearance fees – unprecedented for Tour Down Under – which, before Armstrong's downfall, were trumpeted by race director Mike Turtur as a bargain.

It's estimated Armstrong earned between $3 million-$9 million for racing in Australia, but the government has never disclosed it, citing commercial confidence. Ashenden told Fairfax Media that in his view that reason was “faceless bureaucrats” making “lame excuses”.

Premier Weatherill, though a cabinet member in Rann's government, attempted to distance himself from the matter on Tuesday, the first day of the 15th edition of Tour Down Under.

Weatherill's office has refused requests from Fairfax Media to comment on the matter but pointed to a radio interview the Premier did on Tuesday.
“This was done under Mike Rann's era so I haven't been in the portfolio where this money's been allocated,” Weatherill told 5AA.

“But I think the point about it is that, up to this point, our advice has been that to reveal any of the information about how much we're prepared to spend on the Tour Down Under would be something that would be information that our competitors would like.

“They'd like to know how much we shell out for these sorts of events, including what we pay for celebrity cyclists to come here. That would assist them in making a sort of bid to capture this event. So that's the advice we have at the moment and that's the advice that I'm presently acting on.”
http://www.theage.com.au/sport/cycling/sa-may-come-clean-on-lance-cash-20130122-2d5e3.html#ixzz2IknLaJbu
 
May 26, 2010
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Scott SoCal said:
If former officers of a defunct Tailwind get sued civilly because of perjury committed by the beneficiary of the payee then I'm guessing the **** will roll downhill and the payee will sue the beneficiary.

Unless Mr. Weisel does not want Mr. Armstrong to spill his guts in which case Mr. Weisel writes SCA a check.

All conjecture, of course. I'm curious though, why would Lance's team have already offered SCA $1,000,000 to settle... if ultimately Tailwind was the entity to get sued?
It is thses type of questions that really interests me now, was Armstrong a puppet to Weisels Stromboli?

Will Wesiel try and cut the strings at some stage?

Will Armstrong go after his surrogate mentor?

Did Armstrong really earn 125million or were % of those millions going to Weisel, Stapleton and others who had a % of Armstrong?

Who really owns LieStrong? Where does the money get syphoned off to?
 
reginagold said:
Class action lawsuit filed in Federal Ct. against LA and publishers. Class to include all California purchasers of the book. Yikes.

http://www.usatoday.com/story/sports/cycling/2013/01/23/lance-armstrong-lawsuit-class-action-book/1858619/
Someone should contact the lawyers and sue Carmichael too. http://www.amazon.com/The-Lance-Armstrong-Performance-Program/dp/B000QUUTQO/ref=ntt_at_ep_dpt_3/184-0822107-3289554

Few are more deserving than Carmichael.

Let still more lawsuits commence!!!! Of course, the guy is going to line all the complaints up for settlement, then declare bankruptcy.
 
Jan 29, 2010
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lawsuits flying everywhere at the moment..



Armstrong to launch legal action against self.
By Todd Flandis

In breaking news this afternoon it has been revealed that Lance Armstrong has taken the unprecedented step of launching legal action against himself.

Suing for an undisclosed sum, the lawsuit filed in the U.S. District Court in Austin, lists loss of income, emotional distress and damage to reputation amongst the reasons for the lawsuit.

Lance Armstrong recently revealed on a U.S. talk-show that he had taken performance enhancing drugs during his dominating 7 year reign of the Tour De France.

Speaking candidly on the talk-show, Armstrong was at pains to stress that “that guy” who had doped to win the tour was a man he had left behind, and he was now a reformed man.

Insiders close to the disgraced cyclist say that he wants the world to know that he has changed and wants to distance himself from the past.

“Lance feels that his old self has really let him down, he’s done untold damage to his reputation, his finances, both current and future, and has hurt his family. He can think of no other way of rectifying the situation than launching this lawsuit, to try and repair the damage that has been done to Lance’s life”, said a source who spoke on condition of anonymity.

With airtight public liability insurance policies in place, the lawsuit could be worth millions to the now ex-Tour De France winner, with a clear pattern of his actions over the last 10 years clearly causing an almost catastrophic meltdown of his reputation and finances.

Reading from a prepared statement on the courthouse steps, Armstrong said “I’m launching this lawsuit because I want to set an example going forward, and on behalf of cycling fans and cancer survivors all over the world, I want to let it be known that such actions (such as those of Lance Armstrong) should not be tolerated”

“My reputation has been damaged, my finances decimated, and this has caused extreme emotional distress to my family. I believe that we will show in court that I am entitled to compensation for all this pain and suffering.”

The insurance company embroiled in the lawsuit could not be reached for comment.

:cool::D
 
Mar 18, 2009
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Aleajactaest said:
It's not about the bike, it's all about the lawyers....
As I mentioned earlier about this possibility, there could be a settlement with the lawyers getting a big payday and the book buyers getting something like a trivial coupon for Amazon. That sort of thing seems to happen all the time because these types of suits are never really about those in the class. They are just an excuse for the lawyers to sue to benefit themselves.
 
Jun 16, 2012
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BroDeal said:
As I mentioned earlier about this possibility, there could be a settlement with the lawyers getting a big payday and the book buyers getting something like a trivial coupon for Amazon. That sort of thing seems to happen all the time because these types of suits are never really about those in the class. They are just an excuse for the lawyers to sue to benefit themselves.
Usually, yes. This one though seems more about PR by a ****ed off PR guy who did meet LA at some point.

Here's a bit on Chris Carmichael's coaching business. Says Lance owned a piece of that too. Oh, and it's in decline - they might even take down the pictures of LA. Just the economy, mind you.

http://www.gazette.com/articles/carmichael-149946-armstrong-coach.html
 

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