There has been a lot of speculation here that enough lawsuits could bankrupt LA. Can anyone here fill out this argument with some numbers? Betsy I think estimated that he could owe SCA $12-15 million all told. A while back a writer at Forbes estimated that if he had to return his winnings from the Tours, that would be about $7 million. The London Times case would be another million or so. If the feds re-open their investigation, there could be a lot more, is there any way to make even a wild-a** guess?
Are there any other potential lawsuits that could go into the millions? I’m thinking that as a maximum, including legal fees, he might have to come up with around $50 million. Anyone here think it could be more than that?
Would this break him? Forbes has estimated his net worth at $125 million, but these estimates may not be very good. I know some in the Clinic say he’s worth far less than that. Anyone have anything to support that contention? What is a minimum estimate of his net worth?
Then there is income. Does he have any at this point? It has been estimated the loss of sponsors will cost him $30-150 million over the next ten years. If the UCI upholds the USADA report, Oakley will surely follow all the others, cutting off all endorsement money. What would he have left? Speaking engagements? Don’t think he will be in much demand. Does he get any money from Livestrong? I understand they don’t pay him a salary.
The bottom line, as far as I can see, is that if his net worth is really in nine figures, as Forbes alleges, he could survive a worst case scenario. His lifestyle would certainly change, but he would have enough money left over to survive without any other source of income.
But even if he could do this, he might not. He might transfer much of his wealth to places where it couldn't be touched, then plead bankruptcy. Are there limits to this? Could he make most of his current wealth, whatever it is, safe in this manner, and still access it following a bankruptcy judgment? And assuming he could afford all the lawsuits, would it make better sense to pay off then to have to worry about accessing hidden funds?
Money minds weigh in here.
Are there any other potential lawsuits that could go into the millions? I’m thinking that as a maximum, including legal fees, he might have to come up with around $50 million. Anyone here think it could be more than that?
Would this break him? Forbes has estimated his net worth at $125 million, but these estimates may not be very good. I know some in the Clinic say he’s worth far less than that. Anyone have anything to support that contention? What is a minimum estimate of his net worth?
Then there is income. Does he have any at this point? It has been estimated the loss of sponsors will cost him $30-150 million over the next ten years. If the UCI upholds the USADA report, Oakley will surely follow all the others, cutting off all endorsement money. What would he have left? Speaking engagements? Don’t think he will be in much demand. Does he get any money from Livestrong? I understand they don’t pay him a salary.
The bottom line, as far as I can see, is that if his net worth is really in nine figures, as Forbes alleges, he could survive a worst case scenario. His lifestyle would certainly change, but he would have enough money left over to survive without any other source of income.
But even if he could do this, he might not. He might transfer much of his wealth to places where it couldn't be touched, then plead bankruptcy. Are there limits to this? Could he make most of his current wealth, whatever it is, safe in this manner, and still access it following a bankruptcy judgment? And assuming he could afford all the lawsuits, would it make better sense to pay off then to have to worry about accessing hidden funds?
Money minds weigh in here.