The fun begins - SCA now asking for money back...

[mountainrman]

How's the discussion on that other forum you run^H^H^H visit?

Sorry to disappoint you , I don't visit other cycling forums.
I own a couple, and a lot of websites, nothing to do with any sport.

 

[thehog]

I have no idea how much Lance is actually worth, but the last time he sold a house, it wasn't worth anywhere close to that amount.

$7.5M is hardly a killer. Add $3M to ASO and now we have $10.5M. Not counting any continuing legal fees.

The problem is not “total wealth” but cashflow. Who has 10m cash sitting around? No one.

 

[manafana]

Whatever lance gets taken for it wont eat into his vast fortune, hes doen better out of cycling than anyone before and anyone down, contador and co have made pennys compared to this lad.

Cash flow isnt an issue your given time to come up with the cash and im sure he has some pretty liquid assets lying around.

The most serious charge he will face will be likely chargers for purging himself, something which may stop him from ever telling the truth.

 

[la.margna]

The problem is not “total wealth” but cashflow. Who has 10m cash sitting around? No one.

I have. What's the problem?

Let's hope Lance has a good liquidity management.

One thing not to forget: If he is continuing the same way and misusing livestrong for his selfish purposes (to some extent), there's also more than $100m cash sitting around... no problem for his criminal lawyers to charge a bit of their costs to livestrong, paying some lobby-jerks for LA purposes, continuing to raise "Lance awareness", etc. Of course, it's limited to a certain extent as it is not his own money and he has stepped down as chairman, but if you are ****ed and are a *** and have already been prepared for anything before, ... remember livestrong had an entire boardmeeting just dedicated at how to screw Lemond...

 

[Cimacoppi49]

[TQUOTE=Lukenwolf;1061094]Thos 10M will only be the beginning. What about USPS and Discovery Channel, who's image certainly has taken a hit now. What about all the people he silenced with faux lawsuits or otherwise bullied.
And there could still be a class action suit headed his way for people, who donated money to his livestrong scheme under false pretenses.[/QUOTE]

Livestrong donors are already demanding their donations back. The Landis qui tam case is for >$30 million. IIRC,bthere are provisions for punitive damages as well. Then there is the incresing likelihood of a criminal RICO case which would resultbin the seizure of all Armstrong's assets derived from his criminal enterprise. Not sure about the possibility of a civil RICO action. Armstrong will be living in a trailer wyen this is done. And what does this say about Armstrong's mother and the way she raised him?

Any comments yet from Sally Jenkins?

 

[zigmeister]

Good luck with that insurance company.

 

[Zultronova]

I'm sure he can well afford to pay back the money. His net worth is supposed to be $125 million.

 

[mountainrman]

Qui tam.

Âąê

Now the feds have dropped out, can you see that happening?

There seems to be a lack of will within the administration to take any of this forward, criminal or civil. I cannot see them wanting to line Landis's pockets either.

And - Has Quit Tam ever been used or successful in a case remotely resembling this?

 

[Mellow Velo]

Pay up to all comers.
It'll work out cheaper than continuing to fork out for his legion of inept legal beagles.

 

[thehog]

I'm sure he can well afford to pay back the money. His net worth is supposed to be $125 million.

His net worth is not 125m in cash.

How much cash does he have thats not servicing loans and lifestyle?

Not a lot.

 

[Ryo Hazuki]

I'm sure he can well afford to pay back the money. His net worth is supposed to be $125 million.

yeah with all the sponsors

 

[BroDeal]

When do the class action suits start? There are lots of angry lemmings out there. Even if the suits are not successful, they will still cost him money to defend against.

 

[ChewbaccaD]

I'm thinking that you and everyone else in all the money threads are pulling assumptions out of your asses.

Yes, it will cost him a lot of money. How much is unknowable at this time. Additionally, no one has any real idea of his current financial status. So, you have an equation with two unknowns and no basis to get known anytime soon.

Keep whistling in the dark if you want, I don't really care.

 

[ChewbaccaD]

I sincerely doubt it.

This SCA suit will be the "biggie" and as I have said - I suspect he will do a deal for a few mill to keep it out of court , which will cost him a house or a jet,

I doubt if Nike or the big sponsors will come at him, first because of a probable lack of legal grounds to do so, and also because as a popular sportsman he made them money at a guess,

I am guessing it would require an award of $tens millions, which process would take years if ever awarded to break Lance, and I cannot see who can come at him for more than 7 figures. Sunday times will have a go, so I suspect might LeMond, even ASO, but even in combination they are $10m. Lance was reportedly earning 8 figures a year in sponsorships.

It isn't just the awards, it's the legal bills to get there. Pobrecito!!!

ATTENTION EVERYONE!!!!

The new fanboy (and insane intertubes troll) tack is that Lance will not really suffer any financial hardship because of this. As they have been wrong about everything relating to this, we can now feel safe that he will certainly go bankrupt!

 

[DirtyWorks]

It isn't just the awards, it's the legal bills to get there. Pobrecito!!!

ATTENTION EVERYONE!!!!

The new fanboy (and insane intertubes troll) tack is that Lance will not really suffer any financial hardship because of this. As they have been wrong about everything relating to this, we can now feel safe that he will certainly go bankrupt!

A mere flesh wound.... http://www.youtube.com/watch?v=zKhEw7nD9C4 Go about 1:26 in.

I want you to be right. Let's hope you are right.

 

[Turner29]

The problem is not “total wealth” but cashflow. Who has 10m cash sitting around? No one.

Saturday, a friend of my made a very valid argument that Armstrong probably has significant funds "offshore" that would be difficult for US courts to access.

Yes, he will probably need to sell tangible assets such as real estate and the jet, and probably at a loss.

However, the simple fact is that he will never be poor, or even middle-class.

 

[70kmph]

Bring the hammer
Crush him like a can of syringes

Livestrong supporters want their money back

http://velonews.competitor.com/2012...trong-supporters-want-their-money-back_262073

 

[Zultronova]

One thing is for sure though. There will be no, Fair Play for Armstrong Fund.

 

[Cimacoppi49]

Now the feds have dropped out, can you see that happening?

There seems to be a lack of will within the administration to take any of this forward, criminal or civil. I cannot see them wanting to line Landis's pockets either.

And - Has Quit Tam ever been used or successful in a case remotely resembling this?

The feds could very easily get back in it with a RICO complaint. If that happens, look for it to come out of a federal district court on the East coast.

 

[ChewbaccaD]

Saturday, a friend of my made a very valid argument that Armstrong probably has significant funds "offshore" that would be difficult for US courts to access.

Yes, he will probably need to sell tangible assets such as real estate and the jet, and probably at a loss.

However, the simple fact is that he will never be poor, or even middle-class.

Probably correct, so we can have solace in the fact that he will also never be the Tour de France champion. Ever.

As a future attorney, I extend my congratulations to any and all attorneys who are in Lance's employ, or will be over the next few years. May the billable hours be with you brothers and sisters!!!

 

[rhubroma]

Probably correct, so we can have solace in the fact that he will also never be the Tour de France champion. Ever.

As a future attorney, I extend my congratulations to any and all attorneys who are in Lance's employ, or will be over the next few years. May the billable hours be with you brothers and sisters!!!

Seedy business begets seedy business.

 

[Aleajactaest]

Keep whistling in the dark if you want, I don't really care.

Sure, whatever lets you sleep at night.

 

[ChewbaccaD]

Sure, whatever lets you sleep at night.

I'm not the biggest fraud in sporting history nor an idiotic fan of such a person, so I sleep just fine. Your results may vary.

 

[Aleajactaest]

Bring the hammer
Crush him like a can of syringes

Livestrong supporters want their money back

http://velonews.competitor.com/2012...trong-supporters-want-their-money-back_262073

They won't get it. They'd have to prove that the foundation obained their money illegally which they can't. It's not LAF's fault that they confused supporting/idolizing Lance with giving money to a registered charity.

 

[ChewbaccaD]

Seedy business begets seedy business.

There is nothing seedy at all in providing legal representation. It is only those not currently in need who find it so onerous. Yet, once there is some disagreement or law broken, we become your best friends. If you think you don't need an attorney, try navigating court by yourself.

To all attorneys out there, stay thirsty my friends!