David Kirkpatrick

October 21, 2009

Cuban is for steroids

Mark, I did this post just for you.

From the link:

“If somebody thinks it’s controversial, fine. To me, it’s just common sense. I’m sure I’ll hear about it [today] that ‘Cuban is for steroids.’ “

July 17, 2009

Cuban dodges SEC bullet

Filed under: Business, Politics — Tags: , , , , — David Kirkpatrick @ 3:06 pm

Mark Cuban won an insider trading case brought by the SEC after dismissal. If I’m remembering correctly, in Cuban’s brash defiance (imagine that) of the original SEC charges he essentially admitted guilt. Looks like this might have been yet another case of SEC incompetence from the last several years, or maybe the original charges shouldn’t have been brought in the first place.

Either way it’s a little more egg on the Securities and Exchange Commission. It’s definitely a group with nowhere to go but up.

From the link:

A federal judge dealt a blow to the Securities and Exchange Commission on Friday when he dismissed its insider trading lawsuit against Mark Cuban, the controversial billionaire owner of the National Basketball Association’s Dallas Mavericks.

The S.E.C. asserted in a lawsuit in November that Mr. Cuban had sold shares of a Canadian Internet search company, Mamma.com, after receiving confidential information from its chief executive in a telephone call that the company was going to sell additional shares through a private offering in 2004.

But the S.E.C. failed to prove that Mr. Cuban had made an agreement with the company’s chief executive that he would not sell his own shares during that call, Judge Sidney A. Fitzwater of the Federal District Court in Dallas wrote in a 35-page decision released on Friday.

November 17, 2008

SEC ropes a maverick

I think the SEC has much bigger fish to fry than busting Mark Cuban for adding a portion of one percent to his fortune, but I guess those little regulators need a diversion right now to compensate for the ongoing failure of epic proportions that is the Fed, the Treasury, and the rest of the alphabet soup of financial regulatory bodies.

I’m going to go out on a limb to suggest this action totally squashes Cuban’s tiny hope for owning the Chicago Cubs. MLB is that dumb.

From the link:

The Securities and Exchange Commission said Monday that it had charged Mark Cuban, the billionaire Internet entrepreneur and owner of the Dallas Mavericks basketball team, with insider trading for selling 600,000 shares of an Internet search engine company.

The S.E.C. said Mr. Cuban sold the stock in the company, Mamma.com, based on nonpublic information about an impending stock offering. The commission asserted that Mr. Cuban avoided losses in excess of $750,000 by selling his stock prior to the public announcement of the offering.

The commission filed a civil lawsuit against Mr. Cuban in Federal District Court for the Northern District of Texas, accusing him of violating federal securities laws. It said it was seeking to impose financial penalties and confiscate gains from the trades.

In its complaint, the S.E.C. asserted that Mamma.com invited Mr. Cuban to participate in the stock offering in June 2004 after he agreed to keep the information confidential. The S.E.C.’s complaint asserted that Mr. Cuban knew that the offering would be conducted at a discount to the prevailing market price and that it would be dilutive to existing shareholders.