Donald Sterling to sue the NBA for 1.7 billion

[cltc5]

Good for Sterling.  Espn, doc, magic Johnson, all of them are hypocrisy and created this circus.  If it was an issue they should a dealt with it from the get go.  This is what happens when priority embraces a.mob mentality and listens to the so called experts instead of using their brains.

[D.o.s.]

http://www.youtube.com/watch?v=g6bLKe9-Mto

start at 6:50 for the meat and potatoes and some perspective

He shoulda been forced to sell when he was keeping minorities out of his properties.
Watch the vid....kinda puts this spurned gf thing in perspective.

That this is the reason it's come to this is a shame on the N.B.A
A private conversation being recorded by a woman with issues proding an old guy into exposing his blatant racism. Other owners better watch what they say/tweet/etc. This is not a good thing.

Stopping Sterling 8+ years ago woulda been more genuine and attached to the damage of real humans and their well being and not just their feelings.

Was Jesse Jackson and ESPN all over his butt when his wife was pretending to be somebody else so she could spy on the minority tenants? And they sued? Was that less a crime or affront to the N.B.A than this

The difference between now and then is that there isn't an NBA icon pining for a franchise in Los Angeles for the NBA to pander to.

And because it wasn't nearly as visible to the general NBA public. Unless you were looking for Sterling info you weren't going to know that the owner of the Clippers was a scumbag. That wasn't the case with this incident.

[D.o.s.]

Good for Sterling.  Espn, doc, magic Johnson, all of them are hypocrisy and created this circus.  If it was an issue they should a dealt with it from the get go.  This is what happens when priority embraces a.mob mentality and listens to the so called experts instead of using their brains.

 

[JSD]

The more turmoil that Clippers franchise is in the better chances of out 1st rounder from them being lotto bound!


JSD likey.

[JSD]

Good for Sterling.  Espn, doc, magic Johnson, all of them are hypocrisy and created this circus.  If it was an issue they should a dealt with it from the get go.  This is what happens when priority embraces a.mob mentality and listens to the so called experts instead of using their brains.

 

Must be referring to the history of Sterling in a "You guys know what you were dealing with and signed up for!" type of argument.

[footey]

It has been suggested that there are huge tax considerations, and he may wish to pass the franchise on to a family member before it is sold.  I don't what the prognosis is for his cancer, but if he's not long for his life, he may have already reached the conclusion that he can run out the clock with respect to a forced sale by simply initiating litigation now.

A man with his level of wealth would not be able to avoid estate taxes through a transfer of his wealth.  In all likelihood, his wife would inherit his estate tax free upon his death through the marital exemption, but then upon her death, the estate would be taxed. The valuation of the estate at that time would include an appraisal of the team. 

[cltc5]

Good for Sterling.  Espn, doc, magic Johnson, all of them are hypocrisy and created this circus.  If it was an issue they should a dealt with it from the get go.  This is what happens when priority embraces a.mob mentality and listens to the so called experts instead of using their brains.

 

Must be referring to the history of Sterling in a "You guys know what you were dealing with and signed up for!" type of argument.

Exactly.  The Ncaa did the same.thing with penn state.  People knew what was goin on under there noses and they let it go until  someone makes a big deal about it.  Don't act like all of a.sudden u care, it's hypocrisy and is the foundation of this country.  I love how LeBron and other people have such an issue with this guy's comments yet live in a country that allows the kluux Klan to  hold rallies whenever they want.  Why don't they protest that?  Oh because that might be the right thing to do.  No, let's be followers and jump on whatever the hot topic is and kick people while they're down.  It's a sad state of affairs the way our society and this league is.  They both need to keep their moral posturing to themselves.

[saltlover]

It has been suggested that there are huge tax considerations, and he may wish to pass the franchise on to a family member before it is sold.  I don't what the prognosis is for his cancer, but if he's not long for his life, he may have already reached the conclusion that he can run out the clock with respect to a forced sale by simply initiating litigation now.

A man with his level of wealth would not be able to avoid estate taxes through a transfer of his wealth.  In all likelihood, his wife would inherit his estate tax free upon his death through the marital exemption, but then upon her death, the estate would be taxed. The valuation of the estate at that time would include an appraisal of the team.

I think the tax implication is not the estate tax, but rather capital gains tax (or the combination of the two).

If Sterling sells now, he owes a heap of capital gains tax on his original $13.5 million inverstment.  Then his heirs will be taxed again on whatever his estate, which has been lowered by the capital gains tax from the Clippers.

However, if the team is sold upon his death, his heir will owe the estate tax on the full value of the Clippers, but not the capital gains tax, since it will have been acquired at its present value for their tax purposes.

This is why Ralph Wilson did not sell the Bills before his death.

At least, this is my best guess as to what the tax implications could be (and those tax implications could run 9 figures).

[Ogaju]

Good for Sterling.  Espn, doc, magic Johnson, all of them are hypocrisy and created this circus.  If it was an issue they should a dealt with it from the get go.  This is what happens when priority embraces a.mob mentality and listens to the so called experts instead of using their brains.

 

Must be referring to the history of Sterling in a "You guys know what you were dealing with and signed up for!" type of argument.

Exactly.  The Ncaa did the same.thing with penn state.  People knew what was goin on under there noses and they let it go until  someone makes a big deal about it.  Don't act like all of a.sudden u care, it's hypocrisy and is the foundation of this country.  I love how LeBron and other people have such an issue with this guy's comments yet live in a country that allows the kluux Klan to  hold rallies whenever they want.  Why don't they protest that?  Oh because that might be the right thing to do.  No, let's be followers and jump on whatever the hot topic is and kick people while they're down.  It's a sad state of affairs the way our society and this league is.  They both need to keep their moral posturing to themselves.

This is the problem when you start to overreach because  a member of the exclusive club went off the plantation (no pun intended). LeBron James says there is no place for DTS in the league, but didn't LeBron get a 90 million shoe deal when he signed to play in the NBA. How does he think Nike makes the profit to give him that endorsement. Has he visited the sweat shops in China where the Nike shoes are made? Is there a place in the NBA for making money off the backs of child laborers? Isnt Phil Knight in the NBA hall of fame. This litigation will bring down the NBA. The scope of the discovery on the one affirmative defense of 'unclean hands' will be huge. There is a case that has been tied up in court in California McNair vs. NCAA.

Not unlike the Sterling case McNair, an assistant football coach at the University of Southern California under Pete Carroll, was sanctioned by the NCAA for supposed rules violations in connection with the Reggie Bush pay for play violation. The sanctions in effect put him out of college football. He sued, and now the NCAA has spent the last two years or so trying to prevent the records of their investigation from being released to the public. By the time DTS is done with the NBA the league will regret trying to take his team.

[Finkelskyhook]

It has been suggested that there are huge tax considerations, and he may wish to pass the franchise on to a family member before it is sold.  I don't what the prognosis is for his cancer, but if he's not long for his life, he may have already reached the conclusion that he can run out the clock with respect to a forced sale by simply initiating litigation now.

A man with his level of wealth would not be able to avoid estate taxes through a transfer of his wealth.   In all likelihood, his wife would inherit his estate tax free upon his death through the marital exemption, but then upon her death, the estate would be taxed. The valuation of the estate at that time would include an appraisal of the team. 

No...He should be able to avoid paying taxes on it because he's already paid taxes on it once.

[Ogaju]

estate tax is vastly less than the capital gains tax, it is not even close. I am sure he would rather take the Estate tax. This also changes the cash basis for any future taxable event from 12.5 million to the FMV at the time of his death.

[jambr380]

Good for Sterling.  Espn, doc, magic Johnson, all of them are hypocrisy and created this circus.  If it was an issue they should a dealt with it from the get go.  This is what happens when priority embraces a.mob mentality and listens to the so called experts instead of using their brains.

 

Must be referring to the history of Sterling in a "You guys know what you were dealing with and signed up for!" type of argument.

Exactly.  The Ncaa did the same.thing with penn state.  People knew what was goin on under there noses and they let it go until  someone makes a big deal about it.  Don't act like all of a.sudden u care, it's hypocrisy and is the foundation of this country.  I love how LeBron and other people have such an issue with this guy's comments yet live in a country that allows the kluux Klan to  hold rallies whenever they want.  Why don't they protest that?  Oh because that might be the right thing to do.  No, let's be followers and jump on whatever the hot topic is and kick people while they're down.  It's a sad state of affairs the way our society and this league is.  They both need to keep their moral posturing to themselves.

You know, I might not have said exactly what you have written here, but I will give you a tp for getting across a very important point.

I said something similar a couple of days ago about hypocrisy and people's 'holier than thou' attitudes. I am certainly not a staunch supporter of Sterling, but it is a little jaw-dropping to see so many piling on when the vast majority of Americans have said much more insulting things about race, etc in the privacy of their own homes. I get it, he has had issues with tenants in his rental properties and has not always been respectful towards African-Americans, but his many honors, including the 2009 NAACP Lifetime Achievement Award, the 2008 BBA Humanitarian of the Year Award, and the 2008 NAACP Presidents Award (from cbssports.com) and [what was to be] his upcoming 2nd lifetime achievement award from the NAACP show that maybe he wasn't a total worthless piece of garbage.

And, if he was, well, everybody already knew that anyway. We shouldn't all be shocked that, after being set up by a disgruntled girlfriend, he said things that he has probably always thought.

 

[manl_lui]

imagine if he wins, and still sells the Clippers...talking about making fast billions

[nickagneta]

Since Sterling's wife owns the team along with him, exactly how would there be an estate tax if he died?

[GreenFaith1819]

Good for Sterling.  Espn, doc, magic Johnson, all of them are hypocrisy and created this circus.  If it was an issue they should a dealt with it from the get go.  This is what happens when priority embraces a.mob mentality and listens to the so called experts instead of using their brains.

 

Must be referring to the history of Sterling in a "You guys know what you were dealing with and signed up for!" type of argument.

Exactly.  The Ncaa did the same.thing with penn state.  People knew what was goin on under there noses and they let it go until  someone makes a big deal about it.  Don't act like all of a.sudden u care, it's hypocrisy and is the foundation of this country.  I love how LeBron and other people have such an issue with this guy's comments yet live in a country that allows the kluux Klan to  hold rallies whenever they want.  Why don't they protest that?  Oh because that might be the right thing to do.  No, let's be followers and jump on whatever the hot topic is and kick people while they're down.  It's a sad state of affairs the way our society and this league is.  They both need to keep their moral posturing to themselves.

You know, I might not have said exactly what you have written here, but I will give you a tp for getting across a very important point.

I said something similar a couple of days ago about hypocrisy and people's 'holier than thou' attitudes. I am certainly not a staunch supporter of Sterling, but it is a little jaw-dropping to see so many piling on when the vast majority of Americans have said much more insulting things about race, etc in the privacy of their own homes. I get it, he has had issues with tenants in his rental properties and has not always been respectful towards African-Americans, but his many honors, including the 2009 NAACP Lifetime Achievement Award, the 2008 BBA Humanitarian of the Year Award, and the 2008 NAACP Presidents Award (from cbssports.com) and [what was to be] his upcoming 2nd lifetime achievement award from the NAACP show that maybe he wasn't a total worthless piece of garbage.

And, if he was, well, everybody already knew that anyway. We shouldn't all be shocked that, after being set up by a disgruntled girlfriend, he said things that he has probably always thought.

For the 1st underlined portion - you are correct, but: None of us are Billionaire NBA Owners.

For the 2nd Para, The Head of the NAACP chapter is resigning:

http://espn.go.com/los-angeles/nba/story/_/id/10870520/president-local-naacp-chapter-resigns-donald-sterling-award-decision

He was the driving factor in Sterling getting his recognition from the NAACP. Also - if you read further down the article, Leon Jenkins was himself involved in some controversy.

He has the nerve to try to counter-sue....I just wish he'd go away. The man will be very rich for the remainder of his days - even without his franchise....richer than most of us.

He should use his pending free time to reflect.