OT: Judge Rules Against Sterling, Ballmer is Clippers Owner

BackOnDaBlock · Post #21 » by **BackOnDaBlock** » Tue Jul 29, 2014 1:47 am

deeps6x wrote:
OakleyDokely wrote:Just another example of the system keeping the white male billionaire down.

Which one?

ur brotherrr

kalel123 · Post #22 » by **kalel123** » Tue Jul 29, 2014 3:15 am

Probably wishful thinking but I really hope this puts an end to this saga.

Don_Draper · Post #23 » by **Don_Draper** » Tue Jul 29, 2014 3:20 am

He lost the case and yet he gets $2Bil (less the taxes) wired to his bank account.
lol imagine opening up your online bank account with that many figures showing as your account balance. :lol:

$2Billion is literally an infinite amount of money...you spend as much as you possibly can for the rest of your life and you'd still be ok...the interest on that money alone...damn...he must be devastated to lose this case. My thoughts go out to him.

LieCheatSteal · Post #24 » by **LieCheatSteal** » Tue Jul 29, 2014 4:16 am

It's not over. Sterling loves to appeal, look for loopholes, and genuinely troll the legal process. There's more to come.

Live Free · Post #25 » by **Live Free** » Tue Jul 29, 2014 4:19 am

Boom! Take your 2 Billion Dollars and leavE the NBA ALONE

UnderdogRaptors · Post #26 » by **UnderdogRaptors** » Tue Jul 29, 2014 5:01 am

Wtf 2bill really?

tdotrep2 · Post #27 » by **tdotrep2** » Tue Jul 29, 2014 5:25 am

Double Bubble wrote:The madness one man can create. Mind blowing.

Rot in hell Sterling.

I mean he is what he is but he didn't kill or physically harm anyone, rot in hell? Lmao wow

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hankscorpioLA · Post #28 » by **hankscorpioLA** » Tue Jul 29, 2014 2:05 pm

tdotrep2 wrote:
Double Bubble wrote:The madness one man can create. Mind blowing.

Rot in hell Sterling.

I mean he is what he is but he didn't kill or physically harm anyone, rot in hell? Lmao wow

No...but he did do this....

http://www.huffingtonpost.com/2014/04/3 ... 41217.html

The first suit, brought by 19 tenants with the help of the nonprofit Housing Rights Center, accused Sterling of forcing blacks and Latinos out of his rental properties, and ended in a confidential settlement in 2005. The second accused him of refusing to rent to African-Americans in Beverly Hills and to non-Koreans in LA's Koreatown. It ended in a record $2.725 million payout to the Justice Department. Sterling denied wrongdoing in both cases.

The charges made against Sterling were stomach-turning. In response to the 2003 suit, one of his property supervisors testified that Sterling said all blacks "smell" and are "not clean," that he wanted to "get them out" of his properties to preserve his image, and that he harassed tenants and refused to make repairs until they were forced to leave.

hankscorpioLA · Post #29 » by **hankscorpioLA** » Tue Jul 29, 2014 2:12 pm

Don_Draper wrote:He lost the case and yet he gets $2Bil (less the taxes) wired to his bank account.
lol imagine opening up your online bank account with that many figures showing as your account balance.

$2Billion is literally an infinite amount of money...you spend as much as you possibly can for the rest of your life and you'd still be ok...the interest on that money alone...damn...he must be devastated to lose this case. My thoughts go out to him.

Its funny to me that people seem to be missing the real story here.

Yes, this decision clears the path to sell the team for $2 billion. But it also establishes Shelly Sterling as the sole administrator of the Sterling Family Trust. and it is the Sterling Family Trust, not Donald Sterling, that owns the Clippers.

That means that Shelly can, if she so chooses, refuse to give any of the proceeds of the sale to Donald Sterling and there is nothing he can do about it.

That is the reason why the NBA has stepped back and allowed this process to go forward. It not only means that the Clippers get sold, but it could mean that Donald Sterling will not get one penny out of it.

Post #30 » by **Morris_Shatford** » Tue Jul 29, 2014 2:27 pm

Steve Ballmer strikes me as the type of owner that will spend to win;

The Clippers are the new Lakers.

hankscorpioLA · Post #31 » by **hankscorpioLA** » Tue Jul 29, 2014 2:43 pm

Morris_Shatford wrote:Steve Ballmer strikes me as the type of owner that will spend to win;

The Clippers are the new Lakers.

Sure he'll spend. But will he meddle?

And while I wouldn't quite make the leap that you did, there is no question that with Sterling out of the way, the Clippers have a chance to become a great franchise.

But they are a long way from becoming the Lakers.

Don_Draper · Post #32 » by **Don_Draper** » Tue Jul 29, 2014 3:08 pm

hankscorpioLA wrote:
Don_Draper wrote:He lost the case and yet he gets $2Bil (less the taxes) wired to his bank account.
lol imagine opening up your online bank account with that many figures showing as your account balance.

$2Billion is literally an infinite amount of money...you spend as much as you possibly can for the rest of your life and you'd still be ok...the interest on that money alone...damn...he must be devastated to lose this case. My thoughts go out to him.

Its funny to me that people seem to be missing the real story here.

Yes, this decision clears the path to sell the team for $2 billion. But it also establishes Shelly Sterling as the sole administrator of the Sterling Family Trust. and it is the Sterling Family Trust, not Donald Sterling, that owns the Clippers.

That means that Shelly can, if she so chooses, refuse to give any of the proceeds of the sale to Donald Sterling and there is nothing he can do about it.

That is the reason why the NBA has stepped back and allowed this process to go forward. It not only means that the Clippers get sold, but it could mean that Donald Sterling will not get one penny out of it.

There is no such thing as an administer of a trust.

There is an executor or trustee and there is a beneficiary.

I haven't read the terms of the trust agreement...but I'd be shocked if Donald Sterling wasn't one of the beneficiaries....now if this was a discretionary trust...I guess Donny boy could in fact be losing out on a lot of money but I doubt he would let that happen...

PS: Who's Shelly? First time I am hearing about her and the Family Trust. :lol:

youngtea · Post #33 » by **youngtea** » Tue Jul 29, 2014 3:12 pm

hankscorpioLA wrote:
Don_Draper wrote:He lost the case and yet he gets $2Bil (less the taxes) wired to his bank account.
lol imagine opening up your online bank account with that many figures showing as your account balance.

$2Billion is literally an infinite amount of money...you spend as much as you possibly can for the rest of your life and you'd still be ok...the interest on that money alone...damn...he must be devastated to lose this case. My thoughts go out to him.

Its funny to me that people seem to be missing the real story here.

Yes, this decision clears the path to sell the team for $2 billion. But it also establishes Shelly Sterling as the sole administrator of the Sterling Family Trust. and it is the Sterling Family Trust, not Donald Sterling, that owns the Clippers.

That means that Shelly can, if she so chooses, refuse to give any of the proceeds of the sale to Donald Sterling and there is nothing he can do about it.

That is the reason why the NBA has stepped back and allowed this process to go forward. It not only means that the Clippers get sold, but it could mean that Donald Sterling will not get one penny out of it.

Lol if you really think she will leave Donald just like that. Her husband was cheating with a female and she went out of her way to sue the mistress. Can you imagine how stupid that sounds? She is still with Donald even though he is suing her. He just seems mentally unstable and has no idea about how to act anymore. Old age + mental issues causes people to go off and Donald is a perfect example.

hankscorpioLA · Post #34 » by **hankscorpioLA** » Tue Jul 29, 2014 3:20 pm

Don_Draper wrote:
hankscorpioLA wrote:
Don_Draper wrote:He lost the case and yet he gets $2Bil (less the taxes) wired to his bank account.
lol imagine opening up your online bank account with that many figures showing as your account balance.

$2Billion is literally an infinite amount of money...you spend as much as you possibly can for the rest of your life and you'd still be ok...the interest on that money alone...damn...he must be devastated to lose this case. My thoughts go out to him.

Its funny to me that people seem to be missing the real story here.

Yes, this decision clears the path to sell the team for $2 billion. But it also establishes Shelly Sterling as the sole administrator of the Sterling Family Trust. and it is the Sterling Family Trust, not Donald Sterling, that owns the Clippers.

That means that Shelly can, if she so chooses, refuse to give any of the proceeds of the sale to Donald Sterling and there is nothing he can do about it.

That is the reason why the NBA has stepped back and allowed this process to go forward. It not only means that the Clippers get sold, but it could mean that Donald Sterling will not get one penny out of it.

There is no such thing as an administer of a trust.

There is an executor or trustee and there is a beneficiary.

I haven't read the terms of the trust agreement...but I'd be shocked if Donald Sterling wasn't one of the beneficiaries....now if this was a discretionary trust...I guess Donny boy could in fact be losing out on a lot of money but I doubt he would let that happen...

PS: Who's Shelly? First time I am hearing about her and the Family Trust.

First...thank you for the correction.

The point I'm trying to make is that Shelly Sterling is now the sole trustee. That means she can dictate the trust's actions which would include deciding whether to pay out any of the proceeds or to keep them held in the trust.

xoiea · Post #35 » by **xoiea** » Tue Jul 29, 2014 4:12 pm

so the $2B goes to Sterling's wife now.. ugh.. somehow that still irks me the same way the husband does :banghead:

hankscorpioLA · Post #36 » by **hankscorpioLA** » Tue Jul 29, 2014 5:16 pm

xoiea wrote:so the $2B goes to Sterling's wife now.. ugh.. somehow that still irks me the same way the husband does

Again...not exactly. It goes to the trust. I am pretty sure she can't just take it all herself. If she takes cash she probably has to split it with Donald Sterling.

However, what she MAY be able to do (perhaps more legalistic minds can confirm) is hold the money in the trust until after Donald dies and then distribute it to his heirs.

Perhaps that's a small victory, but it would at least mean Donald couldn't spend it.

Raptolicism · Post #37 » by **Raptolicism** » Tue Jul 29, 2014 5:49 pm

GOOD.

Korr · Post #38 » by **Korr** » Tue Jul 29, 2014 5:56 pm

Steve Ballmer? More like STEVE BALLER.

Congrats on the purchase. Looking forward to press conferences with this much action:
[youtube]https://www.youtube.com/watch?v=wvsboPUjrGc[/youtube]

twiggy2 · Post #39 » by **twiggy2** » Tue Jul 29, 2014 8:16 pm

Donald sterling does not get 2billion dollars. The sterling family trust does. Donald had designed it that ways cause he intended for himself to die before relinquishing the team. Its brilliant cause after his death the family in probate will only get taxed on the gains of value from death to the eventual sale of the team. Now the money is taxed on the gain of value from the purchase price. I lost the article that explained it all with all precise numbers.

Double Bubble · Post #40 » by **Double Bubble** » Tue Jul 29, 2014 9:07 pm

hankscorpioLA wrote:No...but he did do this....

http://www.huffingtonpost.com/2014/04/3 ... 41217.html

The first suit, brought by 19 tenants with the help of the nonprofit Housing Rights Center, accused Sterling of forcing blacks and Latinos out of his rental properties, and ended in a confidential settlement in 2005. The second accused him of refusing to rent to African-Americans in Beverly Hills and to non-Koreans in LA's Koreatown. It ended in a record $2.725 million payout to the Justice Department. Sterling denied wrongdoing in both cases.

The charges made against Sterling were stomach-turning. In response to the 2003 suit, one of his property supervisors testified that Sterling said all blacks "smell" and are "not clean," that he wanted to "get them out" of his properties to preserve his image, and that he harassed tenants and refused to make repairs until they were forced to leave.

Just the tip of the iceberg. And he thinks he's the VICTIM.