Boots gets eight years
by James Mirtle on Sep 8, 2009 2:59 PM CDT
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A federal judge handed down an eight-year sentence this morning for William "Boots" Del Biaggio III after an emotional hearing in which the disgraced Silicon Valley financier tearfully vowed to repay millions that he took through phony loans and investment schemes. "A betrayal of trust is an awful thing,'' U.S. District Judge Charles Breyer told the 41-year-old Del Biaggio, who pleaded guilty earlier this year to one count of securities fraud in which he used phony collateral to borrow $48 million from banks and business associates.
The best Boots could hope for here — and what I'm told his side was seeking — was somewhere in the neighbourhood of a five-year sentence, so eight is definitely a loss on his part. It does, however, seem fitting for his crime.
It's a pretty sad story for all involved here, although mostly so for the victims, as Del Biaggio was ordered as part of his sentence to repay more than $67-million in damages to them. His 30 per cent stake in the Predators will be a part of that settlement once it's sold in bankruptcy court along with his other assets.
I should have more on Boots for tomorrow.
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As a complete aside, a man who killed my aunt was released on parole last week after just 10 years in jail. It is rather disheartening to consider that taking someone’s life is not considered to be that much worse than taking someone’s money.
More on topic, could this sentence have come at a better time for Balsillie and his arguments against the NHL’s reasons for rejecting him? I’d expect his lawyer is already drawing up a document on this to submit to the court.
William “Boots” Del Biaggio III after an emotional hearing in which the disgraced Silicon Valley financier tearfully vowed to repay millions that he took through phony loans and investment schemes.
Yeah, I bet he will. He just needs 50 people to invest in his new company.
Pension Plan Puppets: A Toronto Maple Leafs blog and a group therapy session.
by PPP on Sep 8, 2009 4:18 PM CDT reply actions 1 recs
Do they make licence plates?
Blogging on hockey at fromtherink.com
by James Mirtle on Sep 8, 2009 4:20 PM CDT up reply actions 2 recs
Beware of "businessmen" with Soprano-style nicknames
A new lesson learned.
Occam's Razor keeps the cutting clean.
Or nicknames that sound like your sister’s pet cat, either. “Boots,” indeed.
"For myself I am an optimist - it does not seem to be much use being anything else." -- Winston S. Churchill
At least the cat cleans up after himself.
Supporter of the Sergei Berezin "Give and Go" - You give me puck, then you go to hell
by bkblades on Sep 8, 2009 9:59 PM CDT up reply actions 1 recs
perfect irony Nashville/Phoenix
One of the great little myths propagated by the current NHL administration a couple of years ago when Boots’ Nashville misdeeds came to light is that Anschutz and Leipold’s loans to Boots were made without Bettmann’s knowledge. As Bill Cosby used to say, “Riiigghhtt!”
I will get my friend Boots out
Trust me.
Gary Thorne=Simply the Best!
by The American Mr.Hockey on Sep 9, 2009 1:43 AM CDT reply actions
In the space of three blogs yesterday, we find a lot of what is wrong in today’s NHL.
In one word, it is TRUST. The NHL does not trust a well heeled potential owner, because he says what he is thinking.
The NHL does not trust this person, since he is motivated to make money with his multi hundred million dollar investment into an NHL franchise. Rather than embrace and negotiate, the NHL continues to reject and resist.
The NHL would rather trust charlatans and rubes, many of whom are destined for incarceration, than a self made, albeit head strong, business man with billions of dollars of assets and cash. He need not dip into any land development deal for his ownership money.
The NHLPA members did not trust the man they sought out, to create an improved partnership with the NHL. His failing was that he does not play nice others…within the NHLPA.
The credibility of this League is in the bowl, and is about to be flushed away. And what are the billionaires and millionaires focused on…character assassinations, protectionist roadblocks bordering on anti trust violations and palace coups…all based on a lack of TRUST.
Good Grief!!!!
Where did our game go?
The NHL would rather trust charlatans and rubes, many of whom are destined for incarceration, than a self made, albeit head strong, business man with billions of dollars of assets and cash. He need not dip into any land development deal for his ownership money.
Because that’s worked so well for Tom Golisano.
The guy doesn’t know a thing about hockey, yet him and his crumbbum Larry Quinn pretend like they do and middle in the team’s affairs to the point where they will always be a fringe playoff team unless lightning strikes.
Is that better or worse?
It is obviously worse.
We as fans always cry that the league has over expanded to the point that we do not have enough quality players. Maybe there aren’t enough quality owners to go around as well.
by Old Habits on Sep 9, 2009 10:44 AM CDT up reply actions 2 recs
Maybe there aren’t enough quality owners to go around as well.
It would certainly seem so.
by hockeycountry on Sep 9, 2009 11:13 AM CDT up reply actions
+1
The population of Pominville keeps rising!
by Blackcapricorn on Sep 9, 2009 12:43 PM CDT up reply actions
I’ve been arguing that for a while. There just aren’t 30 billionaires desperate to own hockey teams.
Blogging on hockey at fromtherink.com
Which makes Mr. Balsillie’s O fer even more curious.
I get that his bedside manner is wanting, but really what is going through the minds at the NHL…how bad can this guy be compared to the Rogue’s gallery we have endured so far.
how bad can this guy be compared to the Rogue’s gallery we have endured so far.
I recall a quote from some high ranking US official around the time that Saddam invaded Kuwait. Saddam had been somewhat supported (or ignored) by the US up to that point. Someone asked the official whether or not the US realized that Saddam was a bad guy. The reply was something to the effect, “of course we knew what a bad guy he was – but he was our guy.”
It would seem that the NHL owners are of the same mind. They want to carefully select their own misfits; they don’t want one foisted upon them.
by hockeycountry on Sep 9, 2009 5:49 PM CDT up reply actions
The NHL does not trust this person, since he is motivated to make money with his multi hundred million dollar investment into an NHL franchise…
…by allegedly stabbing other owners in the back, and showing no respect for the club or members of the club he’s trying to join.
But why wouldn’t they trust him?
The 2009-10 Colorado Avalanche: Aiming for the Charity Point
Jibblescribbits: C'mon over and waste some time
I believe the current BoG fired the first shots in the character war now being waged. Mr. Balsillie has not made any inflammatory characterizations of any owner. Everything stated has been factual.
Ummmm yeah about that.
the “hard-working self-made billionaire taking on the big bad NHL”is a cute fairytale storyline, but it’s not exactly accurate. It’s more like the conniving, entitled prick taking on the incompetent, large corporation.
There’s no good guys in this story.
The 2009-10 Colorado Avalanche: Aiming for the Charity Point
Jibblescribbits: C'mon over and waste some time
by Jibblescribbits on Sep 9, 2009 9:25 AM CDT up reply actions
I would not and did not characterize the NHL as “big and bad”. The fact that Mr. Balsillie can surmount such a challenge disproves that notion.
This is neither a fairytale. I am indifferent as to whether Mr. Balsillie succeeds. I just feel that this issue reinforces how woefully run is the NHL.
It’s a great game. But as in most organizations, good people doing great things are needed to make it work and prosper.
With all the ongoing issues facing the NHL and NHLPA, I have hard time accepting the premise that there is no room in the NHL for a Hamilton franchise. It does not make business sense that the NHL, would not try to work with Balsillie, in his quest to relocate a or any struggling franchise to Hamilton.
I wonder how much damage the league incurs as this issue meanders to its’ conclusion. I think in retrospect, many of those concerned, will be wishing an alternate path had been selected.
I have hard time accepting the premise that there is no room in the NHL for a Hamilton franchise. It does not make business sense that the NHL, would not try to work with Balsillie, in his quest to relocate a or any struggling franchise to Hamilton.
The NHL has no interest in putting a franchise in Hamilton, that is correct. And I disagree with that, because I think it would be a fine market to put a team. But the league desperately does not want to work with Jim Balsille in any way shape or form, and Balsille has largely brought that upon himself. He has done everything he can possibly do to tick off the owners.
If I were an owner in the NHL (c’mon powerball!) I wouldn’t want Balsille anywhere near my league. He may be a good owner, for the fans, but it’s clear that he will bend, break, and connive around all the bylaws that are put in place to make the league as a whole prosper. He has shown himself to care about one person, Balsille. You’re correct that the NHL doesn’t trust him, and after everything he’s pulled, they shouldn’t.
The 2009-10 Colorado Avalanche: Aiming for the Charity Point
Jibblescribbits: C'mon over and waste some time
by Jibblescribbits on Sep 9, 2009 10:47 AM CDT up reply actions
If I was NHL owner, I would take my chances. Exchanging one woefully underfunded owner for one with the financial muscle to be a productive partner
would be all right with me.
Mr. Balsillie’s attempts to enter the league through the “side door” are merely demonstrating a weakness in the NHL organization. Further it shows that he has a firm understanding that one of the foundations of success is perserverance.
If I were an owner in the NHL (c’mon powerball!) I wouldn’t want Balsille anywhere near my league. He may be a good owner, for the fans, but it’s clear that he will bend, break, and connive around all the bylaws that are put in place to make the league as a whole prosper. He has shown himself to care about one person, Balsille. You’re correct that the NHL doesn’t trust him, and after everything he’s pulled, they shouldn’t.
Ok, so let’s assume he gets in. Now he’s one of 30. I assume he’s not against signing all the same franchise agreement documents that all the other NHL owners have signed. How much actual damage could he do to the League as a whole? Start another lawsuit in 5 years when he wants to sell and the League doesnt approve? Market his team in a way the League disapproves? Yeah, we assume he would be be a pain to work with, but history is littered examples of people who become perfect partners once they get on the “inside.” The NHL might be better off trying to control him inside, behind closed doors, rather than trying to keep him out.
Glen Sather is a Hockey Genius.
http://glensathersucks.com/
http://twitter.com/ThGeneralissimo
Donald Trump (and to a lesser extent Al Davis) love your logic here.
The 2009-10 Colorado Avalanche: Aiming for the Charity Point
Jibblescribbits: C'mon over and waste some time
by Jibblescribbits on Sep 9, 2009 11:44 AM CDT up reply actions
I just think that the methods and tactics he is using today, do not mean that he will be belligerant and obstructive as an owner.
He may insist that the BoG raise the bar of ownership, explore the unexplored so to speak. But I essentially see him doing everything he can to maximize his investment.
The hurt feelings of his fellow BoG’s will go away when all their franchises increase in value because of his successful franchise.
It’s not hurt feelings. He actively tried to devalue one of his potential business partners so he could buy the assets on the cheap.
I would never ever trust a person like that. There’s no reason to believe a person like that will find some sort of moral code just because you let him get his way. In fact it’s more likely to reinforce his belief that he can get whatever he wants by being conniving and rich.
The 2009-10 Colorado Avalanche: Aiming for the Charity Point
Jibblescribbits: C'mon over and waste some time
by Jibblescribbits on Sep 9, 2009 12:13 PM CDT up reply actions
See Craig Leipold’s statements regarding the actions of Balsillie and Richard Rodier when JB was trying to buy the Predators. JB and RR tried to drive a wedge between the city of Nashville and the team, causing Nashville to withhold funding and thus decreasing the Predators’ franchise value.
And when all was said and done, Mr. Leipold ended up with his cash and a more stable franchise in Minnesota.
And Nashville is still in a financial quagmire.
Boots shoulda defrauded stockholders...
… the SEC and OSC are obviously more willing to take a check in exchange for dropping the charges.
Yeah he did
but in no way is that because of Balsille. Leopold was already looking to buy the Minnesota franchise. JB was trying to devalue the Predators, whom Leopold was selling, in order to screw Leopold out of money by lowering the purchase price. (all according to Leopold of course).
There is no way I would want someone who would do that as my business partner.
The 2009-10 Colorado Avalanche: Aiming for the Charity Point
Jibblescribbits: C'mon over and waste some time
by Jibblescribbits on Sep 9, 2009 3:13 PM CDT up reply actions
Maybe Mr. Balsillie was poking at the hornets nest. He had a done deal in Pittsburgh until the NHL threw the 6 year shackle on him.
As for Balsillie’s attempts to negotiate with Nashville, who does not want buy an asset at a discount. In the end Mr. Leopold still got his money and Nashville is still a depressed franchise.
Currently he leads the pack in Phoenix by almost a $100 million, without a conflict of interest. And everyone gets paid and no one yet seems on their way to jail.
Are you really rationalizing those Leopold accusations as a legitimately ethical negotiating tactic?
That’s preposterous
The 2009-10 Colorado Avalanche: Aiming for the Charity Point
Jibblescribbits: C'mon over and waste some time
by Jibblescribbits on Sep 9, 2009 3:53 PM CDT up reply actions
Any offer can be rejected buy the seller, if they do not like the price,terms or conditions. What is unethical about that process?
It did not impede the sale to another party. What did happen, was that particular buyer overpaid, resulting in another transaction just to save the franchise.
From an ethical perspective, I think the seller overcharged for the franchise
Any offer can be rejected buy the seller, if they do not like the price,terms or conditions. What is unethical about that process?
That’s not even close to the issue there.
The 2009-10 Colorado Avalanche: Aiming for the Charity Point
Jibblescribbits: C'mon over and waste some time
by Jibblescribbits on Sep 9, 2009 5:19 PM CDT up reply actions
His 30 per cent stake in the Predators will be a part of that settlement once it’s sold in bankruptcy court along with his other assets.
James, on the balance sheet in his bankruptcy filing, wasn’t that the only asset that he had listed?
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