CFO: Sterling can't pay debt without Clippers sale
Source: AP
LOS ANGELES (AP) The chief financial officer of Donald Sterling's properties says the billionaire may be forced to sell a large portion of his real estate empire to cover $500 million in loans if he persists in refusing to sell the Los Angeles Clippers for $2 billion.
Darren Schield, who oversees the finances of The Sterling Family Trust, testified Monday that three banks are ready to recall their loans to Sterling because of his decision to dissolve the trust. His move was designed to rescind agreement for the sale of the Clippers, a team he bought for $12 million.
Schield said if Sterling has to dump $500 million worth of apartment buildings he could destabilize the Los Angeles real estate market.
Sterling's lawyer suggested there are other options for raising the money.
Read more: http://lubbockonline.com/filed-online/2014-07-21/cfo-sterling-cant-pay-debt-without-clippers-sale#.U82UOLFCz2Q
ETA: Another story with more information:
http://www.scpr.org/news/2014/07/21/45475/clippers-sale-trial-team-s-future-on-line-as-proba/
randys1
(16,286 posts)Are you ready for a Democratic Socialist state yet?
When will enough be enough for everybody?
dballance
(5,756 posts)I'm thinking his lawyer is just throwing that out there to try to get some regulatory or other government assistance to help him get out of the sale of the Clippers.
bbernardini
(9,938 posts)oldandhappy
(6,719 posts)I guess I am the one living in an alternate universe!!
hughee99
(16,113 posts)Does that mean a bunch of people get a good deal on a house or apartment because some rich racist is trying to fuck around with his family trust to avoid selling a team that hates him in a league that doesn't want him for a $1.988 BILLION dollar profit?