Oct 13, 2021
Judge accuses owners who failed to timely disclose financial information of playing “three-card monte”
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The NFL keeps taking L’s in St. Louis.
“It does seem to me that your clients . . . are dragging their feet on this,” Judge McGraugh said, via the St. Louis Post-Dispatch. “It seems like we’re in a three-card monte game.”
The judge fined Chiefs owner Clark Hunt $5,000, New York Giants co-owner John Mara $8,000, Cowboys owner Jerry Jones $6,000, and Patriots owner Robert Kraft $5,000 for not making complete disclosures in compliance with the court order. Judge McGraugh ruled in July that sufficient evidence existed as to those persons and Rams owner Stan Kroenke to support an award of punitive damages. That makes their financial situation relevant, and their financial information subject to disclosure.
Kroenke fully complied with the order.
As to the others, that’s not the end of it. On December 3, the lawyers for those four owners will return to court with an opportunity to “show cause” as to why they should not be held in contempt of court for failing to comply with the order to release the information.
The plaintiffs had tried for more than that. They wanted an order striking the pleadings and entering judgment against those owners, with the trial then focusing only on damages. The judge did not go that far, obviously.
Maybe, at some point, he will.
“This behavior just cannot go on,” Judge McGraugh said.
If it does, stronger sanctions could be coming.
Judge accuses owners who failed to timely disclose financial information of playing “three-card monte” originally appeared on Pro Football Talk
News Source: msn.com
Report: Struggling Chinese developer makes bond payment
BEIJING (AP) — A troubled Chinese developer whose struggle to avoid a multibillion-dollar debt default has rattled global financial markets wired $83.5 million on Friday to make an overdue payment to foreign bondholders, a government newspaper reported.
Evergrande Group’s struggle to reduce its 2 trillion yuan ($310 billion) of debt to comply with tighter official curbs on borrowing has prompted fears a default might trigger a financial crisis. Chinese officials have tried to ally investor fears by saying the debt problems can be controlled and there should be no impact on the financial industry.
Evergrande wired money on Friday to a Citigroup account for a bond payment that was due Sept. 23, the Securities Times reported, citing unidentified sources.
Evergrande missed payments in late September and early October to investors in U.S. dollar-denominated bonds issued abroad. The company said Wednesday a 30-day grace period to make those payments before it would be declared in default had yet to expire.
The ruling Communist Party is pressing companies to reduce debt levels it considers dangerously high.
Economists say Beijing can prevent a credit crunch if Evergrande defaults on debts to Chinese banks and bondholders but wants to avoid appearing to arrange a bailout while it tries to force other companies to reduce reliance on debt.
The slowdown in construction helped to depress China’s economic growth an unexpectedly low 4.9% over a year earlier in the three months ending in September. Forecasters expect growth to decelerate further if the financing curbs stay in place.
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