Wednesday, May 28, 2014

Sterlings Working Both Sides Of The Street: Donald Looks To Sue, Shelly Looks To Sell


First, from KTLA's Christina Pascucci, via her Twitter:

#EXCLUSIVE #BREAKING I've learned #DonaldSterling plans to sue @NBA and will likely file suit by end of week

Filed through his attorneys, Blecher, Collins, Pepperman, and Joye the complaint involves the desire for a jury trial on a complaint of "Violations for Denial of Constitutional Rights, Breach of Contract, Antitrust Violations, Conversion, and Breach of Fiduciary Duty" whatever all that means...

At the same time, Shelly Sterling is looking to have all letters of intent in house by the end of business eastern time today and is ready to have Bank of America vet all serious bidders by the end of Thursday.

The LA Times James Rainey has word that Shelly Sterling's term letter calls for a 100-percent stake for the new owners- apparently, giving the impression that she will not be around. All that despite Donald Sterling's intent to stay owner and fight the NBA and his wife in the battle for ownership.

Getting all this...???

Rainey lists the main four to pay attention to as:

A Guggenheim group that includes Oprah Winfrey, Larry Ellison, and David Geffen
A Grant Hill-involved group that includes Ares Management's Tony Ressler and Tribune chairman Bruce Karsh
The Steve Ballmer group
A group of middle eastern investors

Bill Simmons, via his Twitter, maintains that Guggenheim will announce their intent Thursday, but the larger issue may be that the Sterlings want $300-million non-refundable up front of the purchase. That would be some kitty for lawyers as Donald Sterling (and, possibly, Shelly independently) would be in court.

Here's the Dean with Donald Sterling's initial response to the NBA's point-of-view from last night
((HT: NBC Los Angeles))

And, yes, it is now somewhat official as Ramona Shelburne confirms on her Twitter through Blecher that Donald Sterling has changed his mind since the letter to the NBA was sent a week ago.

Blecher says that "On May 22 that’s what [Sterling] wanted to do. But as time has evolved he’s come to a much more hardline position."

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