Mark Cuban: Out of the SEC Frying Pan ... Into the Hillwood Fire
Just as Dallas Mavericks' owner Mark Cuban is finishing his jig in the wake of beating an insider trading charge from the Securities & Exchange Commission, today comes another legal pothole.
This one from the guy who sold him the Mavericks.
Hillwood Center Partners, which is controlled by Ross Perot Jr., filed a lawsuit against Cuban in state district court in Dallas last week claiming he diverted money from American Airlines Center to make up for financial shortfalls incurred by the Mavericks.
Cuban usually has his shit together when it comes to money.
We've always thought the Mavs were losing money, though he has never cracked open his books for the details. The lawsuit claims Cuban has covered significant cash shortfalls for the Mavericks by obtaining more than $29 million in unauthorized loans through a limited partnership.
Sounds like, at worst, nothing more than robbing Peter to pay Paul. But from Don Nelson's contract to the SEC to this, Cuban sure spends a lot of time in court.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss Observer's biggest stories.