through no fault of their own!
Oh, boy, people…this is a nasty mess and it’s gotten worse. See the update below.
Adrienne Maloof of the Real Housewives of Beverly Hills, one of our fav housewives…and her family’s NBA sports team, the Sacramento Kings, have been pulled into a nasty bankruptcy mess because of the poor money management on the part of one of their minority owners, Bob Cook (a partner they were stuck with when they bought the team). Urgh!!
Go figure, if it isn’t one thing, it’s another.
The Maloof’s now have more problems that they just don’t need right now…what, with legal fees, depositions and court appearances…we just want Adrienne to focus on her business and not the financial woes of others.
Lesson…be careful who you get into the business “bed” with. They could drag you down!
Hang in there, Maloofs. You always knew that Bob Cook was going to be nothing but trouble to you!
It gets worse. What’s circulating now.
The Maloofs have entered into a sales agreement to sell 65% of their ownership to investors in Seattle for $525M and have received a $30M non-refundable deposit. They entered into this agreement without approval of the minority owners, including Bob Cook. The US Bankruptcy Court has put the sale on hold because, it turns out, the minority owner’s rights may have been violated and these minority owners are trying to void the sales contracts to block the moving of the team out of Sacramento. This is an issue that is currently being debated. Bob Cook has been instrumental in this move to block the sale and it’s fair to say that the Maloofs are none too happy about this.
An avoidance of the contract would mean the Maloofs would have to return the $30M and, given all the drama occuring in their real lives (divorce, financial stress and the sales of other significant assets), this sale falling through could really hurt them. Their only success would be to give the minority owners a bit of a bribe (translated…$$$$) to get them to go away.
Here’s the latest news on this hot mess: http://www.modbee.com/2013/02/12/2574239/maloofs-disclose-details-of-kings.html
Poor Maloofs. Just when you thought it couldn’t get any worse!