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News Report: Boots gets the kick

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Old
09-08-2009, 04:17 PM
  #1
lillypad33
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News Report: Boots gets the kick

http://www.tsn.ca/nhl/story/?id=290401

TSN:

SAN FRANCISCO - A federal judge has sentenced a Silicon Valley financier to more than eight years in prison for bilking banks and investors out of millions of dollars in an attempt to buy an NHL team and finance a lavish lifestyle.

William (Boots) Del Biaggio III was sentenced Tuesday in San Francisco. He pleaded guilty earlier this year to a felony charge of forging financial documents to obtain US$110 million in loans from several banks and two NHL owners.

He used the money to buy an interest in the NHL's Nashville Predators and to pay personal expenses that included $4 million in gambling debts.

The judge also ordered him to pay more than $67.4 million in restitution. His interest in the hockey team will be sold and the proceeds distributed to his victims.

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Old
09-08-2009, 04:23 PM
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Quote:
Originally Posted by lillypad33 View Post
http://www.tsn.ca/nhl/story/?id=290401

TSN:

SAN FRANCISCO - A federal judge has sentenced a Silicon Valley financier to more than eight years in prison for bilking banks and investors out of millions of dollars in an attempt to buy an NHL team and finance a lavish lifestyle.

William (Boots) Del Biaggio III was sentenced Tuesday in San Francisco. He pleaded guilty earlier this year to a felony charge of forging financial documents to obtain US$110 million in loans from several banks and two NHL owners.

He used the money to buy an interest in the NHL's Nashville Predators and to pay personal expenses that included $4 million in gambling debts.

The judge also ordered him to pay more than $67.4 million in restitution. His interest in the hockey team will be sold and the proceeds distributed to his victims.
Time for some NHL ex post facto due diligence?

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Old
09-08-2009, 04:35 PM
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hfboardsuser
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Yeah, but was he sanctioned by the OSC?

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Old
09-08-2009, 04:38 PM
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I wonder how much of that time he'll actually spend behind bars

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Old
09-08-2009, 04:40 PM
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The Mercury News version:

http://www.mercurynews.com/bay-area-news/ci_13292008
Quote:
Tearful 'Boots' Del Biaggio sentenced to 8 years for investment scheme
By Brandon Bailey
Posted: 09/08/2009 12:38:50 PM PDT
Updated: 09/08/2009 01:07:30 PM PDT

SAN FRANCISCO — A federal judge handed down an eight-year sentence this morning for William "Boots" Del Biaggio III after an emotional hearing in which the disgraced Silicon Valley financier tearfully vowed to repay millions that he took through phony loans and investment schemes.
...
"I did not intend to hurt anyone," Del Biaggio said as he tearfully read from a statement before the judge imposed the sentence. "I thought somehow I could pull it all together."

But the judge, while acknowledging Del Biaggio's past record, said his actions were more than a single uncharacteristic mistake. "Every single day, you had to make these decisions to cheat, to lie," the judge said, although he also said he believes the schemes were driven more by pride than greed.

Del Biaggio was ordered to start his prison sentence in January. The judge also ordered that he get treatment for an unspecified "substance abuse issue" while in prison.
Oh my. When it rains, it pours.

http://www.bizjournals.com/sanjose/s...7/daily16.html

Quote:
8 years prison, $67.4M restitution for Del Biaggio
Silicon Valley / San Jose Business Journal

Venture capitalist and former co-owner of the San Jose Sharks, William "Boots" Del Biaggio III, has been sentenced to eight years in prison and more than $67.4 million in restitution for misappropriating funds from individual investors he advised.

Del Biaggio was charged with cheating investors of about $100 million, and investigators said he falsified documents so it would look like he owned securities that belonged to others.

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Old
09-08-2009, 04:46 PM
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pondnorth
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I am surprised that Boots did not try to blame JB for is problems,like JB is blamed for every problem the nhl has had lately or will ever have,he may have got off with a personnel letter of character from Bettman.

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Old
09-08-2009, 04:48 PM
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Originally Posted by pondnorth View Post
I am surprised that Boots did not try to blame JB for is problems,like JB is blamed for every problem the nhl has had lately or will ever have,he may have got off with a personnel letter of character from Bettman.
Balsillie is secretly Gary Bettman?

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Old
09-08-2009, 04:49 PM
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SJeasy
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Originally Posted by Predanerd View Post
I wonder how much of that time he'll actually spend behind bars
I'd appreciate a legal opinion on the same. Another poster on another board opined that there would be no time off because it was federal prison time.

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Old
09-08-2009, 05:05 PM
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Yeah, all that stuff is bad, but it's nothing compared to JB. I mean, JB caused the Habs to miss the playoffs last year!

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Old
09-08-2009, 05:28 PM
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pondnorth
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Boots will not be alone for very long,Len Barrie will probably be joining him in the near future and i am sure Bettman and his buddies will blame JB for Barrie`s mistakes also.Yes JB stole the cup right out of George Gillett`s hands.

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Old
09-08-2009, 07:09 PM
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GKJ
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What's this mean for the Predators?

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Old
09-08-2009, 07:49 PM
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Boots made his money the old-fashioned way - he stole it.

However his character and integrity from an NHL perspective are impeccable.

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Old
09-08-2009, 07:59 PM
  #13
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Originally Posted by go kim johnsson 514 View Post
What's this mean for the Predators?
As Del Biaggio filed for bankruptcy, a court appointed trustee will have to find buyers for his assets, including the share in the Predators.

Here's LS's earlier post on it:

Quote:
Originally Posted by LadyStanley View Post
http://www.tennessean.com/article/20...assets+unclear

Meanwhile, on the other side of the country, there's another bankruptcy situation, that of Nashville minority owner William Del Biaggio. There's concern that the (current) ownership group may not have enough guarantee funds to offset potential debt to city should it be needed to be paid.

Quote:
Each owner is individually guaranteeing more than he or she once did because of the bankruptcy of former co-owner William "Boots" Del Biaggio III, who pleaded guilty to a federal charge of securities fraud six months ago. Del Biaggio and another California-based owner, Warren Woo, together owned 31.58 percent of the Predators.
They're also dealing with the possibility of their loan being called as the ownership group has part of their original purchase price financed through CIT which just declared bankruptcy.

Quote:
Meanwhile, Del Biaggio's bankruptcy case continues to move slowly. The California-based trustee, R. Todd Neilson, said he is taking his time deciding how to sell Del Biaggio's shares in the Predators. The remaining owners have made a bid.
...
Neilson declined to say what Del Biaggio's stake in the Predators is worth or how many bids it has drawn.

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Old
09-08-2009, 08:20 PM
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Seth Lake
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Originally Posted by go kim johnsson 514 View Post
What's this mean for the Predators?
Nothing. His shares of the team are in bankruptcy court and Boots was not required to put any additional capital into the franchise after the purchase.

Predators Holdings LLC (Ownership group lead by Freeman) have made a bid to purchase the shares out of bankruptcy court, but thus far the court appointed trustee has not made any rulings.

Freeman has repeatedly this summer said publicly that it is not a concern and that it will work itself out over time. Brett Wilson is also being vetted by the NHL for a minority (read: less than 5%) stake in the franchise as well and has an agreement in place to join Predators Holdings LLC upon league approval.

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Old
09-09-2009, 01:37 AM
  #15
HockeyScholar
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What separates the NHL from the NBA and NFL?

In the NHL, the convicts own the teams, and in the NBA/NFL, the convicts play the games.

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Old
09-09-2009, 05:16 AM
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jumptheshark
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shouldn't thisbe titled
Boots gets the boot

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Old
09-09-2009, 05:19 AM
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Originally Posted by HockeyScholar View Post
What separates the NHL from the NBA and NFL?

In the NHL, the convicts own the teams, and in the NBA/NFL, the convicts play the games.
Haha.

The NHL likes its criminals to wear white collars?

I have to say, thought, that Boots guy was quite the character. Hopefully he can rehabilitate himself in prison.

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Old
09-09-2009, 06:33 AM
  #18
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Originally Posted by HockeyScholar View Post
What separates the NHL from the NBA and NFL?

In the NHL, the convicts own the teams, and in the NBA/NFL, the convicts play the games.
"The BoG would like to announce, for the 1st time ever, a new 3rd jersey for owners. The jersey is only available in orange, but does feature the Reebok patented 'Water repellent Bead Away' to wash away those courtroom tears. The jerseys will be available to fans for $999 in arena concourses and the NHL store powered by Reebok starting in October."


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Old
09-09-2009, 06:55 AM
  #19
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Originally Posted by SLake View Post
Nothing. His shares of the team are in bankruptcy court and Boots was not required to put any additional capital into the franchise after the purchase.

Predators Holdings LLC (Ownership group lead by Freeman) have made a bid to purchase the shares out of bankruptcy court, but thus far the court appointed trustee has not made any rulings.

Freeman has repeatedly this summer said publicly that it is not a concern and that it will work itself out over time. Brett Wilson is also being vetted by the NHL for a minority (read: less than 5%) stake in the franchise as well and has an agreement in place to join Predators Holdings LLC upon league approval.
With Wilson on board and an upswing in corporate support it looks to me like the Nashville ownership situation is on firm ground. I have no idea if they will ever be big spenders but I would expect the team has a very good chance to make it.

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Old
09-09-2009, 07:01 AM
  #20
Ward Cornell
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Will 'Boots' still be able to vote on prospective NHL owners character or lack of character?

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