November 19th, 2008

mavs

Official Statement by Attorney for Mark Cuban

I have communicated with Mark via email concerning the SEC charges of Insider Trading. Mark has convinced me that he has done nothing wrong and that the impropriety involves the SEC and mamma.com. Mark's attorney issued the following statement which can be found at blogmaverick.com/

On behalf of

Mark Cuban

RE: SEC Civil Action in the United States District

for the Northern District of Texas, Dallas Division

The SEC knows their case centers on one telephone conversation between two individuals- 4 years ago. The SEC claims there was an agreement between these parties to the conversation to keep certain information confidential. We interviewed Guy Faure, the former CEO of Mamma.com Inc., with whom the SEC claims Mr. Cuban made an agreement. We had a court reporter transcribe the interview. There was no agreement to keep information confidential. Here is a relevant excerpt from the interview with Mr. Faure:

CHRISTOPHER CLARK :

1) Q- We spoke earlier about you were telling Mr. Cuban in words or substance : “I have confidential information for you”.

A- Right.

2) Q- Do you recall anything Mr. Cuban said in response or reply to that statement by you ?

A- No, I do not.

The SEC knows this-they have the transcript, yet they brought the case anyway. Why? Do they have a different statement from Mr. Faure ?

Why did the SEC end their multi-year investigation of Mamma.com Inc. for alleged securities laws violations days before interviewing present and former Mamma.com Inc. executives about this matter? Was the timing a coincidence? We think not.

Any inquiries respecting this release should be directed to Stephen Best at Dewey & LeBoeuf LLP (202) 346-8735.

clusterstock.alleyinsider.com/2008/11/mark-cuban-s-insider-trading-case-could-go-to-the-supreme-court



finger11

Let Detroit Go Bankrupt

Those seems like harsh words but in fact this is the only way to save the auto industry and the millions of related jobs in the U.S.  Mitt Romney, former governor of Massachusetts and candidate for the 2008 Republican presidential nomination agrees.  "Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check."



Romney was born in Detroit, the son of an auto chief executive. In 1954, his dad, George Romney, was tapped to run American Motors when the president suddenly died. The company itself was on life support — banks were threatening to deal it a death blow. The stock collapsed. His dad turned the company around. From the lessons of that turnaround Romney offers solutions and you can read his entire Op-Ed contribution here www.nytimes.com/2008/11/19/opinion/19romney.html

"The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk."

The only reason the Democrats want to bail out the automakers anyway is to save the auto unions who, with declining national enrollment, can hardly afford to lose labor contracts with Detroit’s big three.  Representative Barney Frank has made it very clear that bankruptcy would cripple the unions, which is not acceptable to his party.





live journal

Dow Closes at Lowest in Over 5 Years

The Dow Jones Industrial Average tumbled more than 400 points, or 5 percent, closing below 8,000. The last time the Dow ended below 8,000 was in March 2003.

The S&P 500 index shed more than 6 percent, while the Nasdaq lost more than 6.5 percent.

Shares of both General Motors [GM  2.79    -0.30  (-9.71%)   ] and Ford [F  1.26    -0.42  (-25%)   ] dropped more than 10 percent. In the past 12 months, GM shares have lost more than 90 percent of their value and Ford is down more than 80 percent.  Citigroup [C  6.40    -1.96  (-23.46%)   ] tested a new low, hitting $7.75 a share before rebounding above $8, as investors continued to punish the stock amid concerns that the 52,000 job cuts announced this week indicate worse management than previously thought.  Only ten stocks on the S&P 500 have gained value since September 15, 2008.

Throwing Trillions of  U.S. Tax dollars at the current economic problems is not helping. In fact, the more the government interferes the worst the recession will become.  A free and competitive market allocates resources in the most efficient manner. Each person has the right to offer goods and services to others on the free market. The only proper role of government in the economic realm is to protect property rights, adjudicate disputes, and provide a legal framework in which voluntary trade is protected. All efforts by government to redistribute wealth, or to control or manage trade, are improper in a free society.



tcu frog

Poker is a Game Not a Sport

Bonzer plays poker at the Winstar World Casino in beautiful Thackerville, Oklahoma at least three days a week.  Why work when you can play poker?  But Poker is not a sport and Bonzer is a sports fan.  So Mr. Wolf is taking a break from playing poker this week to enjoy some games that are also sports.  The week started with Bonzer watching 14 college basketball games in 23 hours on the ESPN family of Networks.  The only disappointment was that half of the games were not in High Definition and one of the games was a women’s college basketball game thanks to Title IX. Oh well, it was a good start for a week of marathon sports viewing.

Tonight, it was off to Fort Worth for the home opener of the TCU men's basketball team against Nebraska.  It was easy to secure a good seat, Row 3 on the aisle right behind the TCU bench.  Right after the NCAA Tournament in March, TCU hired Jim Christian as the head coach.  Christian is a no nonsense hard-nosed coach who will demand that his team play a physical brand of basketball.  San Diego Chargers tight end Antonio Gates played basketball at Kent State when Christian was an assistant coach there.
                              

 Christian inherits a struggling program that had endured three straight losing seasons under Neil Dougherty.  TCU hasn't made the NCAA tournament since 1998. Christian was 138-58 at Kent State the past six seasons. He became the first Mid-American Conference coach to win 20 games in each of his first six seasons.  The Golden Flash were knocked out of the 2008 NCAA tournament in the first round by UNLV, the same team that ended TCU's season.  Christian also was an assistant on the 2002 Kent State team on which Gates was a starter. That year Kent State made it to final eight in the NCAA Tournament.

Tonight Paul Velander came off the bench to score 11 points to lead Nebraska to a 62-50 victory over TCU. Nebraska put as many as five guards on the court at the same time during the game.  The Corn Huskers used a 14-3 run in the final five minutes of the first half to take a 37-24 lead at halftime. TCU hit only 4 of its 21 field goal attempts in the first half, making only 10 field goals the entire game. TCU (1-3) could get no closer than seven points in the second half.  Kevin Langford scored 19 points for TCU, 13 of those at the free-throw line.

TCU has a way to go.  But I look for them to shoot much better than tonight’s 27% from the field over the rest of this season.  I would not be surprised if TCU could limit their turnovers to fewer than ten a game during the remainder of the season.  Tonight the Frogs had 14 turnovers against a very athletic, pressing defense. Coach Christian stood and coached his players through the entire game. 

The game officials were David Hall, Ed Hightower and Rick Hartzell.  These are three of the most respected college basketball officials in the country.  Hightower and Hall have officiated the NCAA Championship Game and all three have worked deep into the “March Madness” Tournament for over 15 years.   Ed Hightower has worked 11 Final Fours, including seven straight from 1988 to 1994. He also was on college basketball's biggest stage in 1996, 2002, 2005 (in St. Louis) and 2006, working five national championship games in the process.  David Hall has directed national college referee training camps for each of the past 13 years. Hall has officiated in 17 NCAA tournaments, two final four games and the 2000 National Championship game.  Rick Hartzell is a former athletic director at Bucknell University and the University of Northern Iowa.  Hartzell has officiated extensively in the Atlantic Coast Conference (ACC) and the Big 12 Conference, having worked the NCAA tournament for over 15 years. Hartzell has also served on the NCAA Division I Rules Committee.

It was fun to watch a NCAA Division I game at the always viewer friendly Daniel Meyer Coliseum.  The game was broadcast live on the CBS College Sports HD Network.  Freebies always make for an even better evening.  Bonzer scored a Opening Night #1 Purple Foam Finger & a TCU team tee tossed into the crowd by a "rag" arm but otherwise healthy Horned Frog cheerleader.  Tomorrow night it’s off to the American Airlines Center in Dallas for a Chicago Blackhawks vs. Dallas Stars NHL game. Bonzer won’t be quite as close to the action as he was at TCU but the Wolf did manage to secure StarsClub Preferred seats, just seven rows from the glass for tomorrow night's action.

                    
 David Hall                                                                Rick Hartzell                            Ed Hightower

F-R-O-G-S F-I-G-H-T
Go, Go, Horned Frogs Go                                                                                                       
TCU Frogs Fight