Posted on 01/10/2023 4:45:07 PM PST by PJ-Comix
Billionaire New England Patriots owner Robert Kraft and star NFL quarterback Tom Brady are among those sharing in the pain of FTX Group’s sudden implosion.
Brady, formerly a prominent FTX booster, owns more than 1.1 million common shares of FTX Trading, bankruptcy court documents show. His ex-wife, supermodel Gisele Bündchen, has more than 680,000 shares in the same entity.
Meanwhile, KPC Venture Capital LLC, an entity linked to the Kraft Group, holds more than 110,000 Series B preferred shares in FTX Trading, the entity that owns its main crypto exchange, according to the court papers. The firm also owns 479,000 Class A common shares and 43,545 Series A preferred shares in West Realm Shires, the unit that owns the company’s US-based exchange.
The value of the investments couldn’t immediately be learned, but are assumed to be practically worthless. Stockholders of bankrupt companies rarely recover any of their money because US law requires creditors be repaid in order of priority, and stockholders are last in line, below those with direct claims on a company’s assets, customers and suppliers.
(Excerpt) Read more at fortune.com ...
I remember hearing Peter Lynch say "don't invest in anything you don't understand" back in the '80s. Seemed like good advice.
I believe Warren Buffet said he follows that rule too.
When Hillary failed in 2016, and it was obvious the Clintons were forever irrelevant to US politics, the money flowing to the Clinton Globull dried up. There was no more potential for influence peddling.
I believe the Clinton “brand” is so weak that Chelsea Hubbell-Mezvinsky hasn’t attempted a run at elected office attempting to re-establish some leverage.
Yes, equity stake payment.
Another form of vaporware! >POOOF!<
Now Brady will have to play until he’s 80.
FTX Trading, not crypto.
He lost big time in his fund and then robbed Trading account investors to keep it afloat.
He’s a triple loser: losing at football, lost his wife, lost money.
Worthless. I know just 2% of how he feels.
Brady and wife got those shares in return for advertising for them, wonder if Larry David did as well. So they did not put up any actual money for the shares, but I imagine they can write the loss off on their taxes.
any woman? Brady should stick with football. The women he’s gotten tangled up with all dumped him. If he still feels like he needs more beating he could just invest in a Nigerian Prince? Bankman was no Nigerian but close. He was a Bajamian.
I am sure Brady was hoping he would get a deal like Bill Shatner got when he started doing those commercials for Priceline, he got paid in stock from the get go and it turned out well for him, maybe $50 to $100 Million worth or more.
With a $25m yearly salary+bonus, that would be a useful write-off.
ROTFLMAO!!! Anybody who invests in an “asset” with absolutely no backing deserves exactly what he gets.
-—write the loss off? That might sting a little. A stock loss would be limited to 1,000$. If he made other stock gains, and sold, he could offset more, tho.
“Well, McDonald’s is hiring. So Mr. Brady does have options.”
Don’t quit you hamburger flipping job.
I think he can afford it.
Capital loss write-off is limited to $3000 per year.
What women?
I’m sure you’re far more successful and intelligent.
Tom Clancy got ripped off for over $1 million by a guy he met at a baseball game.
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