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 ...
Only if you have no gains to offset, correct?
I guess it depends on how good his accountants are. There would be a loss, I just have no idea how much of one he could take.
I’ll check & get back to you.
can he write it off as a loss?
“Tony Romo is making $18 mil a year doing NFL games for CBS. I gotta believe Brady would be in that bracket.”
He has a guarantee for more than that already signed.
“”big rumor that Clinton had a bunch of money in it””
Bet it wasn’t his money either!!!!
Pretty sure that all the already rich people who invested in this nonsense will land on their feet... Just like they always do. Bob Kraft just bought a 23+ million dollar condo, so that’s evidence enough that he’ll be just fine.
Boy - I sure HOPE SO!!!!!!
Bankman was NOT a Bajamian.
He is a PajamaMan.
I think Brady has $180 Million contract ready when he quits playing, so he would still be gone and on the road even if he quit football.
Typical uninformative article. FTX shares had a high of about $80 around 9/9/21. The price hovered around 40-60 until April 2022, and around $20 until October. Their loss is based upon the value paid or services rendered in exchange for stocks. Even the maximum loss would be $80 million or about 8% of his net worth. That’s less the Biden inflation penalty on average Americans.
His net worth is reported as $7.2 billion.
So just barely getting by in this inflation plagued era.
“I think Brady has $180 Million contract ready when he quits playing, so he would still be gone and on the road even if he quit football.”
I don’t think being on the road was the problem. I think there was a feeling that Brady felt the team was his family.
In Tom Brady's case, there might be some hope.
I will speculate his stock shares in FTX were payment for his endorsement.
The big question - how much, if any, did Brady invest in Bitcoin or other crypto currency that was being held by FTX.
If Brady had crypto or USA cash deposits in FTX, that could all be dead money.
Bingo! And not just political money laundering but other kinds of shady transactions like purchasing sex trafficking victims.
Correct.
If you have a capital gain of 10,000 and a capital loss of 9,000 your taxes would show a capital gain of $1,000.
If your capital loss is greater than your capital gains, then you can claim a capital loss of $3,000 per year.
The Patriots alone would be worth that much... It’s good to have collateral.
Plus his new wife is a doctor so he’s got backup LOL.
They are on the verge of divorce, also…
Tell me about it...
I will be writing off my Dot.com stocks until 2060!
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