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 ...
He may have to sell his poop.
I hope the Clintons and the Kerrys had ALL their money in it!
He'll probably have to sell a couple of his homes in the Hamptons to cover the losses.
I did read the article.
It appears to be a privately held company.
However, it might be trading on the Pink Sheets (look it up), and I cannot find the symbol.
Anyway, my main point holds - how can the IRS tax shares of a private business as income if there is no way to establish the value of those shares?
yeah, he and his ex-wife were paid for their promotions with FTX stock, so they’re really not out anything except a bit of their time a lot of their reputation ... no actual monetary loss ... tax-wise it would be a wash: easy come, easy go ...
still, at least they believed in what they were selling by taking a stake in it ... i doubt any of the other scumbag celebs who promoted FTX did that, meaning they didn’t believe in it, didn’t care, and simply mouthed the words for a bunch of easy money that they ran to the bank with ... oh, and screw the little people, right?
“did he get the shares for promoting it?”
Most likely yes. This probably was his entire payment for shilling FTX. His wife, the same.
However it plays out it’s going to very complicated for Tom and his ex-wife.
He still has a purdy face, so great arm candy....somewhere out there is a rich supermodel or heiress that will marry him or at least keep him fed and well housed. He won’t have to wait long.
You pays yer money, you takes yer chances...
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