Saban in financial trouble? | SECRant.com
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Draconian Sanctions
LSU Fan
2011 SECr Hall of Flame Inductee
Member since Oct 2008
41005 posts

Saban in financial trouble?


Creditors seeking $25 million in venture Saban owns 49.5% of






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bamascott2
Alabama Fan
XIV
Member since Apr 2009
9671 posts

re: Saban in financial trouble?


Cool! That means Saban will have to sign a three year extension!





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bigpapamac
South Alabama Fan
Mobile, AL
Member since Oct 2007
17799 posts

re: Saban in financial trouble?


Man this is Germans. The B'ham News beat the Advocate to this by months.





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I-59 Tiger
LSU Fan
Vestavia Hills, AL
Member since Sep 2003
25524 posts

re: Saban in financial trouble?


So that's why Terry is having a big garage sale this weekend.





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parkjas2001
Auburn Fan
Gustav Fan Club: Consigliere
Member since Feb 2010
43415 posts

re: Saban in financial trouble?


Teh NFL could help those money issues.





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rebeltider
New Orleans Saints Fan
Oxford
Member since Mar 2010
4690 posts

re: Saban in financial trouble?


I feel confident Dr. Witt or Mal Moore would gladly loan him whatever amount he needs, provided he keeps on winning games.





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RollTide4Ever
Alabama Fan
Nashville
Member since Nov 2006
9290 posts

re: Saban in financial trouble?


He can just sell the property and take a haircut right?





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sheek
LSU Fan
Austin Texas
Member since Sep 2007
36352 posts

re: Saban in financial trouble?


I would imagine an LLC was formed to protect lord saban's personal assets.







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Diamondawg
Mississippi St. Fan
Mississippi
Member since Oct 2006
10944 posts

re: Saban in financial trouble?


Sounds more like a Saban business venture is in trouble; not Saban personally. I suppose he might lose his initial investment but the man makes $6MM a year. I think he will be OK.





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Draconian Sanctions
LSU Fan
2011 SECr Hall of Flame Inductee
Member since Oct 2008
41005 posts

re: Saban in financial trouble?


quote:

I would imagine an LLC was formed to protect lord saban's personal assets.




I'm quite sure of this as well. Just fun to make a thread about it






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stapuffmarshy
Syracuse Fan
lower 9
Member since Apr 2010
12905 posts

re: Saban in financial trouble?


sounds like Nick needs to sell more PECANS








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The_Pistol
LSU Fan
Member since Dec 2003
2519 posts

re: Saban in financial trouble?


He lost to Spurrier, Miles, AND Chizik last year.

He had better be careful before he's forced to coach out of his home-office in the YMCA league.






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WaveHog
Arkansas Fan
Austin, TX
Member since May 2008
5006 posts

re: Saban in financial trouble?


quote:

would imagine an LLC was formed to protect lord saban's personal assets.






I'm quite sure of this as well. Just fun to make a thread about it


According to the article, Nick Saban was listed as a General Partner in the LP prior to Jan 26. If he is or was a GP, Saban has unlimited personal liability. really dumb of him/his lawyer to set it up like that, if true.






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sheek
LSU Fan
Austin Texas
Member since Sep 2007
36352 posts

re: Saban in financial trouble?


The advocate is late on this fwiw. I cannot believe Spinosa convinced saban to invest in his shady arse project. Tommy doesn't exactly have a perfect track record ie Perkins Rowe. Even though, I think it wasn't all Tommy's fault.





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sheek
LSU Fan
Austin Texas
Member since Sep 2007
36352 posts

re: Saban in financial trouble?


quote:

According to the article, Nick Saban was listed as a General Partner in the LP prior to Jan 26. If he is or was a GP, Saban has unlimited personal liability. really dumb of him/his lawyer to set it up like that, if true.


if that is the case his lawyer in Lafayette fricked him over.






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MoreOrLes
LSU Fan
Member since Nov 2008
16660 posts

re: Saban in financial trouble?


quote:

Cool! That means Saban will have to sign a three year extension


Cool that means Saban will go the highest bidder.

FIFY






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nycajun
LSU Fan
Nothin' could be finer.....
Member since Dec 2004
17370 posts

re: Saban in financial trouble?


I seriously doubt Saban is on the hook for more than he has already invested. Spinosa appears to have guaranteed the enterprise's debt personally. Saban's advisors would never let him do that.

The later filing lists an LLC as the sole general partner, which is the standard structure for this type of investment. Who knows what wnet on, but I wouldn't be surprised to discover that when you get to the bottom of it, it turns out to be something like Saban is a GP in a partnership which is, in turn, a limited partner, and somebody screwed up their reporting.



This post was edited on 2/9 at 11:31 am


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Bamainozarks
Alabama Fan
Nwa
Member since Jan 2011
1392 posts

re: Saban in financial trouble?


[quote]Cool that means Saban will go the highest bidder.







We are the highest bidder!






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crimsonsaint
New Orleans Saints Fan
Member since Nov 2009
31806 posts

re: Saban in financial trouble?


quote:

So that's why Terry is having a big garage sale this weekend.


Yep yep. She hooked me up with his LSU NC ring for twenty dollars.






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tduecen
Tulane Fan
The internet
Member since Nov 2006
103974 posts

re: Saban in financial trouble?


Bankruptcy and he is saved





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