The People vs. Mark Cuban
Monday, November 17, 2008 17:58
Say it ain’t so, Mark.
The SEC today charged the Dallas Maverick’s maverick owner Mark Cuban with insider trading. According to the agency, Cuban allegedly received confidential information about an upcoming stock offering from Mamma.com, of which the basketball titan owned 600,000 shares. The SEC claims that Cuban then ordered the sale of the entirety of his stake in the .com prior to the offering, thus avoiding losses of over $750,000.
In response to the charges, Cuban stated, ”I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
I really hope the allegations are false. I’ve always admired Mark Cuban for his willingness to stand against convention and break the rules. Agree or disagree with the manner in which he flaunts David Stern and the NBA brass (I happen to agree), one has to admire the passion that he has for his team, a true player’s owner in an era of sports labor strife. Additionally, as an independent filmmaker, I am deeply grateful for the opportunities he provides the indie film community, even if I have not yet been able to take advantage of them myself. He is without a doubt one of the most forward-thinking individuals in the entertainment business, daring to challenge the major studios on such controversial subjects as simultaneous multi-platform releases.
If following Mark Cuban’s career has shown us anything, it’s that he will put up one heck of a fight and battle to the end. Hope you win it, Mark!
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