Waddell investment down to the last 82M? OUT of (521M)

[Deevel916]

In the very beginning, several financial experts weighed in and predicted that PBC would be a financial disaster.

[SterlingStained]

In the very beginning, several financial experts weighed in and predicted that PBC would be a financial disaster.

and since the beginning,

all the online wealth experts, financial lawyers, CEOs, CPAs (also known as floyd and al haymon fruit cakes) predicted al haymon would save boxing and become the bill gates of boxing.

all i know is thread subscribed and will be bumping when al haymon gets hauled away like the black bernie madoff. at least he would enjoy prison.

[bigdunny1]

In the very beginning, several financial experts weighed in and predicted that PBC would be a financial disaster.

It's going to be worse then even they predicted. Just wait till the class action lawsuits come with investors who were duped out of millions asking where did all the money go. This has fraud written all over it. The amount of money that PBC has burned through in little over 1 year is EPIC mishandling of funds. Haymon bought TWO private jets

[North Star]

It's going to be worse then even they predicted. Just wait till the class action lawsuits come with investors who were duped out of millions asking where did all the money go. This has fraud written all over it. The amount of money that PBC has burned through in little over 1 year is EPIC mishandling of funds. Haymon bought TWO private jets

Yeah, the spending was pretty ridiculous. I wonder if the discovery phase of the lawsuits also prompted the pull back of funds for PBC.

[Eff Pandas]

Jones vs. Saint Preux?
Texeira vs. Evans?
Interim titles?

UFC is hardly #1 vs #2 for every event. That's some Dana White BS. Facts say different.

I don't think he was saying its 1 vs 2 every time out. But every UFC card has competitive fights across the board. And I think in the last 3-4 cards that I can recall there were 3 top 15 vs top 15 caliber fights on every card. I can't think of the last time I've seen that on a boxing card, but thats the status quo in the UFC.

[al-Xander]

It was expected. What was the biggest fight that was made close to a Canelo/Cotto size? I don't remember any. Yet those are the same exact fights people expect PBC to make to recover from loses. And everyone thought that was the plan.

[bballchump11]

It was expected. What was the biggest fight that was made close to a Canelo/Cotto size? I don't remember any. Yet those are the same exact fights people expect PBC to make to recover from loses. And everyone thought that was the plan.

What fight in boxing is Canelo/Cotto size? That was the consensus biggest fight in boxing atm that didn't involve Mayweather and Pacquiao.

[al-Xander]

What fight in boxing is Canelo/Cotto size? That was the consensus biggest fight in boxing atm that didn't involve Mayweather and Pacquiao.

People weren't even expecting a Pac/May size.

Boxing is huge doe when it wants to be huge. I mean hyuuuge. With all the power and money Haymon had at his disposal, they never happened.

[bballchump11]

People weren't even expecting a Pac/May size.

Boxing is huge doe when it wants to be huge. I mean hyuuuge. With all the power and money Haymon had at his disposal, they never happened.

Canelo and Cotto are the 2 biggest draws in boxing behind Mayweather and Pacquiao with rival fan bases. Nobody can make a comparable fight to that for a while.
Canelo vs GGG won't be as big as that, trust me.

[Mitchell Kane]

Investors Furious at Money Put Into Boxing

http://www.courthousenews.com/2016/0...nto-boxing.htm

Kansas-based business trusts let a portfolio manager spend $925 million on a "potentially criminal" start-up pro boxing company rather than the stable investments they advertised, shareholders claim in court.

Saket Kapor and two others sued Ivy Investment Management Co. and Waddell & Reed Investment Co. on April 18 in Johnson County Court. They also sued 16 directors of the trusts — but not Ryan Caldwell, the portfolio manager they accuse of spending the money for his own intended benefit.

Beginning in April 2013, the plaintiffs say, the trustees let Ryan Caldwell, one of the two portfolio managers of Ivy Asset Strategy Fund and the Waddell & Reed Asset Strategy Fund, spend approximately $925 million on "a start-up and potentially criminal" professional boxing promotion company.

"These purchases had no economic justification, but rather were motivated by Caldwell's personal interest and benefit," the complaint states.

The plaintiffs claim Caldwell knew the companies faced hundreds of millions in short-term losses, but pledged financial support from the funds to entrepreneur Alan Haymon, who is not a party to the case.

"This private stock investment violated the stated terms of the Prospectuses for the Funds, which describe an investment strategy that 'primarily focuses on securities issued by large capitalization companies,' that 'can offer a high probability of return or, alternatively, can provide a high degree of relative safety in uncertain times, with Strong cash flow streams: and 'high sustainable cash flow,'" the complaint states. "Investing nearly a billion dollars of private securities in a start-up boxing promotion company, as high-risk a venture as one could imagine, meets none of these criteria."

In June 2014, the plaintiffs say, Caldwell resigned from the funds to join one of Haymon's companies. They question whether he actually resigned, or was fired by the trustees for making the investments, and whether he had a quid pro quo agreement with Haymon's company.

Haymon's activities have been the subject of several lawsuits recently, according to the complaint. The Courthouse News database shows Haymon as a defendant in four lawsuits since 2013, all involving pro boxing, and another lawsuit in 2005, also involving boxing.

"The Funds made no meaningful disclosure about their investment in this company, or how this investment was different from, or carried risks that were different from, the disclosed strategies in the Prospectuses," the complaint states. "The Funds also did not disclose Caldwell's personal relationship with Haymon or how that relationship influenced the decision to invest in Haymon's company — or how such a relationship might present a conflict of interest."

Roger Hoadley, a vice president and director of communications for Ivy Investment and Waddell & Reed Financial said in an email that the underlying facts of the new lawsuit are similar to two others that were dismissed last year. He said that while the claims are different, they all relate to a single investment in the company's Asset Strategy Funds that represents less than 1 percent of its holdings.

Haymon was named as a defendant in two antitrust complaints in Los Angeles Federal Court in 2015; a 2014 contract complaint in Miami-Dade County; a 2013 summons and complaint in Essex County Superior Court, Newark; and a 2005 contract complaint in Clark County, Las Vegas.