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

[El-blanco]

Investors Furious at Money Put Into Boxing

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

This is pretty funny. Whether it represents less than 1% of its holdings or not, it was a ****** investment that reeks of collusion. I mentioned this before but this type of stuff happens often in that industry. I find it hard to believe that anyone could possibly think this was a good idea and their execution of it makes it appear that they didn't think it would work either.

[bigdunny1]

Investors Furious at Money Put Into Boxing

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

I been saying this just wait till the lawsuits start flowing. lol You can't mismanage money like PBC is doing without this happening. I'll say it again PBC will end up being one of the biggest acts of fraud a ponzi like scheme. I feel bad for any of the investors who saw their money just given to Haymon to buy private planes and who knows what else for his own private gains and the rest just set on fire in a dumpster. The writing is on the wall PBC will fold very soon.

[Eastcoast]

Be nice if W&R pulled the plug before the Dirrells get to fight on Friday night.

[SterlingStained]

"they gave the money to entrepreneur al haymon who is not a party to the case"



just genius criminality at work here. he starts PBC with stolen funds, breaks the ali act, people who he got the money from, get stiffed, get sued while he gets off scott free.



enjoy your meal.

[Eff Pandas]

$925M?!?! I thought PBC only had $400M-$500Mish? This means another $400M-$500M to spend? Some of these anti-PBC cats gonna have a heart attack.

And lol at a lawsuit on an VC investment company. I'd guess the win % in court is pretty low on those types of cases.

[bigdunny1]

"they gave the money to entrepreneur al haymon who is not a party to the case"



just genius criminality at work here. he starts PBC with stolen funds, breaks the ali act, people who he got the money from, get stiffed, get sued while he gets off scott free.



enjoy your meal.

He's not named in this lawsuit but don't forget those 2 mega lawsuits he's facing with Golden Boy and Top Rank which a judge in both cases have let move to the discovery phase. So far he looks like he's in clear if PBC crashes and burns it's the idiots at Waddell who are on the hook and have to answer to their investors on why they gave this crook their money. But all that could quickly change based on lawsuits I previously mentioned.

[bballchump11]

Investors Furious at Money Put Into Boxing

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

damn that does sound serious. Haymon won't get hurt from this directly, but the Waddell and Reed may see the risk of continuing to fund the PBC and cut off the money stream. It wouldn't be from its low success thus far, but due to the investors being mad at the investment. When you think about it, there really isn't any good reason for them to invest into boxing other than being friends of Haymon.

I hope they can settle this without it hurting the PBC.

[bigdunny1]

$925M?!?! I thought PBC only had $400M-$500Mish? This means another $400M-$500M to spend? Some of these anti-PBC cats gonna have a heart attack.

And lol at a lawsuit on an VC investment company. I'd guess the win % in court is pretty low on those types of cases.

It's not just whether they win or lose this lawsuit to recoup their money it's the fact that this is further proof of how badly PBC is doing right now. They are CLEARLY losing far more money then they intended or are leading on. You don't file charges like this unless the company you gave money to is hemorrhaging funds which I been saying since last fall.

It was was apparent last Oct when you saw a massive shift in fights that were on PBC prior now flooding back to Showtime. When you saw the amount of PBC shows dwindling. When Thurman/Porter is leaked as a done deal back in Fall and then keeps getting pushed back month after month then gets sent to Showtime out the blue the day they officially announce it. Look at the PBC purses which have fallen off big time. Look at Feb/March where PBC all but suspended their business airing basically no cards for TWO WHOLE months. Look at the 8 month gap with no ESPN cards after they launched saying it would be a monthly series with these networks. 8 months gap on ESPN, 4 months gap with no cards on NBC/SPIKE ect.

You are seeing the ripple effect of a company that grossly lost money last year and now is trying to stay a float by slashing purses, canceling fight dates on networks, and headlining cards with Haymon's B and C class fighters instead of the more expensive A class fighters who headlined last year, ie desperation acts for a company that has money problems. And none of this has helped the ratings. The last NBC card

per ESPN
Saturday’s Premier Boxing Champions card on NBC in prime time, headlined by welterweight Errol Spence Jr.’s impressive fifth-round knockout of Chris Algieri, averaged 1.3 million viewers, by far the lowest of the six prime time cards on the network since it debuted in March 2015 to an average audience of 3.74 million. Each of the six cards has drawn fewer viewers than the previous one with Saturday’s dropping 500,000 viewers from the previous low of 1.8 million drawn by the card headlined by Omar Figueroa-Antonio DeMarco on Dec. 12. According to Nielsen, Saturday’s card, which went head-to-head with UFC Fight Night on Fox (2.5 million average), ranked 103rd out of 116 programs rated last week.

The writing is on the wall the end is near.

[al-Xander]

Like I've said in another thread, boxing is huge when it wants to be huge. I mean hyuuuge.

So it's not really a bad investment. Problem was, with all the money and power Haymon had at his disposal he rarely made fights that were meaningful to casuals. The mismatches outnumber the competitive ones. Lara, for example, fought 3 cab drivers in a row for his last 3 fights earning a total of less than $3 million. For what? For nothing. These are not the kinds of fights you would want your money to be invested in.

[Weebler I]

"they gave the money to entrepreneur al haymon who is not a party to the case"



just genius criminality at work here. he starts PBC with stolen funds, breaks the ali act, people who he got the money from, get stiffed, get sued while he gets off scott free.

enjoy your meal.

Waddell & Reed got lucky, as did boxing fans. If it were not for their financial downturn, Haymon's dastardly plan could've succeeded, it would have been mismatches & pseudo protection-agency for the next 5 years and Waddell would've blown a lot more money.