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But it wasn't his "own" investment. He was charged to look after other people's money and a lot went missing. And he handed large sums to a buddy of his in a completely irrational investment without disclosing that relationship and he went to work for him after he bolted from the company. Now most of the money is gone and if Glaser is correct the FEDS have gotten to Caldwell.
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Yep. One of the first articles I read about this dealt with Caldwell being involved on the board of directors. Now people are trying to make it out like its some sketchy business practice or Waddell Reed didn't know.Early on, Caldwell told Ring that the fund would invest only if he left his law practice to join the business full time as Haymon’s chief of staff.
“Not only did Al know this was going to be hard to pull off, but he was going to for the first time have a capital partner,” Ring said. “I don’t think the man has ever had a loan, never mind an investor.”
While Waddell could hold a seat on the board of directors and give advice, Caldwell was precluded from taking an active role in management. But he had a wealth of ideas, including a logical build-out of the business that would start with two of the assets over which they had the most control — digital and social — and then move quickly to securing TV deals.Comment
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How much money is missing? Who's saying PBC money from Waddell Reed is missing?
Please don't say those dummies who are suing Waddell Reed to get there 100 shares back when the company was worth $6B. Those guys couldn't grasp the assets & liabilities of a corner family store let alone a multi-billion dollar VC firm.Comment
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LMFAO. Right.
These VC firms are all a lil nuts trust me. If I dug up info about some companies, legit companies, that invested in wacky ideas that you or I thought horrible ideas in hopes of hitting the lottery PBC would seem like an investment in Apple to some flying pickle drone concept or whatever the f#ck the reallllllly bad ideas are.
Taking over boxing is some genius sh^t & its worth a sh^t ton of money. Taking over boxing is a highly profitable idea for whoever does it at some point, and someone will I f#cking guarantee it, it just might not happen for another 2 or 3 decades is the thing.Comment
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Well it wouldn't really be surprising if their was something extra going on. There's no way PBC burned through $500M with a couple time buys and a few Berto-Lopez type matches.
There's probably $300-400M sitting in some Cayman Islands offshore account. Would anyone be shocked if this turned out to be some mini-Bernie Madoff type ****?Comment
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Bernie Madoff was one of the best investors on the planet too. lol Point is a LOT of money went missing under this mans watch and it's not common to take other people money that you are charged to look after and invest half a billion in a horrible investment in Boxing and not disclose your relationship with the guy you just gave all that money to. Then when people start grumbling about the money that's gone missing you bolt and work for the man you just handed 500M to. That's fraud/collusion plain and simple. Whether they can prove it we shall see. But this Caldwell dude has a lot of questions to answer and if Glaser is correct and Caldwell is now working with the FEDS to save himself and throw everyone else under the bus.Comment
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