Richard Justice on the O"S

[Can_of_corn]

Just now, Redskins Rick said:

Self made is correct:

 

So a large portion of his pre-baseball wealth was earned in 1992.  Not long at all before he bought the team.

[Frobby]

9 minutes ago, wildcard said:

As far as I can tell Peter Angelos has two main sources of his wealth.   His law firm and the Orioles/MASN.    Why would he or his heirs want to give either up if they have interest in them?

Most of the time MLB teams get sold for one of a few reasons.   1) Divorce, 2)Bad money management from baseball or other businesses they have interests in 3) the heirs have no interest in the team

That does not seem to be the case with the Angelos.

Spiritof66 has opined several times that estate taxes may prevent the Angelos boys from being able to afford to keep the team.    He’s a corporate lawyer who knows more about those things than I do.     But based on Richard Justice’s report, I’m going to assume that the Angelos family has figured out a way to avoid having to sell the team for estate tax reasons.    

[Moose Milligan]

The Ravens owner Biscotti (sp) and Plank should go in and blow PGA out of the water with an offer he can't refuse.

I heard that Under Armour isn't doing so hot lately though.  Might not be a good time for Plank.

Hey, if Under Armour tanks how are people in Maryland going to dress themselves?

[Redskins Rick]

Just now, Can_of_corn said:

So a large portion of his pre-baseball wealth was earned in 1992.  Not long at all before he bought the team.

Okay, so my choice of the word long was wrong, I get it, dont need a 2x4 to get the point across. :)

Still, my point remains, he made his original money before buying the Orioles. Not like he used the Orioles to launch his status into the lifestyles of the filthy rich and famous.

[Redskins Rick]

1 minute ago, Frobby said:

Spiritof66 has opined several times that estate taxes may prevent the Angelos boys from being able to afford to keep the team.    He’s a corporate lawyer who knows more about those things than I do.     But based on Richard Justice’s report, I’m going to assume that the Angelos family has figured out a way to avoid having to sell the team for estate tax reasons.    

Given that there are 30+ lawyers on his payroll, and his not being blind about estates taxes, I firmly believe he would figure out a way.

 

[Redskins Rick]

2 minutes ago, Moose Milligan said:

The Ravens owner Biscotti (sp) and Plank should go in and blow PGA out of the water with an offer he can't refuse.

I heard that Under Armour isn't doing so hot lately though.  Might not be a good time for Plank.

Hey, if Under Armour tanks how are people in Maryland going to dress themselves?

I didnt think Football owners could own a MLB team???????

I dont think Under Armour is tanking, just not enjoying the crazy profits that they have been

[wildcard]

Peter settled one of his large law suit representing 8700 steel worker, shipbuilder, etc in an asbestos suit in 1992. His take of the suit was reportedly 330m.   He put together a group  to buy the O's in 1993 for 173m.

[Can_of_corn]

Just now, wildcard said:

Peter settled one of his large law suit representing 8700 steel worker, shipbuilder, etc in an asbestos suit in 1992. His take of the suit was reportedly 330m.   He put together a group  to buy the O's in 1993 for 173m.

So his money still had that Nouveau riche stink to it.

[SteveA]

14 minutes ago, Redskins Rick said:

Does it really matter how "long"?

My point was, he was a millionaire before buying the Orioles.

 Name one owner in the past 50 years who WASN'T a millionaire before buying his team.

[Deadwood Fan]

6 minutes ago, Redskins Rick said:

I didnt think Football owners could own a MLB team???????

I dont think Under Armour is tanking, just not enjoying the crazy profits that they have been

They all not allowed to in the same city. 

[wildcard]

1 minute ago, Can_of_corn said:

So his money still had that Nouveau riche stink to it.

From what I am reading he took his cases on a contingency basis.   Meaning he got nothing if he lost.   I'd say he earned his money.

[Can_of_corn]

2 minutes ago, wildcard said:

From what I am reading he took his cases on a contingency basis.   Meaning he got nothing if he lost.   I'd say he earned his money.

I didn't say otherwise.

In fact I would say that, as a general rule, the Nouveau riche are more likely to have earned their money.

 

[Going Underground]

11 minutes ago, Redskins Rick said:

Given that there are 30+ lawyers on his payroll, and his not being blind about estates taxes, I firmly believe he would figure out a way.

 

Many ways to avoid some not all of the estate taxes. Step Up basis,gift, trusts,etc. 

[vab]

Why is this a story? I know there was some speculation over the winter that Angelos was stripping the club down for sale before the Cobb and Cashner signings. Was there anything more concrete than that?

[TonySoprano]

23 minutes ago, Deadwood Fan said:

They all not allowed to in the same city. 

Actually, you can own both as long as they are in the same city/market.  Case in point, Peter Angelos actually tried to buy the Washington Redskins in 1998 and 1999.

Quote

Orioles majority owner Peter Angelos said yesterday he will consider bidding for the Washington Redskins again but wouldn't be likely to match the $800 million offer that won the first round of bidding.

Angelos, who said he dropped out of the first round at $625 million, said that an $800 million bid would leave the club strapped for cash once the debt service was paid on the team each year.

Quote

One potential problem for Angelos is the NFL stipulation that an NFL owner cannot own another sports team in another market that has other sports teams.

An owner can own another team in the same market or one in a market that didn't have another pro sports franchise.

That would start a debate about whether the Orioles are in the Washington market.

Angelos said he feels Washington and Baltimore have become one market, which would allow him to own the Redskins and Orioles under NFL rules.

Baltimore Sun, April 1999 http://articles.baltimoresun.com/1999-04-13/sports/9904130006_1_blind-bidding-majority-owner-peter-angelos-bidding-process