Friday, July 15, 2011

Updated McCourt Enterprise org chart.

69 comments:

  1. So, down near the bottom on the left, the Los Angeles Dodgers LLC "Teamco" - like everything else ultimately 100% owned by the McCourt Limited Partnership - owns, among other things, CPL Holding Company I LLC and CLP Holding Company II LLC. These in turn *jointly* own Camp Management LLC. What is the point in having it jointly owned by two entitities both of which are 100% owned by the same parent entity, other than an intention to obfuscate?

    Also, at the very top, The McCourt Company Inc. is a 10% General Partner, while Frank Court, Jr. himself, the person is a 90% Limited partner in the McCourt-Broderick Limited Partnership, incorporated in Massachusetts, which owns everything on the page (aside maybe from the Dodgers Deam Foundation and ThinkCure who don't appear to be owned by anyone).

    Who owns The McCourt Company? (Is some Broderick involved?) And how does its status as a General Partner while Frank is a 90% Limited Partner affect Frank's liabilities?

    ReplyDelete
    Replies
    1. I think the general partner raiding the piggy bank of his sub-entities pierces any veil he wished to cast.

      Delete
  2. He should go design a Dodgers Rubix Cube.....disgusting and depressing.

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  3. Before Frank came to town the org chart had just one line between two boxes - the Dodgers, and the city.

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  4. ORG CHART POST BANKRUPTCY & IRS PAYMENT:

    Salvation Army 1 bedroom apartment -------- Frank McCourt
    I
    I
    I
    1992 VW Bus

    New wealthy husband and fancy home --------Jamie ????? (new name)
    I
    I
    I
    2012 Bentley Coupe

    Los Angeles Dodger Fans -------- New Owner
    I
    I
    I
    A Breath of Fresh Air

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  5. Can MLB prevent owners from incorporating in Delaware?

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  6. All of this has to be undone in the bankruptcy court. . . . What a cruel, ridiculous joke. . . .

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  7. Wonder what Elysian Park productions does? McCourt College Street?

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  8. I think the general partner raiding the piggy bank of his sub-entities pierces any veil he wished to cast.

    ReplyDelete
  9. berkowit28 wrote:

    "What is the point in having it jointly owned by two entitities both of which are 100% owned by the same parent entity, other than an intention to obfuscate?”

    My guess is that the holding companies are used to shuffle properties around, or to put losses in one company for capital gains/losses and EBITDA reasons. It is more of a way to help the balance sheet of a property management company, or a real estate development company.

    Basically the holding companies are more for accounting and tax reason than for purely business decisions. The huge shell companies are also used for loans , given the holding companies are the ones listed on the loan documents.

    However, it is more gimmicks than sound business decisions. the division of assets into separate companies is more the sign of a wheeling dealing property developer than a financial acumen sports owner.

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  10. Watch for Janice Hahn to introduce a bill in Congress to take away MLB's antitrust exemption (judicially created in 1922 - Oliver Wendell Holmes had a bad day that day). . . The 'thinking' (and I use the term loosely) was that the Sherman Anti-Trust Act applies only to business monopolies. . . 'sports' monopolies were not included by Congress (or so the Court said). Since baseball was a 'sport', and not a 'business', baseball was ruled exempt.

    Time to confront that fallacy. . . That will open things up for the people of LA (not the City. . . the people) to buy the team (100,000 people at $10K per person. . . 200,000 people at $5K per person. . . is $1 Billion for Frank to go away. . . . .

    If Frank has half a brain, he'll take the deal, buy out Jamie, and find some other line of 'work'. . .

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  11. Which rectangle has the minotaur?

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  12. LOL_WHAT?? Minotaur??? where did you get it?? strange, we don't talking about it there

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