27.04.2016, 03:08
DALLAS -- Mark Cuban says hes a follow-the-rules investor who checked with his broker to make sure that his 2004 sale of stock in an Internet company was legal. Yeezy Boost 350 Oxford Tan Release . Cuban testified Thursday that he was upset when the companys CEO told him news that would reduce the value of his shares, for which hed paid $7.5 million. But he said he did nothing improper when he sold those shares over the next two days. The Securities and Exchange Commission is suing the owner of the Dallas Mavericks for insider trading, claiming that he broke a promise of confidentiality and traded on private information that gave him an advantage over other investors. A jury in federal district court is hearing the civil lawsuit, which doesnt involve criminal charges. The case may hinge on a single phone call between Cuban and the CEO of Mamma.com Inc., a search-engine company based in Canada. In recorded testimony played to jurors this week, CEO Guy Faure said he told Cuban about the planned stock issuance. Faure said that Cuban agreed at the outset that the information would be confidential. Cuban testified that he was upset to learn about the stock offering, which would dilute the shares of earlier investors like himself, but he denied ever agreeing to keep the information confidential. He said he couldnt recall details of the conversation. Executives of Mamma.com, a search-engine company based in Canada, believed that Cuban had promised not to trade until the stock offering was publicly announced. Cuban said he would never have made such an agreement. "Nobodys going to tell me" when to trade, he said. An email from his broker at UBS suggested that Cuban asked if his sale of Mamma.com stock was legal. "I dont like to do anything thats not 100 per cent kosher," he wrote. Cuban said he had reasons beyond the stock offering for selling his shares, including concern over ties between Mamma.com and a convicted stock swindler, Irving Kott. But SEC lead lawyer Jan Folena produced an email exchange from early 2004, before Cuban sold his stock, in which he appeared to dismiss another investors worries about Kott. Folena also produced an email in which Cuban directed a reporter for his sharesleuth.com website to dig up dirt on Faure and Mamma.com. Folena said that Cuban wanted to discredit Faures recollection of the critical 2004 phone call. Folena charged Cuban of cheating because he couldnt stand the idea of losing on an investment. "You look at every loss in your life as a huge failure," she said. "Absolutely not," Cuban answered. Folena then quoted from a business article that Cuban wrote in which he said he took every loss as a huge failure. Cuban was Mamma.coms biggest shareholder, owning a 6 per cent stake. The SEC says Cuban avoided $750,000 in losses by selling on insider information before the shares fell by nearly 10 per cent once the private stock offering was announced. The SEC wants Cuban to give up that money and pay a fine. As Cuban took the witness stand Thursday, he was relaxed -- smiling and making a few jokes. He smiled less often as he jousted throughout the day with Folena. In the afternoon, guided by one of his lawyers, Cuban told the jury his life story -- growing up in Pittsburgh; graduating from Indiana University; moving to Dallas and sharing an apartment with five other guys; starting his first company at 25; becoming a billionaire in 1999 when he and his business partner sold Broadcast.com to Yahoo for $5.7 billion. Cuban looked directly at the jurors as he recounted buying the Mavericks. His wife no longer sits with him because he screams too much, and he misses some games to spend time with his three kids. "Im the luckiest guy in the world," he said of his wealth, which Forbes estimates at $2.5 billion. The jurors paid rapt attention; a few of them smiled. The trial will resume Monday. Adidas Ultra Boost Solar Rood Heren/Dames Loopschoenen . He didnt need a whole lot of experience to know what was coming this time. Yeezy Boost 350 Moonrock Nederland . Atlanta also received the rights to Giorgos Printezis and cash considerations from Oklahoma City for the rights to Sofoklis Schortsanitis and a trade exception.Prior to the start of this season, the Calgary Flames and Edmonton Oilers had very different expectations. The Oilers fan base was expecting the teams first playoff berth since the 2005-2006 season while the Flames were entering a franchise rebuild after trading cornerstone Jarome Iginla at the trade deadline the previous season and losing long-time starting goaltender Miikka Kiprusoff to retirement. On Saturday night, the Flames skated to an 8-1 romp over the Oilers in Edmonton, leaving many to wonder which team was further ahead in the race for the playoffs next season. Not surprisingly, the Flames currently sit well outside of a playoff spot with most fans showing the patience and support for the rebuild that president of hockey operations and interim general manager Brian Burke has asked for. The Oilers, on the other hand, now sit last in the Western Conference, six points behind the Flames and mathematically eliminated from the playoffs with a fan base fed up with a fifth straight losing season. President of hockey operations Kevin Lowe pronounced the team to be "poised for greatness" last season, yet that greatness remains to be seen. With both team already looking toward next season, the question in the Battle of Alberta is which team will make the playoffs first: the Flames or the Oilers? On paper, it would appear the advantage is with the Oilers. The team has three former first-overall draft picks on their roster and two other first-round picks in Sam Gagner and Jordan Eberle. Their goaltending tandem is set for next season with Ben Scrivens and Viktor Fasth and the team has their 2013 first-round pick, Darnell Nurse, developing in the OHL. However, the Oilers recent struggles has surrounded the team with question marks, including entertaining thoughts of trading one of the young stars to meet another need. Originals Adidas NMD Zwart/Grijs/Zilver Heren/Dames High Top Sneaker. The Flames appear to be on a much steadier course, trusting in Burke to put together a team that will enter the playoffs in the near future. Burkes history with rebuilding the Vancouver Canucks and Toronto Maple Leafs inspires confidence that, with time, the team will reach the playoffs. Burke also put the finishing touches on the Anaheim Ducks that propelled them to a Stanley Cup. "I think I add a value. Ive been able to fix just about every team Ive worked for, sometimes quicker than others." Burke said when he was introduced as a member of Flames organization. Burke also inspired confidence with his 2013 first-round draft pick Sean Monahan. Monahan is second on the Flames in goals this season with 19 and fifth on the team in total points with 31. Both the Oilers and Flames will likely be in the draft lottery this season with a chance to select first overall, a disappointment for Edmonton and an expectation for Calgary. "Im an impatient guy. We have to do some bold things to move this team forward in a rapid fashion. We have to a better job arming our coaches and our core players with a group to get us to a highly-competitive level," Craig MacTavish said when he was introduced was the Oilers general manager last season. Moving forward, the Battle of Alberta may be turning into a race to see which team will make the playoffs first. Will the Flames steady rebuild pay off with a post-season entrance before the Oilers find a solution to their recent woes? Or will the Oilers embarrassment of young talent come together and deliver the playoff appearance fans are growing restless for? So, which team will make the playoffs first: the Oilers or Flames? As always, its Your! Call.