ST Alpha - "Ross Perot Jr. is suing Mark Cuban for running the Mavericks into the ground." (Reading a Post)

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Ross Perot Jr. is suing Mark Cuban for running the Mavericks into the ground.

Posted by David (aka David) May 10 '10, 18:58

DALLAS (AP) -- A company run by former Dallas Mavericks owner Ross Perot Jr. is suing the club, alleging that it's "insolvent or verging on insolvency."

According to The Dallas Morning News, Hillwood Investment Properties III Ltd. sued Dallas Basketball Ltd. Monday, alleging the Mavericks lost $50 million in the fiscal year ended June 30. Hillwood also alleges the club has lost $273 million since Mark Cuban bought a majority stake in the team in 2000 from Perot, who retains a minority stake.

The lawsuit also alleges the Mavericks company has an interest-bearing debt of more than $200 million, an equity deficit of $289 million and negative working capital of $75 million.

Cuban didn't respond to messages Monday from the newspaper or The Associated Press.

Responses:

Money fight! -- nm - con_carne May 10, 19:01 1
- *hopes to be collateral damage* -- nm - nubby May 10, 19:06

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Ross Perot Jr. is suing Mark Cuban for running the Mavericks into the ground.

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