Douglas Hanks discusses the Miami-Dade lawsuit against Jeffrey Loria over the sale of the Marlins.
The $29,988,550 payout to Tallwood Associates that Loria disclosed to Miami-Dade County on Feb. 1 is now cited in a county lawsuit against both the Loria company that once owned the Marlins and a new entity formed by the Jeter group to buy the franchise.
Loria’s 2009 deal for more than $400 million in public financing for the county-owned Marlins Park included a provision that gives Miami and Miami-Dade a 5 percent share of profits from a team sale. Loria’s lawyers earlier this month claimed a $141 million loss on the October deal, based on the calculations allowed in the original 2009 agreement.
Miami-Dade is contesting that loss and demanding more details on the Tallwood payment and other expenses listed in the five-page report Loria’s law firm delivered to the county to justify the lack of profit-sharing proceeds. Tallwood’s fee accounted for about 21 cents of every dollar of Loria’s claimed loss.
The first hearing starts today at 10 AM.
from baseballmusings.com http://ift.tt/2ojh4E3
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