Lakers received money under the PPP and returned it
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PostPosted: Thu Apr 30, 2020 9:55 am    Post subject:

The Lakers aren't broke. If the Lakers franchise is considered broke or somehow secretly going bankrupt, then the rest of the league must be on life support.
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PostPosted: Thu Apr 30, 2020 12:01 pm    Post subject:

LakerSD wrote:
Still don’t think it was a good look for the Lakers and I wouldn’t have done it if I were them but from a business perspective Mark Cuban has a point.

https://twitter.com/arashmarkazi/status/1255872167218049024?s=21


Not often I agree with Cuban but on this I appreciate his opinion and his willingness to state a harsh reality that may alienate some others. I agree with his comments that “once they realized, they gave it back”.

How many people in the initial frenzy of hoarding food, disinfectant or toilet paper realized they took too much and chose to give to a neighbor or return to the store? We all are adapting on the sprint. Which is why we now have item limits and Elderly Hours at those same stores.

We are in the midst of not just a national but world wide emergency. We are all making up crap as we go along. Especially the government. Ours and most others. The mistakes are going to be easy to find as they attempt to find reasonable solutions that are manageable, forget about perfect.

In a year or so when we look back at the mistakes and bad decisions it will be stomach churning. The hundreds of millions wasted or simply lost in the shuffle of panic. There will be far too many horrific and emotional “fall through the cracks” type of stories for the media to focus on.

Just this morning I was reading an article that cited several contracts for ventilators and PPE that New York had made a month ago. Sending checks totaling hundreds of millions to unknown providers only to have little or no supplies delivered. Orders cancelled but checks still not returned. NY reps not certain they ever would see it all returned.

Just one example of the miscues this panic and rush to “fix it” with little oversight or plan because of the emergency. No guidelines, no accounting just partisan bickering. We will likely never even know the full extent of misused small business loans or stimulus checks sent to the deceased. The total waste will be lost in the massive scope of the package. Even the politicians got a piece of the pie for their pet projects.

I’m not going to judge the Lakers organization too harshly for filing for the money. But I will give them respect for giving it back when they realized how big a cluster**** it turned out to be.
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PostPosted: Thu Apr 30, 2020 12:05 pm    Post subject:

anyone here offended by this that is still getting their full salary and got a stimulus check, if you didnt return it then you should just shut up
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PostPosted: Thu Apr 30, 2020 1:36 pm    Post subject:

Amazing and embarrassing the mental gymnastics some people go through to justify a disgusting move just because it's their favorite franchise/team...

But that kind of mentality is why things like these are allowed to happen. When this is all over and you finally get to leave your houses/apartments and you decide to go to your favorite local spot only to find out it has closed/gone brankrupt I want you to remember what the Lakers did...
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PostPosted: Thu Apr 30, 2020 1:37 pm    Post subject:

pmacla wrote:
anyone here offended by this that is still getting their full salary and got a stimulus check, if you didnt return it then you should just shut up



Your comment would be valid if stimulus checks were unemployment checks, but they're not.

The stimulus checks were designed to boost the economy by giving most people in the United States extra money to spend. The program was not meant to assist people who had lost their job or some salary.

The PPP program was created to support small businesses that had trouble making payroll because of the crisis. It wasn't meant to give free money to a non-struggling company with $500 million in revenues. Whether you blame the federal government or the Lakers, the PPP was not intended to support companies like the Lakers.
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PostPosted: Thu Apr 30, 2020 1:50 pm    Post subject:

activeverb wrote:
pmacla wrote:
anyone here offended by this that is still getting their full salary and got a stimulus check, if you didnt return it then you should just shut up



Your comment would be valid if stimulus checks were unemployment checks, but they're not.

The stimulus checks were designed to boost the economy by giving most people in the United States extra money to spend. The program was not meant to assist people who had lost their job or some salary.

The PPP program was created to support small businesses that had trouble making payroll because of the crisis. It wasn't meant to give free money to a non-struggling company with $500 million in revenues. Whether you blame the federal government or the Lakers, the PPP was not intended to support companies like the Lakers.


You tell em activeverb!


IRT Mark Cuban:

Mark Cuban represents the NBA, and with the NBA's revenue sharing business model, in this respect, he is the Lakers. What else would you expect him to say?
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PostPosted: Thu Apr 30, 2020 2:49 pm    Post subject:

pmacla wrote:
anyone here offended by this that is still getting their full salary and got a stimulus check, if you didnt return it then you should just shut up


I didn’t go to the bank and apply for a stimulus check, knowing that someone else wouldn’t get one. Big difference. I did donate it to the workers at our family’s favorite Italian restaurant that has been in Ventura for over 60 years.
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PostPosted: Thu Apr 30, 2020 3:44 pm    Post subject:

activeverb wrote:
pmacla wrote:
anyone here offended by this that is still getting their full salary and got a stimulus check, if you didnt return it then you should just shut up



Your comment would be valid if stimulus checks were unemployment checks, but they're not.

The stimulus checks were designed to boost the economy by giving most people in the United States extra money to spend. The program was not meant to assist people who had lost their job or some salary.

The PPP program was created to support small businesses that had trouble making payroll because of the crisis. It wasn't meant to give free money to a non-struggling company with $500 million in revenues. Whether you blame the federal government or the Lakers, the PPP was not intended to support companies like the Lakers.

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PostPosted: Thu Apr 30, 2020 4:15 pm    Post subject:

lakersken80 wrote:
venturalakersfan wrote:
lakersken80 wrote:
I'm reading a lot of piling on by the media, but the family doesn't have billions of dollars. They make it sound like the franchise is printing money and don't need to take out loans. Probably a bad move to take out a loan when theres competition from other smaller businesses that are trying to survive.


You know who also doesn’t have billions of dollars? The owners of the local pizza restaurant and the local family market. Only those businesses aren’t valued at billions of dollars. Thee Lakers could take out a conventional loan or take on new investors. Trying to defend what they did is a complete joke.


So our resident Clipper fan decided to chime in. Look I already said the optics don't look good for them trying to apply a PPP loan when there are other more desperate businesses that need it. But saying that the Lakers don't need a business loan when the franchise is worth billions on the open market is besides the point. The family aren't billionaires unless they sell and there is nothing wrong with them taking out loans to run their team.


What an absolutely bizarre hill to stand on.

People are well within their rights to by up all the damn toilet paper but in extraordinary times like this, it's really must easier to go by the old adage "don't be a dick".

Since this has all started, the one good thing that's come of it is that I know who I wouldn't want in my bunker when the chips are down.
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PostPosted: Thu Apr 30, 2020 4:24 pm    Post subject:

jonnybravo wrote:
lakersken80 wrote:
venturalakersfan wrote:
lakersken80 wrote:
I'm reading a lot of piling on by the media, but the family doesn't have billions of dollars. They make it sound like the franchise is printing money and don't need to take out loans. Probably a bad move to take out a loan when theres competition from other smaller businesses that are trying to survive.


You know who also doesn’t have billions of dollars? The owners of the local pizza restaurant and the local family market. Only those businesses aren’t valued at billions of dollars. Thee Lakers could take out a conventional loan or take on new investors. Trying to defend what they did is a complete joke.


So our resident Clipper fan decided to chime in. Look I already said the optics don't look good for them trying to apply a PPP loan when there are other more desperate businesses that need it. But saying that the Lakers don't need a business loan when the franchise is worth billions on the open market is besides the point. The family aren't billionaires unless they sell and there is nothing wrong with them taking out loans to run their team.


What an absolutely bizarre hill to stand on.

People are well within their rights to by up all the damn toilet paper but in extraordinary times like this, it's really must easier to go by the old adage "don't be a dick".

Since this has all started, the one good thing that's come of it is that I know who I wouldn't want in my bunker when the chips are down.


Goodbye then.
I wouldn't want to share that bunker with you anyways.
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PostPosted: Thu Apr 30, 2020 4:29 pm    Post subject:

The God Particle wrote:
slavavov wrote:
bluehill wrote:
A couple comments about the current discussion:

It looks like banks may have given preferential treatment to their biggest clients. Lakers still had to apply, but they could have had a leg up over the mom-and-pop shop with a regular business banking account.

Quote:
The historic coronavirus bailout package directed $349 billion to small businesses hammered by lockdowns and closures. Such business owners were told that cash would be doled out on a first-come, first-serve basis. But some big banks reportedly gave their wealthiest clients a different option: To skip the line. https://www.businessinsider.com/wealthy-clients-skipped-line-for-the-small-business-coronavirus-bailout-2020-4


Lakers owners could be asset rich but cash poor because the Buss kids appear to derive most of their wealth from the Lakers. Throw in a real black swan event and the family may not have the same liquidity as other owners may have.

Interestingly a new PE fund is trying to launch to address.

Quote:
After watching the value of pro-sports franchises skyrocket in recent years, owners are now confronting a harsh reality: It’s becoming harder and harder to sell passive minority stakes when they need to raise cash, especially during economic downturns.

With high valuations scaring away many potential investors, the problem has led leagues to loosen their ownership restrictions -- and created an opportunity for a new kind of private equity investor focused on acquiring limited stakes in franchises. https://www.businessinsider.com/wealthy-clients-skipped-line-for-the-small-business-coronavirus-bailout-2020-4

This is what we want to be sure of before we outright criticize the Buss family for acting out of self-entitlement.

After all, as I said earlier in this thread, they've missed the playoffs the last six years, and have probably seen a drop in jersey and merchandise sales ever since Kobe's Achilles injury. Add in the suspension of the season, plus the apparent fact the the Buss family doesn't have any other revenue streams outside of the Lakers, and maybe they don't have the perpetual cash flow that we've always thought they had.

If I had to guess, there are many big enterprises that seem cash-rich on the outside, but in reality have significant cash flow issues.


Stop!

The Lakers have been one of the most profitable franchises in the league for decades now. They can go 0-82 and still turn a significant profit. They operate with 0 debt and they generate a (bleep) of revenue.

The Buss family trust is sitting on a 20,000% gain on their initial investment in the Lakers. If my memory serves me, they get more a year from Wish for that silly ad spot on the jersey shoulder, than this loan.

IF the Lakers are cash strapped they have countless levers to pull to fill that gap.

IF the Lakers are cash poor then every single other NBA organization is cash poor, and so would 95%+ of all other sports franchises across the 4 leagues. But embarrassingly enough, the only franchise to extend their hand out was the Lakers.

Shame. Shame. Shame. Shame. Shame.

I'm just trying to be objective and ask what's really going on behind the scenes with the team we all love.

From all outward appearances, I agree this looks bad and shameful on the part of the Lakers and the Buss family.

But let's also keep in mind that the Buss kids, as far as I know, don't have additional streams of income outside of the Lakers.

In the end, I agree with most in this thread that the Trump administration is really who we should blame. For 40 years the GOP has believed in corporate welfare and letting big corporations like the Lakers get away with lots of immoral things.

Big corporations like the Lakers weren't meant to get this PPP loan. Now, if those corporations have a true cash flow problem and aren't able to make payroll or are in danger of going bankrupt, that makes things more complicated.
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PostPosted: Thu Apr 30, 2020 4:32 pm    Post subject:

Batguano wrote:
Amazing and embarrassing the mental gymnastics some people go through to justify a disgusting move just because it's their favorite franchise/team...

But that kind of mentality is why things like these are allowed to happen. When this is all over and you finally get to leave your houses/apartments and you decide to go to your favorite local spot only to find out it has closed/gone brankrupt I want you to remember what the Lakers did...


The Lakers didn't cause your favorite restaurant to go bankrupt, this pandemic did. All i see is a bunch of misdirected anger towards the ownership, I bet whomever applied for it didn't even know how it was being administered. If they had known how the banks would've handled it they probably would never have bothered.
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PostPosted: Thu Apr 30, 2020 5:05 pm    Post subject:

slavavov wrote:
The God Particle wrote:
slavavov wrote:
bluehill wrote:
A couple comments about the current discussion:

It looks like banks may have given preferential treatment to their biggest clients. Lakers still had to apply, but they could have had a leg up over the mom-and-pop shop with a regular business banking account.

Quote:
The historic coronavirus bailout package directed $349 billion to small businesses hammered by lockdowns and closures. Such business owners were told that cash would be doled out on a first-come, first-serve basis. But some big banks reportedly gave their wealthiest clients a different option: To skip the line. https://www.businessinsider.com/wealthy-clients-skipped-line-for-the-small-business-coronavirus-bailout-2020-4


Lakers owners could be asset rich but cash poor because the Buss kids appear to derive most of their wealth from the Lakers. Throw in a real black swan event and the family may not have the same liquidity as other owners may have.

Interestingly a new PE fund is trying to launch to address.

Quote:
After watching the value of pro-sports franchises skyrocket in recent years, owners are now confronting a harsh reality: It’s becoming harder and harder to sell passive minority stakes when they need to raise cash, especially during economic downturns.

With high valuations scaring away many potential investors, the problem has led leagues to loosen their ownership restrictions -- and created an opportunity for a new kind of private equity investor focused on acquiring limited stakes in franchises. https://www.businessinsider.com/wealthy-clients-skipped-line-for-the-small-business-coronavirus-bailout-2020-4

This is what we want to be sure of before we outright criticize the Buss family for acting out of self-entitlement.

After all, as I said earlier in this thread, they've missed the playoffs the last six years, and have probably seen a drop in jersey and merchandise sales ever since Kobe's Achilles injury. Add in the suspension of the season, plus the apparent fact the the Buss family doesn't have any other revenue streams outside of the Lakers, and maybe they don't have the perpetual cash flow that we've always thought they had.

If I had to guess, there are many big enterprises that seem cash-rich on the outside, but in reality have significant cash flow issues.


Stop!

The Lakers have been one of the most profitable franchises in the league for decades now. They can go 0-82 and still turn a significant profit. They operate with 0 debt and they generate a (bleep) of revenue.

The Buss family trust is sitting on a 20,000% gain on their initial investment in the Lakers. If my memory serves me, they get more a year from Wish for that silly ad spot on the jersey shoulder, than this loan.

IF the Lakers are cash strapped they have countless levers to pull to fill that gap.

IF the Lakers are cash poor then every single other NBA organization is cash poor, and so would 95%+ of all other sports franchises across the 4 leagues. But embarrassingly enough, the only franchise to extend their hand out was the Lakers.

Shame. Shame. Shame. Shame. Shame.

I'm just trying to be objective and ask what's really going on behind the scenes with the team we all love.

From all outward appearances, I agree this looks bad and shameful on the part of the Lakers and the Buss family.

But let's also keep in mind that the Buss kids, as far as I know, don't have additional streams of income outside of the Lakers.

In the end, I agree with most in this thread that the Trump administration is really who we should blame. For 40 years the GOP has believed in corporate welfare and letting big corporations like the Lakers get away with lots of immoral things.

Big corporations like the Lakers weren't meant to get this PPP loan. Now, if those corporations have a true cash flow problem and aren't able to make payroll or are in danger of going bankrupt, that makes things more complicated.


I don't think you know what bankruptcy is or how it works if you're even remotely suggesting that the Lakers may be in that position (and we don't know).

I get that I'm not the Lakers CFO.... but jesus (bleep) christ.
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PostPosted: Thu Apr 30, 2020 5:09 pm    Post subject:

venturalakersfan wrote:
pmacla wrote:
anyone here offended by this that is still getting their full salary and got a stimulus check, if you didnt return it then you should just shut up


I didn’t go to the bank and apply for a stimulus check, knowing that someone else wouldn’t get one. Big difference. I did donate it to the workers at our family’s favorite Italian restaurant that has been in Ventura for over 60 years.


Good on you VLF! Respect. I personally didn't get stimulated, but have been doing my part in supporting small businesses that remain open.

Go Clippers! ( I kid! )
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PostPosted: Thu Apr 30, 2020 5:26 pm    Post subject:

The God Particle wrote:
slavavov wrote:
The God Particle wrote:
slavavov wrote:
bluehill wrote:
A couple comments about the current discussion:

It looks like banks may have given preferential treatment to their biggest clients. Lakers still had to apply, but they could have had a leg up over the mom-and-pop shop with a regular business banking account.

Quote:
The historic coronavirus bailout package directed $349 billion to small businesses hammered by lockdowns and closures. Such business owners were told that cash would be doled out on a first-come, first-serve basis. But some big banks reportedly gave their wealthiest clients a different option: To skip the line. https://www.businessinsider.com/wealthy-clients-skipped-line-for-the-small-business-coronavirus-bailout-2020-4


Lakers owners could be asset rich but cash poor because the Buss kids appear to derive most of their wealth from the Lakers. Throw in a real black swan event and the family may not have the same liquidity as other owners may have.

Interestingly a new PE fund is trying to launch to address.

Quote:
After watching the value of pro-sports franchises skyrocket in recent years, owners are now confronting a harsh reality: It’s becoming harder and harder to sell passive minority stakes when they need to raise cash, especially during economic downturns.

With high valuations scaring away many potential investors, the problem has led leagues to loosen their ownership restrictions -- and created an opportunity for a new kind of private equity investor focused on acquiring limited stakes in franchises. https://www.businessinsider.com/wealthy-clients-skipped-line-for-the-small-business-coronavirus-bailout-2020-4

This is what we want to be sure of before we outright criticize the Buss family for acting out of self-entitlement.

After all, as I said earlier in this thread, they've missed the playoffs the last six years, and have probably seen a drop in jersey and merchandise sales ever since Kobe's Achilles injury. Add in the suspension of the season, plus the apparent fact the the Buss family doesn't have any other revenue streams outside of the Lakers, and maybe they don't have the perpetual cash flow that we've always thought they had.

If I had to guess, there are many big enterprises that seem cash-rich on the outside, but in reality have significant cash flow issues.


Stop!

The Lakers have been one of the most profitable franchises in the league for decades now. They can go 0-82 and still turn a significant profit. They operate with 0 debt and they generate a (bleep) of revenue.

The Buss family trust is sitting on a 20,000% gain on their initial investment in the Lakers. If my memory serves me, they get more a year from Wish for that silly ad spot on the jersey shoulder, than this loan.

IF the Lakers are cash strapped they have countless levers to pull to fill that gap.

IF the Lakers are cash poor then every single other NBA organization is cash poor, and so would 95%+ of all other sports franchises across the 4 leagues. But embarrassingly enough, the only franchise to extend their hand out was the Lakers.

Shame. Shame. Shame. Shame. Shame.

I'm just trying to be objective and ask what's really going on behind the scenes with the team we all love.

From all outward appearances, I agree this looks bad and shameful on the part of the Lakers and the Buss family.

But let's also keep in mind that the Buss kids, as far as I know, don't have additional streams of income outside of the Lakers.

In the end, I agree with most in this thread that the Trump administration is really who we should blame. For 40 years the GOP has believed in corporate welfare and letting big corporations like the Lakers get away with lots of immoral things.

Big corporations like the Lakers weren't meant to get this PPP loan. Now, if those corporations have a true cash flow problem and aren't able to make payroll or are in danger of going bankrupt, that makes things more complicated.


I don't think you know what bankruptcy is or how it works if you're even remotely suggesting that the Lakers may be in that position (and we don't know).

I get that I'm not the Lakers CFO.... but jesus (bleep) christ.

I wasn't suggesting that the Lakers were in danger of going bankrupt. I was asking if, because of the coronavirus and maybe also because they've been bad for several years, they're now in a position where they lack the cash flow to make payroll.

I'm not a financial expert by any means, but I do know the basics and have a basic level of financial literacy.

Again, I think the real culprit is the Trump administration for allowing big businesses like the Lakers to apply for and get this PPP loan. Ruth's Chris and Shake Shack also got a PPP loan, and no one would consider them "small businesses."

Looks like the Buss family deserves criticism for applying for PPP, but even more blame goes to our so-called leaders in DC.
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PostPosted: Thu Apr 30, 2020 7:21 pm    Post subject:

The older Buss generation:

Johnny, Jim, Jeanie and Janie are in their mid 50's and up.

If they have been setting aside a small percentage of their income over the years for a rainy day fund, then they should be able to ride out this downturn without much problem.

Joey and Jesse are much younger, so maybe they haven't set aside much for a rainy day fund.


Jeanie, Joey and Jesse are employed by the Lakers and I would think they get some salary as employees with their cut from the ownership side counted separately. Janie was working in the Lakers organization, but I don't know if she still is.

I understand the asset rich and cash poor thing, but four out of the six should have been able to accumulate something for a rainy day fund.
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PostPosted: Thu Apr 30, 2020 8:17 pm    Post subject:

Lakers owner Jeanie Buss sets up own horse racing stable (August 2017)

Quote:

Los Angeles Lakers owner Jeanie Buss has set up her own horse racing operation under the name Purple Rein Stable.

Doug O'Neill, who won the 2012 Kentucky Derby with I'll Have Another, will be training Buss' horses.

Last week, O'Neill claimed a 3-year-old colt named True Valor for $50,000, while Buss' stable claimed 2-year-old filly Mis Viola for $32,000.

True Valor has two wins in nine career starts and earnings of $51,259.

O'Neill's assistant, Steve Rothblum, said Wednesday that Buss has previously partnered with another of O'Neill's clients on horses, but now she wants some of her own and "she's committed a pretty good chunk of money."
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PostPosted: Fri May 01, 2020 6:33 am    Post subject:

lakersken80 wrote:
Batguano wrote:
Amazing and embarrassing the mental gymnastics some people go through to justify a disgusting move just because it's their favorite franchise/team...

But that kind of mentality is why things like these are allowed to happen. When this is all over and you finally get to leave your houses/apartments and you decide to go to your favorite local spot only to find out it has closed/gone brankrupt I want you to remember what the Lakers did...


The Lakers didn't cause your favorite restaurant to go bankrupt, this pandemic did. All i see is a bunch of misdirected anger towards the ownership, I bet whomever applied for it didn't even know how it was being administered. If they had known how the banks would've handled it they probably would never have bothered.


If what you posted is true, then it is more embarrassing than what actually happened. It would mean that the team is being led by ignorant clueless morons.
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PostPosted: Fri May 01, 2020 7:59 am    Post subject:

How much mental gymnastics is it taking to so adamantly blame the Lakers organization and the Buss family personally?

This is a time of emergency and panic. Decisions are being questioned at all levels. Blaming this incident for small businesses struggling and closing is a stretch. Nobody planned for the scope of disruption of this virus.

Are you also adamantly blaming all those that chose to risk spreading the virus by spending time at social gatherings before and after the close down orders?

The Lakers took advantage of a financial situation. Guessing advised to do so by their accountants and financial advisors. Comparable to taking tax breaks. Very good chance they have a personal bank rep that handled the details. Lakers likely were notified day one and asked for a digital signature. Large organizations have the advantages over small businesses. Fact of life.

Blaming the Lakers org for a flawed system is misplaced anger. Just read an article stating that spot check reviews of claims are already flagging fraud concerns. Many overstating past years expenditures on the claim requests. Program being rushed out is a mess. But delays were creating even more panic and “bad press”.

The widespread struggles for all of us financially and on personal levels is going to take time to even fully comprehend. My thoughts go out to all during this crisis.

Kind of amazed that during all this chaos some continue to focus on this Lakers situation so fervently. Lakers are not the cause they are just a company trying to navigate the crisis like everyone else. Just my opinion overall, not just for my favorite team.
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PostPosted: Fri May 01, 2020 9:01 am    Post subject:

Four Decade Bandwagon wrote:
How much mental gymnastics is it taking to so adamantly blame the Lakers organization and the Buss family personally?

This is a time of emergency and panic. Decisions are being questioned at all levels. Blaming this incident for small businesses struggling and closing is a stretch. Nobody planned for the scope of disruption of this virus.

Are you also adamantly blaming all those that chose to risk spreading the virus by spending time at social gatherings before and after the close down orders?

The Lakers took advantage of a financial situation. Guessing advised to do so by their accountants and financial advisors. Comparable to taking tax breaks. Very good chance they have a personal bank rep that handled the details. Lakers likely were notified day one and asked for a digital signature. Large organizations have the advantages over small businesses. Fact of life.

Blaming the Lakers org for a flawed system is misplaced anger. Just read an article stating that spot check reviews of claims are already flagging fraud concerns. Many overstating past years expenditures on the claim requests. Program being rushed out is a mess. But delays were creating even more panic and “bad press”.

The widespread struggles for all of us financially and on personal levels is going to take time to even fully comprehend. My thoughts go out to all during this crisis.

Kind of amazed that during all this chaos some continue to focus on this Lakers situation so fervently. Lakers are not the cause they are just a company trying to navigate the crisis like everyone else. Just my opinion overall, not just for my favorite team.


I get that there will always be two sides to every argument and we're all entitled to our opinion, but holy (bleep) dude...

There is 123 Sports Franchises in the big 4 leagues (NFL, NHL, NBA, MLB), and only ONE(!!) franchise applied for a PPP loan. So either..

A). 122 franchises have terrible accountants and financial advisors (or as you said, "personal bank reps") that can't see a 'tax break' to take advantage of staring them in the face. Or...

B). 1 franchise was stupid enough to risk a PR nightmare in favor of a free-loading money grab.

I know what side of this argument you're on. I bet all 122 "personal bank reps" from those other franchises are calling the Lakers right about now.
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GTL
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PostPosted: Fri May 01, 2020 9:06 am    Post subject:

Four Decade Bandwagon wrote:
How much mental gymnastics is it taking to so adamantly blame the Lakers organization and the Buss family personally?

This is a time of emergency and panic. Decisions are being questioned at all levels. Blaming this incident for small businesses struggling and closing is a stretch. Nobody planned for the scope of disruption of this virus.

Are you also adamantly blaming all those that chose to risk spreading the virus by spending time at social gatherings before and after the close down orders?

The Lakers took advantage of a financial situation. Guessing advised to do so by their accountants and financial advisors. Comparable to taking tax breaks. Very good chance they have a personal bank rep that handled the details. Lakers likely were notified day one and asked for a digital signature. Large organizations have the advantages over small businesses. Fact of life.

Blaming the Lakers org for a flawed system is misplaced anger. Just read an article stating that spot check reviews of claims are already flagging fraud concerns. Many overstating past years expenditures on the claim requests. Program being rushed out is a mess. But delays were creating even more panic and “bad press”.

The widespread struggles for all of us financially and on personal levels is going to take time to even fully comprehend. My thoughts go out to all during this crisis.

Kind of amazed that during all this chaos some continue to focus on this Lakers situation so fervently. Lakers are not the cause they are just a company trying to navigate the crisis like everyone else. Just my opinion overall, not just for my favorite team.


I'm blaming a world class top 5 sports organization valued at $4 billion with a vast range of access to money ("Hey Jack, need a $5 million loan, cool?") applying for an emergency government stimulus package loan that was meant for businesses who were more or less in dyer straits.

Unfortunately for businesses such as myself, I don't have access to multi millionaire celebrities like Jack Nicholson. Or banks that would be willing to loan me millions at low interest in 48 hours. The Lakers do. So why even go after the PPP in the first place? The funds were limited. They knew this. The money they returned just pays off the loan, evaporates into the treasury.

I bleed purple and gold, but right now I guarantee you my bank account is bleeding faster then theirs. That money they gave back, I'm grateful they did the right thing, however it doesn't recirculate into the program.

At this point, it is what it is. Just getting everything back in order so I can get my steady flow of business back. I appreciate all the fellow posters here at LG chiming in. Whether you agree or disagree. Appreciate you.
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Last edited by GTL on Sun May 03, 2020 2:50 pm; edited 1 time in total
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Four Decade Bandwagon
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PostPosted: Fri May 01, 2020 10:16 am    Post subject:

To be clear. Not stating the Lakers did not make a huge mistake. They blundered into this one. Realized and then corrected it.

It is the level of vitriol that is being directed towards them that is stunning. They screwed up. I understand this is a highly emotional time for all of us , some obviously more personal then others, but focusing on the Laker organization mistake that is minimal in the overall picture ? Really?

We all have our opinions. I am stepping out of this conversation at this time.

Wish you all to be well and be safe.
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dabask11
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PostPosted: Sat May 02, 2020 3:31 pm    Post subject:

Four Decade Bandwagon wrote:
To be clear. Not stating the Lakers did not make a huge mistake. They blundered into this one. Realized and then corrected it.

It is the level of vitriol that is being directed towards them that is stunning. They screwed up. I understand this is a highly emotional time for all of us , some obviously more personal then others, but focusing on the Laker organization mistake that is minimal in the overall picture ? Really?

We all have our opinions. I am stepping out of this conversation at this time.

Wish you all to be well and be safe.


The lakers didn't even "correct" this mistake because the returned money goes back into the treasury and not to the small businesses it was intended for originally.

The overall picture isn't the lakers made a minimal mistake, therefore we should move on.

The overall picture is they made a mistake in an incompetent fashion in-line with all the criticisms directed to them at running a franchise.

The term "Mom and Pop shop" is constantly used to describe how the lakers FO runs things. Given the type of loan they applied for, they justified critics calling them as such and is embarrassing given the what the lakers represent not only in the NBA but sports in general.

It just adds another check point in the list of things we should be weary about in regards to whether the buss family can lead the organization currently and in the future.

120+ franchises in all major sports were able to identify applying for this loan would cause a PR issue. If the lakers FO doesn't have the capability to identify something so simple in the current environment, then you have to wonder if this FO is capable of helping this team win a championship.
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AD23
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PostPosted: Sat May 02, 2020 9:14 pm    Post subject:

AD23 wrote:
Bad decision by the team. Trying to stop the bad PR by returning it.

Stupid program to begin with, no real triggers to prevent all this abuse you are hearing about.


To quote myself ..

Lakers didn't break any rules BUT poor optics.

Mark Cuban more or less said the same thing, blame the Treasury. As I mentioned this was a rush job with no real screening process.
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venturalakersfan
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PostPosted: Sun May 03, 2020 9:16 am    Post subject:

AD23 wrote:
AD23 wrote:
Bad decision by the team. Trying to stop the bad PR by returning it.

Stupid program to begin with, no real triggers to prevent all this abuse you are hearing about.


To quote myself ..

Lakers didn't break any rules BUT poor optics.

Mark Cuban more or less said the same thing, blame the Treasury. As I mentioned this was a rush job with no real screening process.


No, blame the Lakers. If a multi billion dollar corporation doesn’t know that it isn’t a small business then they are as dumb as hell.
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