Communications magnate Robert J. Pera only just agreed a fee to buy the Memphis Grizzlies, and already his bid looks to be in trouble according to a report from the New York Daily News. Pera, 34, owns Silicon Valley-based communications technology firm Ubiquiti Networks – a company whose stock has fallen precipitously over the last two weeks.
The company’s plummeting value affects Pera’s personal net worth. Valued at nearly $1 billion just two weeks ago, Pera is now believed to sit closer to $200 million, less than the $350 million he bid for the Grizzlies. If Pera’s bid does fall apart, current owner Michael Heisley will retain control of the team.
Not sure what it is about the Grizzlies and shady offers. The Laettner/Davis offer was a sham and now this one is falling apart. I say just let Larry Ellison get his hands on a team already, even if it means moving the Grizz to Cali.
6. "I'm not asking anyone to feel bad." In response to Reply # 5
A) Mentioning that the Grizz sale is falling apart after Heisley chooses another questionable buyer.
B) Making a side point that if you had a bad week, at least you didn't lose 80% of your value (especially tough after dude only paid himself 26k last year). It's not like I'm asking people to weep for the dude; guess I just have a different reaction when I hear a guy loses 800 million in value in two weeks.
10. "Yeah, something like 50% of the buy orders" In response to Reply # 9
were from people shorting the stock.
Still, how did Heisley almost sell to a bogus offer AGAIN. And while the companies value is still impressive, it would suck to think that you were about to own an NBA team and then have less money than you were offering in just two weeks.