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August 2009
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Clay Bennett has taken the stand. Paul Lawrence, the city's attorney, is doing a fair job bringing up old documents and agreements to prove that the PBC knew what it was getting into when it bought the franchise from Howard Schultz. Click here for up-to-the-minute coverage of the trial. Lawrence showed a internal document, related to the purchase which showed the franchise was losing money, and substantial money prior to Bennett's purchase. In 2004, they posted a net loss of 23 million, and in 2005 a net loss of 29 million. Lawrence has also brought up a letter Bennett wrote to his investors warning them of the risks associated with buying the club, which warned them they'd be losing money for the foreseeable future. He also cornered Bennett into acknowledging that if another arena was ever built in the area, the team would still be required to stay at the Key until 09-10. Lawrence has also used Bennett's previously videotaped depositions to show his different answers when presented with similar questions. Overall, a decent performance. The city is clearly trying to show that the PBC knew what it was gettting into and signed documents stating it's intention to stay at the Key. Lawrence also got Bennett to acknowledge there isn't really an out clause in the deal. But so far, no major bombshells. Lawrence hasn't brought up the "man possessed" e-mail...yet. |
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