That's what I am wondering as well. I obviously don't know the details, but this lawsuit seems rather petty to me. I'm losing more respect for the Thorns/Fire ownership group. They already seemed like a shit show to me.
Yeah, it definitely doesn't paint them in the best light. Doesn't also paint the Panda people great, but it runs the risk of pitting their ownership group against the fans of the Blazers. Because honestly, if it ever came to a choice of the Thorns and the Fire vs the Blazers, the Blazers will win 100% of the time. But it should never come to that. This is just creating a false narrative that it might/is related.
hard to tell, but the part about: "alleges that Andrew Cherng, Peggy Cherng and a related entity breached a July 24 confidentiality and exclusivity agreement" does make it sound like the Cherngs may have been somehow involved with the Raj Sports group first; and that they were simply willing to buy a percentage along with whoever won the bid. I do remember that convicted felon Ernest Garcia was initially rumored to be part of Dundon's investment group. Maybe Dundon realized that the NBA would not approve the sale if Garcia was an investor so Dundon turned to the Cherngs because he already knew they were willing I'm not sure how an NDA AND exclusivity agreement could have a bearing on the sale of the Blazers unless it's already about the sale. I'm also wondering what/who the "related entity" is
Not to go outside the lines. But how come they can hire only Asians? Matter of fact how come all Asian type food places only hire Asians?
Out in the 'burbs our Panda Express hires mostly Latinos and it never ceases to amaze me how well keep and efficient the place is operated. Or at least until ICE rears it's ugly masked face.....
Don't they already own a portion of the kings? I guess they would have had to sell that stake before buying the blazers?
Good point. Maybe the ownership groups for the Thorns/Fire were talking to the Panda people about joining their group who owns the Kings too?
What legal experts say may happen next in lawsuit over Portland Trail Blazers ownership The high-stakes legal dispute over who is eligible to own a piece of the Portland Trail Blazers could be resolved much quicker than other big-dollar litigation. A new lawsuit seeks to block an investment from the Panda Express founders who are part of the winning $4.25 billion bid from businessman Tom Dundon’s investment group. RAJ Sports competed against Dundon to buy the Blazers. It claimed in a lawsuit filed Monday that it signed an exclusivity deal in July with Panda Express founders Andrew and Peggy Cherng to negotiate terms that would bring the couple into their investment group, even though they later moved into Dundon’s. Given that the overarching deal could be affected by the lawsuit, and the choice of venue where the case is being litigated, legal experts expect it will be resolved quickly. The lawsuit was filed in Delaware’s Court of Chancery, a court that’s “known for its speed,” said Keith Cunningham-Parmeter, a Lewis & Clark Law School professor. The first legal decision that a judge will likely make is whether RAJ Sports, which is seeking to block an investment in the Blazers by the Cherngs, can get a temporary restraining order that would essentially pause their investment. RAJ Sports owns Portland’s new WNBA franchise and the Portland Thorns soccer team. It’s led by siblings Lisa Bhathal Merage and Alex Bhathal. A judge could issue a restraining order from the bench. Or there could be a hearing before a judicial decision. If there’s a hearing, it will probably happen within a month. Lawyers for the Bhathals will have to convince a judge that they will suffer “immediate, irreparable injury” if the court doesn’t step in. Essentially, they’ll need to argue that “if you don’t stop this in its tracks it’s going to be too hard to unscramble the eggs,” said Dorothy Lund, a Columbia Law School professor, who called it a high legal standard. “This is not going to be something that’s easy for them to clear,” she said. Lund spoke with The Oregonian/OregonLive before the lawsuit was made public. She had not reviewed court filings. Whether or not RAJ Sports gets a restraining order, it said in the lawsuit it plans to seek an injunction, which could permanently bar the Cherngs from investing in the deal. While the motion for a restraining order could happen quickly, the motion for a preliminary injunction might take a little longer, maybe a few months, said Steven Bank, a University of California, Los Angeles, School of Law professor, in an email. Until Friday, the case was under seal. While the Cherngs haven’t yet responded to the lawsuit, they will most likely seek to have it dismissed, the typical opening move in a civil lawsuit. The Cherngs haven’t spoken publicly or filed a legal response, leaving their side of the negotiations unknown. But according to this week’s lawsuit, when the late Paul Allen’s estate put the Blazers on the market in May, the Bhathals started putting together a bid and spoke with the Cherngs about investing. The parties signed an exclusivity deal on July 24 as they worked to finalize terms, according to the lawsuit. The Cherngs, whom Forbes estimates have a net worth of $7.7 billion, were expected to be the second-biggest investor and an “anchor” in the RAJ Sports bid, according to the lawsuit. The Oregonian/OregonLive and others on Aug. 13 reported that Dundon’s group had reached a tentative deal to acquire the Blazers. Undeterred, the Bhathals worked to top Dundon’s bid, according to the lawsuit. And they thought they could do it with the Cherngs. Between Aug. 22 and Aug. 28, representatives for the Bhathals and the Cherngs worked to finalize terms of a Cherng investment, according to the lawsuit. But a Cherng attorney noted surprise about pushback on certain deal points they wanted and said the family was “expecting more flexibility.” The Cherngs’ attorney called “pencils down” on the deal Aug. 28, the lawsuit said. That “unexpected and unilateral end” to the investment discussion raised concerns that the Cherngs “were looking to join Dundon’s competing bid to acquire the Trail Blazers,” the lawsuit said. “Such a final final-hour switch would doom” RAJ’s bid, the lawsuit alleged. Alex Bhathal worked to smooth the waters. He called Andrew Cherng later that day and questioned if the Cherngs were in discussions with Dundon’s group. Cherng “unequivocally stated that no such conversations had occurred,” according to the lawsuit, and Cherng allegedly assured Bhathal that even though they “weren’t quite there yet” on the mechanics of their investment, RAJ could name the Cherngs as an investor joining their bid to the NBA League Office. The parties continued talking. The lawsuit claims that an advisor to the Cherngs on Sept. 5 “solicited and received in-depth updates” from one of RAJ’s advisors on “deal dynamics and tactics through multiple calls and written communications.” Then on Sept. 12, the Allen estate announced a formal deal to sell the team to Dundon’s group. The announcement named the Cherngs as investors with Dundon. Given the lack of information in the public record and a formal response from the Cherngs to the lawsuit, Bank, the UCLA law professor, said it was “hard to assess” how the case might unfold. But after the motions for a restraining order and an injunction get resolved, the court would turn to the underlying legal question: Did the Cherngs breach an exclusivity agreement that bound them to invest in the Blazers alongside the Bhathals? Because of the lack of complete information, it’s another question that’s hard to answer, but Columbia Law School’s Lund said it could be an uphill fight for the Bhathals. Before the lawsuit was filed, the deal was expected to close before the end of the upcoming NBA season. The Bhathals would need a judge to slow, or halt, the deal, given it could close in a matter of months. Then they would need to prevail on the underlying legal question. “Those are pretty big hurdles,” Lund said. “Maybe the facts are horrible. But they’d have to be pretty horrible.” “It’s not impossible,” she added, “but it’s going to have to be some egregious stuff.” https://www.oregonlive.com/blazers/...onian_sf&utm_medium=social&utm_source=twitter
Not in my opinion. The RAJ group didnt give the Cherngs what they wanted in return for their investment. So they found someone that would give them the respect & voice that they deserve when they are the largest source of funds for buying the team.
I think it really depends on what type and how much conversation Cherngs had with Dundon prior to that August 13th announcement. That was when Dundon's offer was accepted & his Due Diligence period began. After that 8/13 date, there was no practical way RAJ was going to get the team unless Dundon walked away or 'failed to perform' The September 12th date is likely when DD period ended and any earnest money went hard.
on the surface, it may very well be sour grapes by RAJ but...it does seem a possibility, maybe a remote one, that the Cherngs knew exactly what the RAJ bid was and they took that information to Dundon't group, and Dundon's group used that information to top the RAJ bid I mean, according to that article the Cherngs and their lawyer were still discussing particulars of the RAJ bid with RAJ on Sept 5. Yet, just a week later they are announced as part of the winning bid with Dundon. Obviously this is billionaires doing billionaire things, but from what little we know I wouldn't be letting the Cherngs off the hook yet, nor would I be assigning all the blame to RAJ
If they are the largest source of funds buying the team, why is Tom who we are always hearing about? Why is he considered the new owner?
Maybe they want the investment of owning a team and not the headaches of it? Remember, Portland fans threw Bill Walton dolls on the court. Can you imagine how messy orange chicken would be?
