He acknowledges all his sources of income have dried up and his current and anticipated legal expenses are not sustainable.
He acknowledges all his sources of income have dried up and his current and anticipated legal expenses are not sustainable.
source?
Mr. Armstrong could cut the legal bills by representing himself. Filing a lawsuit against somebody must cost a lot of coin but having one filed against you should not.
He could state the whole truth and it would be over with only lost wages from being in the courtroom.
Bet he files BK within the next 18mths.
The Armstrong haters will rejoice at this news.
Yes, we will. He deserves it!
After he confesses on Oprah on Monday, the lawsuits will come home to roost. Of particular interest is Floyd's whistleblower suit. How ironic that as Lance sheds his fortune to avoid a financial hole, Floyd will be moving up and into one very nice southwestern style home in Aspen.
Not likely. Armstrong is reputed to be worth $100 million.
NY Times estimated his net worth to be 125 Million, a month ago.
road wrote:
NY Times estimated his net worth to be 125 Million, a month ago.
That's likely highly overstated as it normally is with celebrities. I would estimate it's more in the range of 2/3rd's that amount at most.
0.667 x $125,000,000.00 = a lot
Wall Street Stock Analyst wrote:
That's likely highly overstated as it normally is with celebrities. I would estimate it's more in the range of 2/3rd's that amount at most.
I agree that that is usually the case, but you haven't followed his career very closely. He made nearly $2 million back 20 yrs ago off endorsements and a $1M bonus for winning a Triple-crown in the US.
By 1998 he was actively trading $10 million in wealth. It has been documented in books. Not to mention that in his last yrs of winning the Tour (2003-05) he was known to be making $25-30 M per year.
He tapered off in 2006-2011 but not as much as you would think. Also he has been very good at making money off his money.
He is an owner of SRAM, FRS, Honey Stinger, and Trek. Just to name a few. He owns a bike shop in Austin that grosses $5M a year.
Whether he is worth $125M or $12.5M I don't think he is going bankrupt any time soon.
A $500/hr lawyer working fulltime on ONLY ARMSTRONG would still only be $1,000,000 a year. That wouldn't even be close to the INTEREST on his money.
Live chat at http://lancearmstrong.me/chat/index.cfm
Yeees wrote:
Yes, we will. He deserves it!
Do you also rejoice at old people falling down, because they deserve it?
Why do they deserve it?
nameless faceless sufferer wrote:
Wall Street Stock Analyst wrote:That's likely highly overstated as it normally is with celebrities. I would estimate it's more in the range of 2/3rd's that amount at most.
I agree that that is usually the case, but you haven't followed his career very closely. He made nearly $2 million back 20 yrs ago off endorsements and a $1M bonus for winning a Triple-crown in the US.
By 1998 he was actively trading $10 million in wealth. It has been documented in books. Not to mention that in his last yrs of winning the Tour (2003-05) he was known to be making $25-30 M per year.
He tapered off in 2006-2011 but not as much as you would think. Also he has been very good at making money off his money.
He is an owner of SRAM, FRS, Honey Stinger, and Trek. Just to name a few. He owns a bike shop in Austin that grosses $5M a year.
Whether he is worth $125M or $12.5M I don't think he is going bankrupt any time soon.
A $500/hr lawyer working fulltime on ONLY ARMSTRONG would still only be $1,000,000 a year. That wouldn't even be close to the INTEREST on his money.
could you pack more wrong information in a single post?
(1) since when does someone of LA's stature hire a sole practitioner to defend him? he has a team of top lawyers who all have associates and paralegals working for him so your $500/hour analysis is a complete joke. if he were to go to trial, his legal bill would be many millions of dollars.
(2) he doesn't own part of trek. it's a fully owned subsidiary of intrepid, which LA doesn't own.
(3) if you think that honey stinger and FRS are cash cows for minority owners, you need to learn a little bit more about the real world. they are tiny food and beverage companies that, at best, make a tiny amount of money.
(4) i don't know what the term "actively trading $10 million in wealth" means and, based on how wrong some of your other comments have been, my guess is neither do you. do you think he was trading his net worth on an exchange? kind of like on intrade?
(5) do you even have a net worth if you think that interest today is much more than zero? clearly not. zero times $25 million is still zero.
(6) the prior poster, who stated that LA's "reported" net worth of $100 million was just a guess by the media and that the media usually vastly over-estimates the net worth of celebrities, is correct. he was using livestrong as his personal cookie jar for years (don't think for a second he was paying for his jet, hotel suites, limos, etc) and that is gone. he also is divorced and his wife has stated that she is being paid to keep her mouth shut so that has to be an enormous amount each year. he obviously still has a good chunk of change left but it is dwindling, he has huge daily expenses (legal and his celebrity ways) and his income sources are all gone.
His monthly nut (pun intended) must be huge - homes in TX, France, etc...his lavish lifestyle...
nameless faceless sufferer wrote:
I agree that that is usually the case, but you haven't followed his career very closely. He made nearly $2 million back 20 yrs ago off endorsements and a $1M bonus for winning a Triple-crown in the US.
By 1998 he was actively trading $10 million in wealth. It has been documented in books. Not to mention that in his last yrs of winning the Tour (2003-05) he was known to be making $25-30 M per year.
He tapered off in 2006-2011 but not as much as you would think. Also he has been very good at making money off his money.
He is an owner of SRAM, FRS, Honey Stinger, and Trek. Just to name a few. He owns a bike shop in Austin that grosses $5M a year.
Whether he is worth $125M or $12.5M I don't think he is going bankrupt any time soon.
A $500/hr lawyer working fulltime on ONLY ARMSTRONG would still only be $1,000,000 a year. That wouldn't even be close to the INTEREST on his money.
I am shocked SHOCKED that this kind of attainable wealth would entice someone to engage in performance enhancing drugs.
mwwwin wrote:
His monthly nut (pun intended) must be huge - homes in TX, France, etc...his lavish lifestyle...
Exactly. And that's why he's going broke.
road wrote:
NY Times estimated his net worth to be 125 Million, a month ago.
but he still has to look himself in the mirror knowing he did not get that money honestly.
a guy flipping burgers 8 hours a day for minimum wage at least knows he is making his money honestly.
RIP: D3 All-American Frank Csorba - who ran 13:56 in March - dead
RENATO can you talk about the preparation of Emile Cairess 2:06
Great interview with Steve Cram - says Jakob has no chance of WRs this year
Running for Bowerman Track Club used to be cool now its embarrassing
Hats off to my dad. He just ran a 1:42 Half Marathon and turns 75 in 2 months!
2024 College Track & Field Open Coaching Positions Discussion