Randy Lerner — the Brown’s moneybags owner, Hampton enthusiast, and futbol fan — is stuffing some of his ample fortune back into the piggy bank after an ugly courtroom brawl with a former business associate. For a guy with two sports franchises and estimated $1 billion net worth, the money involved was fairly small change, somewhere in the ballpark of $40 million. But Lerner must have picked up some of that gridiron (or, yeah, pitch) mentality, because the Browns boss didn’t back down until he’d crossed the end zone, landing a court ruling in his favor.
The standoff was between Lerner and Paige Capital Management, a hedge fund run by husband and wife Michele and Christopher Paige, according to Bloomberg. The fund opened up shop in 2006, founded to gobble up companies felled by the tough times. Lerner added his $40 million to the pot, but evidently he was the only outside investor in the game. After few years, the Paiges allegedly were playing tight-lipped about where the cash was going, so Lerner made it known he wanted to pull his share.
This article appears in Aug 3-9, 2011.
The golden rule…”He who has the gold makes the rules”. The deepest pockets will prevail 95+% of the time.
the sickest part of the story is paige actually believes he is a responsible enough person to represent others in congress.whilr most of us are struggling to make ends meet these two spoiled brats haven’t got a clue on what it would take to really represent the rest of us.
Ok Lerner take that $40 Million and sink it into our Browns.
Why did this royal scion inherit half a billion dollars of our tax money? Something is really wrong with this country when tax dollars are not only given away to the ultra-wealthy but inherited by their sons.
a true villa lad!!!!!