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lawyers rule deal for larry a winner (article)
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djsunyc
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11/10/2006  10:11 AM
Lawyers rule deal for Larry a winner. NY Daily News. 11-10-06

By Frank Isola

Larry Brown's salary for one tumultuous season in New York: $10 million.

The value of his contract settlement with the Knicks: $18.5 million.

Gaining his freedom from James Dolan and keeping his good name: priceless.

At least that is the opinion of legal experts who believe that Brown negotiated a smart and lucrative settlement in order to sever ties with the Knicks.

"It is my strong belief that Larry Brown and his lawyers knew exactly what they were doing and that they were not afraid that the Knicks would win the case," said Dan Feinstein, an employment attorney from the Manhattan firm of Davis & Gilbert. "For all intents and purposes, this was a great deal for Larry. Removing the offset provision is significant. It probably foreshadows that Larry will be coaching again."

According to a person familiar with Brown's contract with the Knicks, the offset provision in the deal called for the Knicks to receive 60 cents on the dollar if Brown were hired by another team upon being terminated by the Knicks.

The same source maintains that even if NBA Commissioner David Stern had awarded Brown the $41 million his contract called for, Brown would have received those payments over four years. The present-day value of that $41 million is $31 million. Instead, Brown has already received a lump sum of $18.5 million. And with the offset provision eliminated, he is free to coach without the Knicks receiving compensation.

According to a source, Brown's lawyers questioned whether Dolan would continue to fight Brown in court until his contract ran out in four years. The source pointed to Dolan's expensive fight to keep the West Side Stadium from being built as an example.

After two days of testimony last month at Stern's midtown offices, the commissioner advised both parties to reach a settlement. A deal was agreed upon last week, and the settlement was revealed on Wednesday when Cablevision Systems Corp., which owns and operates Madison Square Garden, submitted its quarterly report to the Securities & Exchange Commission.

It has been widely speculated that the Knicks had a strong case against Brown because he received less than half of the $41 million he was owed.

"That would be erroneous to conclude that," said Feinstein, who had no involvement in the case. "It just means that getting rid of the offset has great value to Larry. That's what it means to me."
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joec32033
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11/10/2006  10:17 AM
I knew it. Like I said, the deal was more so he could coach again within 4 years.
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K22
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11/10/2006  10:19 AM
You really gotta let this LB thing go, dude.
-- the preceding post was brought to you by the letter K and the number 22.
joec32033
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11/10/2006  10:22 AM
Posted by K22:

You really gotta let this LB thing go, dude.

What? In another thread Oohah asked what my honest opinio of the deal was since Lary accepted so much less money. My response was I wanted to wait to see if he would coach again as the tradeoff of the payout being so low.

Or where you talking to DJ?
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Anji
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11/10/2006  10:22 AM
Getting rid of the offset of payments over a couple of yers is something hicks making 20 grand a year do when they win the Lotto to avoid 30 years of payments and get a lump sum. If you are an 30 year NBA coach just coming off an 10.5 million dollar paycheck which also happen to be the same year you were still getting your 10 plus million dollar settlement paycheck from the Piston, you're not worried about a lump sum over waiting four years. He should have gotten all of his money if he was right!!!!!

[Edited by - anji on 11-10-2006 10:23 AM]
"Really, all Americans want is a cold beer, warm p***y, and some place to s**t with a door on it." - Mr. Ford
joec32033
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11/10/2006  10:23 AM
Posted by Anji:

Getting rid of the offset of payments over a couple of yers is something hicks making 20 grand a year do when they win the Lotto to avoid 30 years of payments and get a lump sum. If you are an 30 year NBA coach just coming off an 10.5 million dollar paycheck which also happen to be the same year you were still getting your 10 plus million dollar settlement paycheck from the Piston, you're not worried about a lump sum over waiting four years.

Getting rid of the offset-from what I read-was regarding him being able to coach again as soon as possible.
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Elite
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11/10/2006  10:24 AM
do you guys really think larry brown would give up over 20million dollars just to "get rid of the offset" .... WOW

The man hired one of the most expensive lawfirm in the country to handle this for him... If he really wanted this result.. He could have had it without Sterns intervention.

Stern saw something fishy, Brown violated his contract, plain and simple.
oohah
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11/10/2006  10:25 AM
Posted by joec32033:
Posted by K22:

You really gotta let this LB thing go, dude.

What? In another thread Oohah asked what my honest opinio of the deal was since Lary accepted so much less money. My response was I wanted to wait to see if he would coach again as the tradeoff of the payout being so low.

Or where you talking to DJ?

Who cares if he can coach again? Did Dolan want to prevent him from coaching? Why?

If you want to say that because LB can coach again and earn that makes him the winner, well go ahead, but that is moral victory.

He's also free to play Lotto, if he hits megamillions, he is the biggest winner!

Between Dolan and LB, Dolan won, hands down.

oohah

Good luck Mike D'Antoni, 'cause you ain't never seen nothing like this before!
joec32033
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11/10/2006  10:26 AM
Posted by Elite:

do you guys really think larry brown would give up over 20million dollars just to "get rid of the offset" .... WOW

The man hired one of the most expensive lawfirm in the country to handle this for him... If he really wanted this result.. He could have had it without Sterns intervention.

Stern saw something fishy, Brown violated his contract, plain and simple.

Actually if LB was awarded that $40 he wouldn't have been allowed to coach again until after the contract was up-I think.
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K22
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11/10/2006  10:26 AM
Posted by joec32033:
Posted by K22:

You really gotta let this LB thing go, dude.

What? In another thread Oohah asked what my honest opinio of the deal was since Lary accepted so much less money. My response was I wanted to wait to see if he would coach again as the tradeoff of the payout being so low.

Or where you talking to DJ?

I'm actually referring to anyone who keeps bringing him up.

It's over. He's gone and no longer our problem.

Just my take - that's all.

-- the preceding post was brought to you by the letter K and the number 22.
oohah
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11/10/2006  10:27 AM
Posted by Elite:

do you guys really think larry brown would give up over 20million dollars just to "get rid of the offset" .... WOW

The man hired one of the most expensive lawfirm in the country to handle this for him... If he really wanted this result.. He could have had it without Sterns intervention.

Stern saw something fishy, Brown violated his contract, plain and simple.



Plus LB has to pay his lawyers....I wish Dolan had played Hardball and made LB spend every last cent before he took his payout as a smack in the mouth.

oohah

Good luck Mike D'Antoni, 'cause you ain't never seen nothing like this before!
martin
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11/10/2006  10:27 AM
Posted by Elite:

do you guys really think larry brown would give up over 20million dollars just to "get rid of the offset" .... WOW

The man hired one of the most expensive lawfirm in the country to handle this for him... If he really wanted this result.. He could have had it without Sterns intervention.

Stern saw something fishy, Brown violated his contract, plain and simple.

not true... if he wanted all of the money he would have had to wait 4 years. He wants to coach sooner than 4 years out. He took a present day value of $30M and is able to coach.
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joec32033
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11/10/2006  10:28 AM
Posted by oohah:
Posted by joec32033:
Posted by K22:

You really gotta let this LB thing go, dude.

What? In another thread Oohah asked what my honest opinio of the deal was since Lary accepted so much less money. My response was I wanted to wait to see if he would coach again as the tradeoff of the payout being so low.

Or where you talking to DJ?

Who cares if he can coach again? Did Dolan want to prevent him from coaching? Why?

If you want to say that because LB can coach again and earn that makes him the winner, well go ahead, but that is moral victory.

He's also free to play Lotto, if he hits megamillions, he is the biggest winner!

Between Dolan and LB, Dolan won, hands down.

oohah

Dolan got off cheap, LB circumvented the final 4 years of his contract to coach again, Isiah Thomas finally gets to coach and GM in NY(I believe he always wanted to deep down) and we get stuck with Isiah Thomas as coach. Looks like everyone won but us.
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TMS
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11/10/2006  10:33 AM
Elite, the article suggests that the present day value of the $41 remaining was actually more like $31 mil... that means LB actually left more like $12.5 mil on the table which is the difference between that figure & the actual settlement... since the offset is done away with, he can now sign on to coach another team & keep all of the contract he signs instead of giving 60% of what he makes to the Knicks... so in actuality, if he gets another coaching job in the NBA, he doesn't really lose much of anything at all, & he also saves himself the headaches & huge expense of a long drawn out legal battle against Dolan, who has demonstrated in the past he's not afraid of long drawn out legal battles over financial matters... i think that's how i understood it to be anyway... correct me if i'm wrong.
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Anji
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11/10/2006  10:42 AM
Posted by joec32033:
Posted by Anji:

Getting rid of the offset of payments over a couple of yers is something hicks making 20 grand a year do when they win the Lotto to avoid 30 years of payments and get a lump sum. If you are an 30 year NBA coach just coming off an 10.5 million dollar paycheck which also happen to be the same year you were still getting your 10 plus million dollar settlement paycheck from the Piston, you're not worried about a lump sum over waiting four years.

Getting rid of the offset-from what I read-was regarding him being able to coach again as soon as possible.

Yeah I just read it again........ still if he was completely right he should have stuck to his guns. He was fired, he didn't quit or retired and is trying to come back.
"Really, all Americans want is a cold beer, warm p***y, and some place to s**t with a door on it." - Mr. Ford
Masterplan
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11/10/2006  10:47 AM
Posted by joec32033:

Dolan got off cheap, LB circumvented the final 4 years of his contract to coach again, Isiah Thomas finally gets to coach and GM in NY(I believe he always wanted to deep down) and we get stuck with Isiah Thomas as coach. Looks like everyone won but us.

ha my thoughts exactly
Killa4luv
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11/10/2006  10:54 AM
Posted by Elite:

do you guys really think larry brown would give up over 20million dollars just to "get rid of the offset" .... WOW

The man hired one of the most expensive lawfirm in the country to handle this for him... If he really wanted this result.. He could have had it without Sterns intervention.

Stern saw something fishy, Brown violated his contract, plain and simple.

Furthermore, reports from the sunmmer were that Dolan & co. were leaning towards a buyout of around 25 million. Now he gets 18 and you guys are all saying, yeah Larry only wanted 18 because he wanted to coach again. typical.

[Edited by - Killa4luv on 11-10-2006 10:56 AM]
Masterplan
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11/10/2006  10:58 AM
Posted by oohah:

Plus LB has to pay his lawyers....I wish Dolan had played Hardball and made LB spend every last cent before he took his payout as a smack in the mouth.

oohah

when i play Monopoly and have to pay rent on one of the cheap little purple or light blue properties- like $4- sometimes i'll throw the money on the floor, if they want it that badly they'll pick it up.

just putting that out there in case dolan reads the forums...
nyk4ever
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11/10/2006  10:58 AM
Water under the bridge as far as I'm concerned. Good luck Larry, you are out of this mess, while us fans are still stuck in it.
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oohah
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11/10/2006  11:11 AM
Posted by Masterplan:
Posted by oohah:

Plus LB has to pay his lawyers....I wish Dolan had played Hardball and made LB spend every last cent before he took his payout as a smack in the mouth.

oohah

when i play Monopoly and have to pay rent on one of the cheap little purple or light blue properties- like $4- sometimes i'll throw the money on the floor, if they want it that badly they'll pick it up.

just putting that out there in case dolan reads the forums...


That is great. I'm gonna use that to piss off some family members!

Thanx!

oohah


Good luck Mike D'Antoni, 'cause you ain't never seen nothing like this before!
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