Potential Cubs buyer Mark Cuban may find himself under a legal cloud after charges filed by the Securities and Exchange Commission.Potential Cubs buyer Mark Cuban may find himself under a legal cloud after charges filed by the Securities and Exchange Commission.
The SEC is alleging Cuban dumped shares of Mamma.com after he discovered the firm was preparing to raise more money in a secondary offering, leading to dilution of his own stake in the firm. Here’s a PDF of the actual filing.
Despite what’s been reported elsewhere, baseball insiders say Cuban remains on the list of potential buyers for the Chicago Cubs, Wrigley Field and a stake in a cable-television network. While MLB rules allow felons to own baseball teams — George Steinbrenner, for instance, once guilty to a felony conspiracy count — we’re pretty sure opponents to Cuban in the commissioner’s office and among MLB owners will seize upon this as an example why Cuban is unfit to buy the Cubs.