$1 plus a noncompete plus the right to 50% of any subsequent sale or monetization event of Barstool.
5 Likes
Matt Levine’s piece today has a segment explaining how this can actually be viewed as a win-win for both parties.
[…] basically Penn paid $550 million to Barstool to get into online sports gambling with a popular brand, and amortized that cost over about three years, or call it $180 million a year. And now it is paying ESPN $2 billion for a 10-year licensing agreement, or $200 million a year. Portnoy didn’t exactly sell Barstool at the peak and buy at the bottom: He sold Barstool at the point when it made sense for Penn to partner with Barstool, and bought it back at the point when it made sense for Penn to partner with Disney.
One assumes that Penn would have preferred to sell Barstool back to Portnoy for some price higher than zero, but:
- It didn’t make sense for them to keep it,
- It was perhaps too controversial for most other media or gaming companies, and
- Presumably any buyer would have to come to terms with Portnoy for it to make sense.
[…]
Also Penn gets 50% of the proceeds if Portnoy sells. He “has no plans to sell Barstool Sports again,” and why would he? He sold it for $550 million and got it back for free; selling it again would just be greedy. Once you’ve cashed out $550 million and kept the business, it can be a lifestyle business. I assume that Penn’s 50% is just schmuck insurance. It’s embarrassing enough to buy it from Portnoy for $550 million and then sell it back to him for $0, but it would be much worse if he turned around and sold it to someone else for $550 million again.
Not too shabby for a gentleman who, according to his Wikipedia entry, filed for bankruptcy in 2004 following large gambling losses and ended up owing $59k to credit card companies and another $20k or so to his dad.
7 Likes
6 Likes
So between Tim Scott funneling campaign donations to friends’ pockets under the guise of running for freaking president and Granholm making money off a fairytale transportation company can we all finally admit that we are living in a continental open air prison that needs to be smashed into a thousand pieces? Can we finally admit that Little Jemmy’s new form of government is just as fraudulent and shitty as all the others? At least with communism you don’t get the smoke of liberty blown up your ass.
6 Likes
6 Likes
Echoes of the Solyndra debacle from the Obama administration?
8 Likes
“The individual or the individuals that did this are criminal,” Elicker said. “They’re unbelievably unethical to not only steal money from the public, but steal money from New Haven Public School children. It is just shocking to me how much greed there is in this world today, and that someone would so deliberately do such a thing is just tragic.”
I can’t help myself. The public school system confiscates money from individuals based on a percentage of votes and delivers children that lack education. Thus, if we just vote and say what this individual did was ok then it would not be greed or unethical. As long as we vote on it, theft is perfectly acceptable.
Theft is the act of taking another person’s property or services without their permission or consent, with the intent to deprive the rightful owner of it
6 Likes
Not a joke, as the Big Guy used to s̶a̶y̶ mumble
5 Likes
The indictment-of-the-month club.
4 Likes
Who is worse, the sheeple that change their name or the corporate “leaders” that offer this ???
5 Likes
Start writing the jokes:
4 Likes
4 Likes
Bird Poop Imperialism: The Guano Islands Act
On 1856-08-18, U.S. president Franklin Pierce signed into law the Guano Islands Act, which remains in effect today, codified as 48 U.S. Code § 1411–1419 - Guano districts; claim by United States. The first section (§ 1411) provides:
Whenever any citizen of the United States discovers a deposit of guano on any island, rock, or key, not within the lawful jurisdiction of any other government, and not occupied by the citizens of any other government, and takes peaceable possession thereof, and occupies the same, such island, rock, or key may, at the discretion of the President, be considered as appertaining to the United States.
- 1856: Guano Islands Act becomes law
- 1903: 66 islands claimed under the Act have become U.S. territories
- 1997: Most recent claim under the Act, Navassa Island (denied because court decided the island, disputed with Haiti, was already under U.S. control)
- 2022: Ten islands claimed under the Act remain U.S. territories, including Johnston Atoll and Midway Atoll
- 2036: Elon Musk sets foot on Mars. His first words are, “Hey look, there’s bird poop all over the ground here!”
11 Likes
This was all pre-Haber/Bosch. Until its invention, guano was extremely valuable for fertilizer production.
9 Likes
Guano (particularly bat guano, harvested from caves) was also a principal source of potassium nitrate (KNO₃, saltpetre) one of the ingredients in gunpowder, and hence was a strategic material in the age of black powder weapons.
9 Likes
Bat guano can also be farmed:
9 Likes
This story is batty.
6 Likes
8 Likes
4 Likes