BREAKING: Cyclist Lance Armstrong agrees to $5 million settlement of government lawsuit that could have sought $100 million.
Story to follow.
http://abcnews.go.com/Sports/wireStory/lance-armstrong-settles-100m-lawsuit-us-government-54592066
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5 million. Holy smokes I had no clue he had that much stashed away?
5 million. Holy smokes I had no clue he had that much stashed away?
He has a year to pay up. Plus, his TX home is up for sale.
the Postal Service never would have paid for the sponsorship if it had known Armstrong and his teammates were doping
doping? in cycling? on behalf of Captain Renault, I am shocked. I can see how this would have been news to the Postal Service too.
5 million. Holy smokes I had no clue he had that much stashed away?
He has a year to pay up. Plus, his TX home is up for sale.
Seemed he was pretty wise as an investor, or at least had the advise of wise investors.
His net worth is 125 million but lets say thats over stated and he has also paid out a few million based his settlements over the past few years then the 5 million plus 1.65 million (I think you see where I am going with this) he has 75 million in the bank for executing the “worlds biggest doping fraud/conspiracy” not bad Lance…not bad…SMH
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$5M to the Government (of which Landis gets 25%) and an additional $1.65 to Landis’s attorneys.
So $6.65 total.
Isn’t the real story here that Floyd Landis just made a million bucks?
Isn’t the real story here that Floyd Landis just made a million bucks?
Landis’ lawyers made most of that. But the remainder should be good for printing some more T-shirts for his weed store.
Isn’t the real story here that Floyd Landis just made a million bucks?
Landis’ lawyers made most of that. But the remainder should be good for printing some more T-shirts for his weed store.
Nope. He get 25% of the settlement with US Govt. His lawyer’s are to be paid $1.65M separately.
Yet we let the Russian hockey team compete in the Olympics. All politics, in my mind.
SO that is 1.25 million for Floyd, figure he has to pay a high tax rate on this if it is counted as one years income, so maybe he gets 800 grand net? Probably not what he was dreaming of, but I think if it had gone to court he would have gotten 0 dollars. This was a losing case from the beginning, but it was one that the lawyers were going to make a fortune off of. I’m sure Lance figured the time and money spent on winning this thing was well worth the 6+ million, he can now move on with his life without this dagger hanging over his head.
No matter how strong you think your case is, there is always that little chance it could go sideways. I think the opposing lawyers also thought it was a loser and got what they could, making sure they got a little on the side for themselves. No doubt Floyd was in some sort of commission of his winnings deal with his lawyers, they probably weren’t too keen on going to trial and tripling down on what they had already invested.
So where is Lance living these days, anyone see him in Kona lately? I believe he still had that house, but probably has all his younger kids in Texas schools, so guessing he is living somewhere near where he used to, just not as large.
What’s the over/under when Floyd has to file bankruptcy? I think he is going to burn through this like a lottery winner…
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Chalk it up as another win for Lance.
Factor in the expense of a trial and the business case in favor of a settlement of this magnitude makes for an easy decision.
Scott
Raised $800 million for cancer research. What a monster.
I think Landis still has to pay back about half a million to people that donated to his fund, so he’s not likely to walk away from this with too much money at all. Certainly not the windfall he was hoping for.
ESPN article states Floyd needs to apply for the 25%. Its not automatic.
Forgot about that one, so the under on bankruptcy just got more attractive, lets say one year??
Wow, now this site can take a break from being Lionelsanderstwitch and go back to being Lancetwitch for a couple of days.