Dallas Mavericks at center of court battle

June 23, 2010 at 3:04 PM   |   0 comments

DALLAS, June 23 (UPI) -- The owner of the Dallas Mavericks says shareholder Ross Perot's suit against the team is an effort to recoup real estate losses incurred by Perot's company.

Last month Perot filed a lawsuit claiming Mark Cuban's team was "insolvent and/or in imminent danger of insolvency" and demanding a court-appointed receiver run the team, The Dallas Morning News reported Wednesday.

Perot sold his majority share in the team to Cuban in 2000 but still owns a 5 percent share, the newspaper said.

Cuban responded with a lawsuit of his own, claiming Perot wants money to offset about $100 million in losses on the Victory Park master planned development northwest of Dallas, location of the American Airlines Center, home court of the Mavericks.

"Perot now wrongly looks to Cuban and the Mavericks as a remedy for his financial distress," the filing said.

Perot's lawsuit pits Perot-controlled Hillwood Investment Properties III Ltd. against Cuban-controlled Radical Mavericks Management LLC.

Victory Park was not successful for Perot. Hillwood, under pressure from lenders, gave up its ownership position in most of the development in 2009.

"Perot's management of the Victory Park development turned out to be worse than his management of the Mavericks in the 1990s," Cuban's filing said.

"Notably, it was only after Perot's position in Victory Park became desperate that he, through Hillwood, began to inquire about Cuban's management of the Mavericks," the filing said.

Topics: Ross Perot
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