IGX

ButterCupPowerRanch wrote:Couch

Lauren won, if I read this right.

Well, that was interesting.

This somehow ended up in my feed....

Cave Canem wrote:I'm still wondering where the dough came from.

10-1 he made a deal with Vivid.

So around $16 million on the settlement, another million for toys (the $350,000 car and the $600,000 plane) and maybe 2-3 more million for legal fees. All told close to twenty million in a few months. Not bad.

On a related note, anyone know what ever happened with the Crossgym lawsuit? I see Crossgym is still around, and still plastering Crossfit all over its website:

http://crossgymstore.com/functional-cro ... kages.html

Although it didn't seem to generate the same level of panic among the cult, I always thought this was the far more dangerous lawsuit. HQ has nothing without their trademark.

Still in process I think. XF is really going to have a hard time defending the name. I think quack went into the reasons a while back, and they were pretty solid

We've got a new cross training room at my gym. Fully outfitted with Rogue gear, a white board, spindly men, beastly women, and level 1 trainers giving free advice. I stand out like a sore thumb.

Couple of level 1 trainers in the area want to start a box(es) but it's going to hard to compete with an established gym stealing their marks.

Ed Zachary wrote:We've got a new cross training room at my gym. Fully outfitted with Rogue gear, a white board, spindly men, beastly women, and level 1 trainers giving free advice. I stand out like a sore thumb.

Couple of level 1 trainers in the area want to start a box(es) but it's going to hard to compete with an established gym stealing their marks.

Yes another CF has opened less than half a miles from my home. At first I looked at some sneaky ways to get them upended. Now I think I'll wait for the going out of business sale and assume the lease. Shouldn't be more than a couple months

Grandpa's Spells wrote:Lauren won, if I read this right.

So she got $16 million from Glassman?

That amount was described in court docs as the amount she would net, after taxes, from the sale to Anthos. Does she not have to pay taxes on the money from Greg?

JimZipCode wrote:

Grandpa's Spells wrote:Lauren won, if I read this right.

So she got $16 million from Glassman?

That amount was described in court docs as the amount she would net, after taxes, from the sale to Anthos. Does she not have to pay taxes on the money from Greg?

I didn't pay super-close attention to this, but Lauren wanted to get cash for the shares, and Anthos was willing to pay. Greg wanted to deny the deal and instead offer X dollars over Y years. Spaced out payments like that are highly advantageous for the buyer (since they are usually paying the seller, at least in part, with the revenue of the seller's own company). It's a typical trick VC's use to buy equity.

It appeared the judge's ruling was: meet her terms, or STFU about her selling to whoever she wants. Since Greg own's everything now, I gather he cut a check. If I'm misunderstanding, somebody plz correct.

I skimmed the docs a couple days ago.

Court said Lauren has the right to sell her shares for $20M, the value of what Anthos offered. Court also said that it wouldn't be right to completely fuck Couch's business up and stick him with a 50% owner/partner he didn't like just because Lauren wants to sell. So court gave Couch a couple days to come up with $16M and change--the after-tax value of the $20M Anthos was willing to pay (good thing they did it before Jan. 1)--to purchase Lauren's 50% stake. If Couch couldn't come up with the money by Nov. 15 or 16 (don't remember), Lauren was free to sell to Anthos.

Couch got a "loan" from another equity company to raise the money. He, HQ, and @Fers have proclaimed victory because they were able to resist being bought by an equity company.

The arrangement is a little strange. Anthos was left out in the cold. They will sue.

Gin Master wrote:I skimmed the docs a couple days ago.

Court said Lauren has the right to sell her shares for $20M, the value of what Anthos offered. Court also said that it wouldn't be right to completely fuck Couch's business up and stick him with a 50% owner/partner he didn't like just because Lauren wants to sell. So court gave Couch a couple days to come up with $16M and change--the after-tax value of the $20M Anthos was willing to pay (good thing they did it before Jan. 1)--to purchase Lauren's 50% stake. If Couch couldn't come up with the money by Nov. 15 or 16 (don't remember), Lauren was free to sell to Anthos.

Couch got a "loan" from another equity company to raise the money. He, HQ, and @Fers have proclaimed victory because they were able to resist being bought by an equity company.

The arrangement is a little strange. Anthos was left out in the cold. They will sue.

How would such a loan usually be structured? There would have to be a lot of strings and costs associated with a loan like this that could get real uncomfortable for Couch, his main minions, and the "community".

Gin Master wrote:So court gave Couch a couple days to come up with $16M and change--the after-tax value of the $20M Anthos was willing to pay

Right; but why is the after-tax value relevant for comparison? Does Lauren not have to pay tax on what she gets from Glassman, vs she would have been taxed on what she got from Anthos, so she comes out about the same? Or is she taking a "loss" of a few mill on the deal (compared to what she would have gotten from Anthos)?

The judge said elsewhere among the docs that there is no legal reason Lauren would have to take an offer millions of dollars less, just to keep the company "in the family". But isn't this decision doing exactly that? Or is there some reason Glassman's payment to her would not be taxed, but Anthos's would?

JimZipCode wrote:? Or is there some reason Glassman's payment to her would not be taxed, but Anthos's would?

Confusing, but it appears that way.

Gin Master wrote: Couch got a "loan" from another equity company to raise the money. He, HQ, and @Fers have proclaimed victory because they were able to resist being bought by an equity company.

The arrangement is a little strange. Anthos was left out in the cold. They will sue.

If couch is going to sell out, he is going to sell out on his goddamn terms!! He won't be strong armed into selling out, he will take legal action allowing him to sell out to whom he deems fit!!

Grandpa's Spells wrote:

JimZipCode wrote:? Or is there some reason Glassman's payment to her would not be taxed, but Anthos's would?

Confusing, but it appears that way.

Incident to a divorce, transfer of property between spouses is non-taxable. From a tax perspective, the principal on this sale will be treated as a gift between spouses rather than income. If the sale were to a third-party though, the gain on sale would be treated as income (making it taxable).

For those who enjoy crashing internet polls as much as me, a crossfitting survey.

MinnieApple wrote:For those who enjoy crashing internet polls as much as me, a crossfitting survey.

That's a badly written survey.

1) narcissism
2) gin
3) herpes

retarded
mismanaged
clusterfuck

liar
megalomaniac
drunkard

Cave Canem wrote:I'm still wondering where the dough came from.

Anon wrote:1) narcissism
2) gin
3) herpes

This is IGx-- a haiku is the proper format.

Oh Narcisicism
Elegantly soaked in gin
Herpes are sexy

The house that Greg built
Built upon Rhabdo and gin
Oh when will it fall?