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billo
Two years ago

#16203

Kings owner facing arrest

Looks like Tim Johnson's house of cards is coming down at a rate of knots.

This article gives a great update on where things are up to in the liquidation process.

Key points:
- liquidators will be seeking arrest warrents for Mr Johnson

- Kings have been trading while insolvent for 2 years

- Johnson also being pursued by Firepower business partner over $20 million in loads made over the last 18 months

- creditors, including Kings players, owed $250k

- tax office owed $580k

- insurance premiums remain unpaid from last year meaning the Kings played the whole of last season uninsured

- Johnson currently in hiding in Bali

Looks like it could be another Christopher Skase / Majorca situation, wealthy businessman owing money all over town but refusing to return to Australia to face the music. At least his creditors can take comfort in the fact that Johnson's life must be a living hell right now.

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curtley
Two years ago
00:19 21 Jun 08

Reply #190891

re: Kings owner facing arrest

the kings will return in a year or 2, as will the cannons and devils.


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Statman
Two years ago
01:00 21 Jun 08

Reply #190892

re: Kings owner facing arrest

If he has been rading insolvently then good luck - ASIC may not seem to act really fast but they will nomally get what thay want :)\

Probabaly a good thing he is gone even with the colateral damage its caused


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Mookie
Two years ago
08:00 21 Jun 08

Reply #190899

re: Kings owner facing arrest

This guy has alot to answer for. I think this may be the tip of the iceberg.


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Anonymous
Two years ago
10:26 21 Jun 08

Reply #190906

re: Kings owner facing arrest

Shows one major problem with basketball nation-wide.

Having the wrong people for the job (or in this case the ownership!)


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TR
Two years ago
21:22 21 Jun 08

Reply #190947

re: Kings owner facing arrest

If wonder if the Laker interest is legit?????

For what they pay a minimum NBA contract would almost get them a complete roster in the NBL. I really like the idea of a NBL team being run by a NBA franchise. I can see the NBA team seconding their 2nd rounders to Australia as imports.

This would also help Stern aka Dr Evil and his world domination.

Also imagine if Kobe wants a run before the NBA season and wants to combine it with a holiday.

I see soooooo many possibilities. 2nd rounders become imports with 1 'guest' spot on the roster for a maximum of 5 games throughout the season. The 'guests' income doesn't impact on the salary cap, but has to be a roster player from the NBA squad.


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anon
Two years ago
21:50 21 Jun 08

Reply #190949

re: Kings owner facing arrest

Is Eddie another one of these guys as well ? Tarred with the same brush. Wait and see what ASIC do. There's another one out there to come out of the skeleton shortly as well. Why does basketball find these guys or is it an indication of who has been running the game in this country to let it get to this farcical stage


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Jack Toft
Two years ago
21:59 21 Jun 08

Reply #190950

re: Kings owner facing arrest

I have no tolerance for people who trade insolvent. It is pure greed and is no worse than robbing a service station


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Kent Brockman
Two years ago
12:32 22 Jun 08

Reply #190975

re: Kings owner facing arrest

At least Skase had a legit business before he bailed.


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...
Two years ago
17:25 22 Jun 08

Reply #191001

re: Kings owner facing arrest

Some good thoughts TR. If only that would come about...


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1 step further
Two years ago
11:12 24 Jun 08

Reply #191203

re: Kings owner facing arrest

While the cops are at it do you think they could possibly arrest the entire NBL board for being so WEAK.


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