Jim Dolan As Bad At Following Securities Laws As He Is At Owning A Basketball Team, Playing The Blues - Dealbreaker

Jim Dolan As Bad At Following Securities Laws As He Is At Owning A Basketball Team, Playing The Blues

Get ready for a searing song about a downtrodden billionaire and his run-in with the big, bad F.T.C.
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New York Knicks and Madison Square Garden owner James Dolan, better known as the world’s wealthiest touring musician, is no stranger to legal trouble. Perhaps the lowest point in his very low run at the helm of the Knicks was the $3 million sexual harassment verdict a jury hit him with a decade before anyone had heard of hashtags or MeToo, for the behavior of his inexplicable favorite executive and coach, Isaiah Thomas.

As you might expect from a trust-fund baby who seems genuinely surprised that no one thinks much of him as a musician, and who blithely condones such behavior on the part of subordinates he likes even though they are patently terrible at their jobs, James Dolan is not a man who thinks that the norms and rules that govern regular people’s lives apply to him. Unfortunately, the Federal Trade Commission is pretty adamant that the Hart-Scott-Rodina Act—requiring disclosure of things like buying a bigger voting stake in your own company—applies to everyone, even grizzled old billionaire bluesmen.

Mr. Dolan, who also serves as executive chairman of MSG Networks, has agreed to pay $609,810 in civil penalties to settle the charges, the F.T.C. said….

Mr. Dolan ultimately filed reports for the acquisition of the shares but was in violation of the rules for about three months in 2017, according to the complaint. He has violated notification requirements before mergers in the past, the F.T.C. said.

Luckily, Dolan is an expert at turning tragedies like this into art, so surely the true beneficiary of this will be those attending the next JD & The Straight Shot gig.

Knicks Owner James Dolan Fined for Violating F.T.C. Rules [NYT]

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