Summary of “Eight Questions About the Sale of the Houston Rockets”

On Monday, Houston Rockets CEO Tad Brown announced that the franchise is for sale.
The short answer is this: Leslie Alexander bought the Rockets for $85 million in 1993.
Evan Freaking Fournier! Per Forbes, the value of the Rockets today is estimated to be at least $1.65 billion.
What Will the Market for the Rockets Be?Uggetti: The NBA’s popularity, and franchise values, will likely continue to skyrocket as teams begin to put ads on jerseys and TV deals come in and grow.
How Long Does It Take to Sell a Team?O’Shaughnessy: Brown says the timeline for the sale to happen is “Sooner than later,”, so let’s see how quickly recent teams have sold.
He paid Harden, and dealt for Paul, who will make $24 million this season, but will become an unrestricted free agent again in summer 2018.Will Owner X want to hand a long-term contract to an aging point guard? If Paul can bring LeBron James to Houston that answer will be a resounding “Yes.” But if LeBron goes to L.A., why wouldn’t Paul join him there, too? Depending on who decides to fork over the money for the team, the Rockets may go from offseason winners and potential Warriors beaters to a mediocre team.
PLEASE BEYONCÉ PLEASE DO THIS AND PUT IT IN BLUE’S NAME.The Richest Man in Houston TheoryAccording to this very helpful list of 12 Houston billionaires, Richard Kinder, a “Pipeline magnate,” is the wealthiest person in the city.
The good news: The picture is of Kinder at a Rockets game.

The orginal article.

Summary of “Lee Bailey on O.J. Simpson’s Parole & Being Disbarred”

Lee Bailey is forever ready to share brutal opinions on the lawyers who have crossed him over the years.
Bailey hasn’t heard from Simpson since the conviction; he says he was told that Simpson was warned by prison officials to steer clear of Bailey if he wanted to get on the good side of the parole board.
I enjoy being F. Lee Bailey,” Bailey wrote in his 1971 best-seller, The Defense Never Rests, the first of his 20-some books.
Bailey successfully argued that prejudicial media coverage of Sheppard’s 1954 trial had tainted the jury and created, in the court’s opinion, a “carnival atmosphere”-ironic given that Bailey, in order to sway public opinion so that Sheppard would be allowed a polygraph test, went on The Mike Douglas Show and strapped comedian Dody Goodman into one of the machines.
In 1970 a Massachusetts judge censured him for carping about a guilty verdict on The Tonight Show, remarking that Bailey had “Self-esteem of such proportions as to challenge description.” Then, in 1973, Bailey was indicted and charged along with a huckster client, Glenn Turner, for helping run an Orlando-based pyramid scheme.
Bailey had befriended Shapiro while co-defending an accused cocaine smuggler in Hawaii in 1977, and they bonded so strongly that in 1980, when Shapiro’s first child, Brent, was born, he named Bailey godfather.
Two years later Duboc fired Bailey, and the court ordered Bailey to return the stock, the value of which, true to Duboc’s prediction, had skyrocketed from just under $6 million to $26 million.
“At the end of the day, Mr. Bailey, it’s fair to say that you spent $3 million that didn’t belong to you?” Bailey responded, “I spent $3 million that has been adjudged was not mine. At the time I spent it, I had a reasonable belief that it was mine.”

The orginal article.

Summary of “Time to trade Kirk Cousins? Washington Redskins blew it, faces hard truths”

It’s not really a surprise that Washington and Kirk Cousins failed to come to terms on a long-term extension before Monday’s deadline for franchise players.
Team president Bruce Allen released a statement detailing the offer Washington made to keep Cousins in the organization while revealing that Cousins’ representation failed to ever respond to the proposal.
Sure, it’s possible Kirk Cousins could be back in Washington after next season.
Kirk Cousins will become the first NFL quarterback to play under the franchise tag for a second consecutive season, earning $23.9 million, after he failed to come to a deal with Washington before a Monday deadline.
Allen suggests Washington made a generous offer on May 2 that would have given Cousins a record $53 million in full guarantees at the time of signing and $72 million in guarantees for injury.
With that in mind, does it make sense for Washington to try to be proactive about its future and trade Cousins now? And, as is the case with the Oklahoma City Thunder trading for Paul George a year before his own free agency, is there a team out there bold enough to trade for Cousins in the hopes of retaining him next year?
Teams like the Browns and 49ers could acquire Cousins in free agency next offseason, but they could also try to trade for Cousins now and convince the former Michigan State star that his future lies in their city.
If you’re San Francisco, do you offer your 2018 second-round pick and Brian Hoyer to Washington? Would Cleveland be willing to give up Houston’s first-round pick and Brock Osweiler to try to steer Cousins away? And would Washington be willing to take a guaranteed pick and a veteran quarterback to try to move on from the Cousins era with something to show for its efforts? Neither of those options seems particularly appealing, but after a bizarre day, Washington doesn’t appear to have an appealing long-term future at quarterback, either.

The orginal article.

Summary of “The Five Best NBA Offseasons So Far”

Don’t underestimate Chinese center Zhou Qi as a rookie contributor; while leading his team to a CBA championship, Zhou won Defensive Player of the Year, extended his shooting range, and improved his body.
The trade freed up $11.3 million in guaranteed salary.
Plumlee might have one extra year on his deal, but a $12.5 million salary is a lot easier to move in any potential trade than Howard’s $23.8 million deal.
Their veterans have a full season of experience together, and the young players like Bell, McCaw, and Damian Jones have defined roles on the team, should they earn playing time.
This season, Detroit will pay $10.5 million to Jon Leuer, $7 million to Boban Marjanovic, and $6 million to Ish Smith, and the Pistons still owe $5.3 million for the next three years to a stretched Josh Smith.
Detroit overpaid for Langston Galloway, signing him to three years, $21 million.
The Knicks just signed Tim Hardaway Jr. for four years and $71 million.
It’s been almost two weeks since the Pacers shocked the basketball world by trading Paul George for Victor Oladipo, who has four years and $84 million left on his contract, and Domantas Sabonis, a good-not-great young big.

The orginal article.

Summary of “A Trader So Secret They’re Only Known by a Number Just Made Over $200 Million in One Month”

An unknown cryptocurrency trader turned $55 million of paper wealth into $283 million in just over a month.
The value of ether, for example, rose from about $8 a unit at the start of the year to crest at $400 in June before settling around $250 today.
Ether, the second-most-popular cryptocurrency after bitcoin, is used to pay for applications or programs that run on the Ethereum blockchain, a secured list of transactions that can be shared.
The current value of all the ether held, $23 billion, means dozens of electronic wallets have accrued nine-figure positions.
That’s a stake worth at least $90 million, given a net worth calculated at $925 million, according to the Bloomberg Billionaires Index.
Lubin, the former chief operating officer for Ethereum Switzerland GmbH, which developed the software, could hold hundreds of millions of dollars worth of ether, several investors said.
Erin said in a Reddit post last month his ether holdings equal what would amount to about $117 million today, according to calculations by Bloomberg.
Like bitcoin, ether is struggling to overcome a reputation sullied by cyberattacks and technology bottlenecks.

The orginal article.

Summary of “Amazon Prime is on pace to become more popular than cable TV”

Within a couple of years, more U.S. households could be subscribers of Amazon Prime than cable or satellite TV, according to recent estimates of Amazon’s popular shipping and entertainment service.
Based on Morningstar’s estimates of the average number of Prime memberships per household, that suggests about 66 million households have Amazon Prime memberships in 2017.
According to these estimates, more U.S. households may have an Amazon Prime subscription than a pay TV subscription in as soon as two years.
How we got there: If the number of Amazon Prime households increases by roughly the same pace it has, on average, for the past four years – almost 12 million per year – the number of Prime households in 2019 would be around 89 million.
Amazon knows that Prime is the core of its retail business: Prime members spend more in a year than non-Prime members do, shop more frequently than others and price-compare less, according to studies.
Correction: A previous version of this post and chart incorrectly displayed estimated Prime memberships as Prime households.
To more accurately estimate Prime households, we divided the number of memberships for the past three years by 1.2 and divided earlier years by 1.1.
We’ve updated the number of estimated U.S. households with Amazon Prime in 2017 to 66 million, instead of our previous figure of 79 million, which reflected memberships.

The orginal article.

Summary of “How Did Johnny Depp Find Himself in a Financial Crisis?”

Late last October, Johnny Depp sat for dinner with two forensic accountants and his business manager of six months, Ed White, in the bucolic backyard of White’s house, in Bel Air, California.
These, Waldman would later charge, included late payment of income tax and disbursing nearly $10 million to “Third parties close to or who worked for Mr. Depp, without Mr. Depp’s knowledge or authorization.” These transgressions and others caused Depp to borrow tens of millions of dollars at high interest rates, with his film residuals as collateral, according to Waldman.
Regarding allegations over disbursements and loans, he says, “Over a 17-year period, TMG did not make a single distribution of Depp’s funds without authorization by Depp and/or his sister and personal manager, [Christi] Dembrowski,” and did not negotiate or dictate the terms of any high-interest loan for Johnny Depp.
Depp is asking for at least $25 million, while his former business managers are demanding $560,000 in damages and a court declaration that states “Depp caused his own financial waste.”
“Money doesn’t change anybody,” Johnny Depp once said.
Since Depp didn’t like reviewing lengthy financial documents, they distilled everything down to a one-page summary, but Depp didn’t want to see that either.
An e-mail arrived with a photograph of Dorchester stationery, on which Depp had written, “i, Johnny Depp, hereby agree to purchase the archives of Saint Nick Tosches for the sum of $1.2 million dollars. Johnny Depp.”.
“The Johnny I worked with so closely, the Johnny I admire, isn’t the Johnny that’s been portrayed,” says Scott Cooper, who directed Depp as the psychopathic mobster Whitey Bulger in Black Mass. “Professionally, he was on time, word-perfect, and polite to all,” says Sir Kenneth Branagh, who acted with and directed him in the upcoming Murder on the Orient Express.

The orginal article.

Summary of “Sean Marks Is Lifting the Nets Out of the Abyss”

Over the weekend, the Nets landed DeMarre Carroll and the Raptors’ first- and second-round picks in 2018 for Justin Hamilton, an NBA rotation player who, if we’re being honest, is probably better known as an unlikely narrative device in Zach Lowe’s column on the NBA’s scoring explosion last season than he is as a Nets big man.
To understand what GM Sean Marks has accomplished in his year and a half with the team, you have to hold your nose and take a dive back into that abyss.
In a short time Marks has constructed an identity for the Nets from a transactional perspective: They might be the pettiest little team in the league.
Since Marks took office, the Nets have signed offer sheets with four different restricted free agents and haven’t landed a single one.
The Nets still have one more year of purgatory left to go - no matter how well or how poorly they play next season, they will forfeit their first-round pick to Boston - so loading up on expensive, ineffective players doesn’t exactly affect what the Nets are hoping to achieve.
“So it’s not like last year when there were a couple dozen teams that could offer big salaries. It’s shrinking as it goes. There’s no secret out there now. Every team knows we’ve got plenty of cash to spend and maneuver around. We’ll just be strategic in how we do it.”
Three years ago, a painfully mediocre Brooklyn Nets team paid nearly $90.6 million in luxury tax, a record-obliterating figure that, despite a windfall in team spending power over the past two seasons, has yet to be matched, let alone topped.
True to their strategy, in proving that there is no such thing as an untradable contract, the Nets are also proving that there is no such thing as an unsavable team.

The orginal article.

Summary of “‘The Mummy,’ ‘The House,’ and ‘Transformers 5’: Hollywood’s Problem Isn’t Sequels, but Bad Movies”

Take a quick glance at the box-office returns for June, and you could draw an easy conclusion: Hollywood has a franchise problem.
Films like Pirates of the Caribbean: Dead Men Tell No Tales, Transformers: The Last Knight, The Mummy, and Cars 3 have all underperformed, each making hundreds of millions less than their immediate forebears.
The refrain is always the same: Who cares if the fifth Transformers is drawing little enthusiasm in the United States when it’s doing well in China? But that defense is becoming more specious, as international audiences are also seemingly growing tired of the endless assembly line of action films, while the biggest box-office story of 2017 is the success of smaller-budgeted original films.
A few weeks ago, sources complained to Deadline about the underperformance of Pirates 5 and Baywatch, both of which were critically drubbed, claiming that “Once upon a time these types of films – a family adventure and a raunchy R-rated comedy – were critic-proof.”
Audiences didn’t avoid these films because they got bad reviews; they avoided them because they were never interested in them in the first place.
The same goes for a fifth Transformers, another Cars movie, or a reboot of The Mummy-the first two were sequels to films that got bad reviews and made less money, signs their respective studios chose to ignore in favor of their overall brand recognition.
Those totals are enough to keep these movies from being true financial catastrophes, but they’re all below expectations and smaller than those of earlier films in their franchises.
Hollywood studios are also partnering with major Chinese studios like Huahua Media and Wanda Film for these roll-outs; as such, their cuts of worldwide box-office numbers are getting smaller.

The orginal article.

Summary of “The NBA’s Salary Cap Is Normalizing. How Will Teams Adjust?”

In 13 years, the cap rose about as much as it did just last summer, when the NBA’s big cap boom rocketed the figure from $70 million in 2015-16 to $94.1 million in 2016-17.
You could say those teams were negligent - and you’d be right - but they operated under the assumption that the cap would keep surging.
If teams do want to splurge in free agency, they’ll need to strategically create cap space, just like they did not too long ago.
As Adrian Wojnarowski said on The Ryen Russillo Show, teams are already trying to figure out how to get Giannis Antetokounmpo out of Milwaukee, and the same can be applied to Anthony Davis, or even John Wall after he hesitated signing an extension this summer with the Wizards.
How Strong Is Your GM’s Investment Portfolio?In the meantime, teams will need to spend smartly and sign contracts that maximize their position, given the cap climate.
Teams that will be under the cap, including the Lakers, Hawks, and Suns, are loading up on cap space, putting themselves in position to pounce on opportunities.
Teams over the cap, such as the Rockets and Celtics, retain similar flexibility, even after their splash acquisitions this summer, with their mixture of assets and movable contracts.
The smartest teams that cleverly manipulate their contracts to best take advantage of the new cap will be rewarded.

The orginal article.