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#1
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Lance sues for bonus
From the Dallas Morning News:
Lance sues to get bonus for Tour victory 12:10 AM CDT on Thursday, September 16, 2004 By TERRY MAXON / The Dallas Morning News A Dallas-based insurance company is balking at paying cyclist Lance Armstrong a $5 million bonus for winning the Tour de France, saying it wants to look into allegations that Armstrong used illegal performance-enhancing drugs. SCA Promotions Inc. said it has paid the $5 million into a custodial account until it determines whether "new allegations" made against Armstrong are true. "We're just asking the questions," SCA attorney John Bandy said Wednesday. Armstrong and Tailwind Sports Inc. filed a lawsuit in Dallas County state district court Tuesday seeking to make SCA pay up. As required in its contract with SCA, they asked to send the claim to arbitration, and Bandy said SCA supports that move. Tailwind owns the U.S. Postal Service Pro Cycling Team and has Armstrong as its leading member. In 2001, it promised Armstrong a series of bonuses based on the number of consecutive Tour victories. Before the 2001 Tour de France, Tailwind paid SCA a $420,000 insurance premium to pay the bonuses if Armstrong earned them. SCA paid a $1.5 million bonus in 2002 after Armstrong won his fourth Tour, and another $3 million after he won again in in 2003. But SCA withheld the $5 million bonus Armstrong was to receive after winning a sixth straight Tour this summer. Bandy said SCA learned of allegations in a newly published book, L.A. Confidential: The Secrets of Lance Armstrong, that quoted a former team employee saying Armstrong had used a banned blood booster and asked her to dispose of bags of syringes. "We believe the contract says we have to pay only if the event of a valid claim," Mr. Bandy said. In its suit, the plaintiffs said SCA has asked Armstrong and Tailwind to provide all of Armstrong's medical records and other records. Bandy said SCA will ask the arbitrator to order those records handed over. The plaintiffs said SCA didn't have the right to question his Tour victories, which were upheld by cycling authorities. |
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#2
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Gary wrote in message ...
From the Dallas Morning News: Lance sues to get bonus for Tour victory 12:10 AM CDT on Thursday, September 16, 2004 By TERRY MAXON / The Dallas Morning News A Dallas-based insurance company is balking at paying cyclist Lance Armstrong a $5 million bonus for winning the Tour de France, saying it wants to look into allegations that Armstrong used illegal performance-enhancing drugs. [snip] In other news: Major insurance companies covering structures and businesses in the path of Hurricane Ivan are insisting each claimant submit both a blood and urine specimen to USADA and cleared before any benefits will be paid out. |
#3
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Gary wrote in message ...
From the Dallas Morning News: Lance sues to get bonus for Tour victory 12:10 AM CDT on Thursday, September 16, 2004 By TERRY MAXON / The Dallas Morning News A Dallas-based insurance company is balking at paying cyclist Lance Armstrong a $5 million bonus for winning the Tour de France, saying it wants to look into allegations that Armstrong used illegal performance-enhancing drugs. SCA Promotions Inc. said it has paid the $5 million into a custodial account until it determines whether "new allegations" made against Armstrong are true. "We're just asking the questions," SCA attorney John Bandy said Wednesday. Armstrong and Tailwind Sports Inc. filed a lawsuit in Dallas County state district court Tuesday seeking to make SCA pay up. As required in its contract with SCA, they asked to send the claim to arbitration, and Bandy said SCA supports that move. Tailwind owns the U.S. Postal Service Pro Cycling Team and has Armstrong as its leading member. In 2001, it promised Armstrong a series of bonuses based on the number of consecutive Tour victories. Before the 2001 Tour de France, Tailwind paid SCA a $420,000 insurance premium to pay the bonuses if Armstrong earned them. SCA paid a $1.5 million bonus in 2002 after Armstrong won his fourth Tour, and another $3 million after he won again in in 2003. But SCA withheld the $5 million bonus Armstrong was to receive after winning a sixth straight Tour this summer. Bandy said SCA learned of allegations in a newly published book, L.A. Confidential: The Secrets of Lance Armstrong, that quoted a former team employee saying Armstrong had used a banned blood booster and asked her to dispose of bags of syringes. "We believe the contract says we have to pay only if the event of a valid claim," Mr. Bandy said. In its suit, the plaintiffs said SCA has asked Armstrong and Tailwind to provide all of Armstrong's medical records and other records. Bandy said SCA will ask the arbitrator to order those records handed over. The plaintiffs said SCA didn't have the right to question his Tour victories, which were upheld by cycling authorities. snerk. Sure, he's going to ride the Giro next year... suuuuuuure... |
#4
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"Gary" wrote in message ... From the Dallas Morning News: Lance sues to get bonus for Tour victory 12:10 AM CDT on Thursday, September 16, 2004 By TERRY MAXON / The Dallas Morning News A Dallas-based insurance company is balking at paying cyclist Lance Armstrong a $5 million bonus for winning the Tour de France, saying it wants to look into allegations that Armstrong used illegal performance-enhancing drugs. SCA Promotions Inc. said it has paid the $5 million into a custodial account until it determines whether "new allegations" made against Armstrong are true. "We're just asking the questions," SCA attorney John Bandy said Wednesday. Armstrong and Tailwind Sports Inc. filed a lawsuit in Dallas County state district court Tuesday seeking to make SCA pay up. As required in its contract with SCA, they asked to send the claim to arbitration, and Bandy said SCA supports that move. Tailwind owns the U.S. Postal Service Pro Cycling Team and has Armstrong as its leading member. In 2001, it promised Armstrong a series of bonuses based on the number of consecutive Tour victories. Before the 2001 Tour de France, Tailwind paid SCA a $420,000 insurance premium to pay the bonuses if Armstrong earned them. SCA paid a $1.5 million bonus in 2002 after Armstrong won his fourth Tour, and another $3 million after he won again in in 2003. But SCA withheld the $5 million bonus Armstrong was to receive after winning a sixth straight Tour this summer. Bandy said SCA learned of allegations in a newly published book, L.A. Confidential: The Secrets of Lance Armstrong, that quoted a former team employee saying Armstrong had used a banned blood booster and asked her to dispose of bags of syringes. "We believe the contract says we have to pay only if the event of a valid claim," Mr. Bandy said. In its suit, the plaintiffs said SCA has asked Armstrong and Tailwind to provide all of Armstrong's medical records and other records. Bandy said SCA will ask the arbitrator to order those records handed over. The plaintiffs said SCA didn't have the right to question his Tour victories, which were upheld by cycling authorities. Interesting. According to Walsh and Ballester, one of the major sticking points between Cofidis and Armstrong was that Armstrong refused to provide any of his medical records to Cofidis. I'm curious to see how Armstrong's attorney react to the demand for all medical records. Fun times ahead. |
#5
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A Texas arbitrator. Nothing a coupla signed books can't fix.
Lance will get paid. |
#6
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"crit pro" wrote in message m... A Texas arbitrator. Nothing a coupla signed books can't fix. Lance will get paid. Most likely an arbitrator with the American Arbitration Association. Interesting that after Armstrong allegedly threatens Prentiss Steffen with being tied up in legal knots due to his wealth, Armstrong now faces an insurance company with deep pockets that is not going to pay out $5 million without an interesting discovery process first. The first step will most likely be to ask the court to dismiss Armstrong's action and compel the parties to proceed with arbitration. BTW, arbitration is playing in the insurance company's ballpark. That's why they put arbitration clauses in their policies. Also, there is generally no appeal from an arbitrator's ruling. Also, if the arbitrator finds that Armstrong has been using illegal substances over a period of years, look for the insurance company to seek repayment of the monies they paid out in prior years. It is also unlikely that an arbitrator will see himself bound by res judicata regarding any "decisions" by the UCI and/or WADA. And if there is a finding against Armstrong, look for the matter to be turned over to a DA for possible prosecution for insurance fraud dependent on what evidence is taken at the arbitration hearing. Interesting times ahead. |
#7
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Gary wrote in message ...
From the Dallas Morning News: Lance sues to get bonus for Tour victory 12:10 AM CDT on Thursday, September 16, 2004 By TERRY MAXON / The Dallas Morning News A Dallas-based insurance company is balking at paying cyclist Lance Armstrong a $5 million bonus for winning the Tour de France, saying it wants to look into allegations that Armstrong used illegal performance-enhancing drugs. SCA Promotions Inc. said it has paid the $5 million into a custodial account until it determines whether "new allegations" made against Armstrong are true. "We're just asking the questions," SCA attorney John Bandy said Wednesday. Armstrong and Tailwind Sports Inc. filed a lawsuit in Dallas County state district court Tuesday seeking to make SCA pay up. As required in its contract with SCA, they asked to send the claim to arbitration, and Bandy said SCA supports that move. Tailwind owns the U.S. Postal Service Pro Cycling Team and has Armstrong as its leading member. In 2001, it promised Armstrong a series of bonuses based on the number of consecutive Tour victories. Before the 2001 Tour de France, Tailwind paid SCA a $420,000 insurance premium to pay the bonuses if Armstrong earned them. SCA paid a $1.5 million bonus in 2002 after Armstrong won his fourth Tour, and another $3 million after he won again in in 2003. But SCA withheld the $5 million bonus Armstrong was to receive after winning a sixth straight Tour this summer. Insurance, what a scam! Hehe... I wonder who the actuary was for SCA, who set the premium at only $420,000 I'm sure that Tailwind could have procured similar "Insurance" from English bookmakers, although I doubt that the odds against Armstrong success would have been set so high (i.e. Tailwind would have had to pay a higher "premium") One wonders if Tailwind is insured through the 2005 TdF. Given the way that the payouts have escalated, it could be quite interesting. Since Lance now has to pay alimony, and keep Cheryl Crow in the manner to which she is accustomed, he may still be strongly motivated by the prospect of winning millions more. Bandy said SCA learned of allegations in a newly published book, L.A. Confidential: The Secrets of Lance Armstrong, that quoted a former team employee saying Armstrong had used a banned blood booster and asked her to dispose of bags of syringes. "We believe the contract says we have to pay only if the event of a valid claim," Mr. Bandy said. In its suit, the plaintiffs said SCA has asked Armstrong and Tailwind to provide all of Armstrong's medical records and other records. Bandy said SCA will ask the arbitrator to order those records handed over. The plaintiffs said SCA didn't have the right to question his Tour victories, which were upheld by cycling authorities. |
#8
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In other words:
"Check" Your move Lance! "B. Lafferty" wrote in message link.net... "crit pro" wrote in message m... A Texas arbitrator. Nothing a coupla signed books can't fix. Lance will get paid. Most likely an arbitrator with the American Arbitration Association. Interesting that after Armstrong allegedly threatens Prentiss Steffen with being tied up in legal knots due to his wealth, Armstrong now faces an insurance company with deep pockets that is not going to pay out $5 million without an interesting discovery process first. The first step will most likely be to ask the court to dismiss Armstrong's action and compel the parties to proceed with arbitration. BTW, arbitration is playing in the insurance company's ballpark. That's why they put arbitration clauses in their policies. Also, there is generally no appeal from an arbitrator's ruling. Also, if the arbitrator finds that Armstrong has been using illegal substances over a period of years, look for the insurance company to seek repayment of the monies they paid out in prior years. It is also unlikely that an arbitrator will see himself bound by res judicata regarding any "decisions" by the UCI and/or WADA. And if there is a finding against Armstrong, look for the matter to be turned over to a DA for possible prosecution for insurance fraud dependent on what evidence is taken at the arbitration hearing. Interesting times ahead. |
#9
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Isidor Gunsberg wrote:
Insurance, what a scam! Hehe... I wonder who the actuary was for SCA, who set the premium at only $420,000 I'm sure that Tailwind could have procured similar "Insurance" from English bookmakers, although I doubt that the odds against Armstrong success would have been set so high (i.e. Tailwind would have had to pay a higher "premium") One wonders if Tailwind is insured through the 2005 TdF. Given the way that the payouts have escalated, it could be quite interesting. Since Lance now has to pay alimony, and keep Cheryl Crow in the manner to which she is accustomed, he may still be strongly motivated by the prospect of winning millions more. Hey, Lafferty, what's the difference between this and gambling, anyway? |
#10
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Armstrong and Tailwind Sports Inc. filed a lawsuit in Dallas County state district court Tuesday seeking to make SCA pay up. As required in its contract with SCA, they asked to send the claim to arbitration, and Bandy said SCA supports that move. Contract law is more powerful than anti-doping codes... |
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