Mark Cuban is crazy in a good way. From the NY Times:
"A federal judge dealt a blow to the Securities and Exchange Commission on Friday when he dismissed its insider trading lawsuit against Mark Cuban, the controversial billionaire owner of the National Basketball Association’s Dallas Mavericks.
The S.E.C. asserted in a lawsuit in November that Mr. Cuban had sold shares of a Canadian Internet search company, Mamma.com, after receiving confidential information from its chief executive in a telephone call that the company was going to sell additional shares through a private offering in 2004."
Here's my take on the situation from memory, since it's Friday afternoon and I don't feel like researching it:
- Cuban, a rich and influential private investor and owner of the Dallas Mavs, (and the guy who made $3 billion by figuring out how to turn a $2,000 PC into a $5 radio) owned a ton of stock in Mamma.com, a public company
- Mamma's CEO called Cuban and told him that Mamma was going to sell stock in a dilutive private offering
- Cuban told the CEO not to sell stock, and to go to hell
- Cuban got off the phone and sold his stock
- Mamma did the deal, the stock went down and Cuban's sale was a good one (financially, maybe not legally)