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Entries with the tag: henry samueli

Henry Samueli And His “Nonprofit” Ducks

from Helene Elliott of the LA Times,

Despite the lack of an NBA team and the revenues it would generate, Samueli said he stands behind the Ducks long term. He and his wife paid $75 million for the franchise; it was valued at $192 million by Forbes last November.

"We look at it from a different perspective, Susan and I," he said. "We're not depending on this business to support our family. I have a very successful business in Broadcom, and to us, this is our way of giving back to the community.

"Susan and I are very active in philanthropy, so we already give to lots of nonprofits. So the Ducks are just yet another nonprofit that we give to, I guess."

Samueli said it's too early to determine the financial impact of the NHL's new collective bargaining agreement because last season was shortened to 48 games by the league-imposed lockout. The Ducks became eligible for revenue sharing for the first time, but for only half of a full share.

"It's still more than what we got before. So anything helps," he said. "Clearly it's always a struggle in the Sun Belt markets to make a go of the business, but the new CBA definitely will help."

more

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Is This An Apology?

from Helene Elliott at the Fabulous Forum,

NHL Commissioner Gary Bettman issued an interesting statement today in the wake of the dismissal of the guilty plea made by Ducks owner Henry Samueli in a stock options backdating investigation.

Bettman had suspended Samueli in June 2008 but reinstated him Nov. 12. Samueli’s wife, Susan, had voluntarily stepped aside in support of her husband.

It almost sounds—gasp—like Bettman is admitting he was wrong.

continued

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Ducks Owner Gets Good News In Court

from Rachanee Srisavasdi of the OC Register,

A federal judge this afternoon set aside the guilty plea of Broadcom Corp. co-founder Henry Samueli and dismissed the criminal charges against him….

“I am going to set aside your guilty plea and I am going to dismiss your information against you,” Carney (U.S. District Judge) told Samueli. “I have looked at the plea agreement. I have listened to your testimony and you didn’t make a false material statement.”

Samueli responded: “You have restored my faith in the criminal justice system. ... Thank you your Honor.”

more

added 9:52pm,

ANAHEIM, Calif. – Following today’s ruling in U.S. District Court, Anaheim Ducks Owners Henry and Susan Samueli issued the statement below:

“We are relieved and thankful for Judge Carney’s decision. Though the past two years have been difficult, we remained steadfast in our confidence in the justice system. We want to thank all those who have stood behind us through the entire process, specifically our fans, partners, hockey personnel, and our great staff at H & S Ventures, the Anaheim Ducks and Honda Center.

“Moving forward, we are excited to continue our organizational efforts to better the Orange County community.”

Henry and Susan Samueli purchased the club on June 20, 2005. The Ducks became the first California-based club to win the Stanley Cup (2007) and have qualified for the playoffs in four consecutive seasons. The club has won more playoff games since 2005-06 (34) than any other team in the NHL with the exception of Detroit (43 wins).

 

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Evening Line

I see where the NHL has reinstated Henry Samueli as owner of the Anaheim Ducks after he was suspended indefinitely from any involvement with the team on June 24, 2008. Multiple sources tell me he’s now being measured for a Hockey Hall of Fame blazer.

-Red Fisher of the Montreal Gazette.  More hockey notes from Red via Faceoff.com.

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Samueli Back In The Game

NEW YORK (November 12, 2009)—National Hockey League Commissioner Gary Bettman today reinstated Henry Samueli as owner of the Anaheim Ducks. Samueli had been suspended indefinitely from any involvement with the Ducks and the NHL on June 24, 2008.

  Mrs. Susan Samueli also returned to active status as co-owner of the Ducks. In support of her husband, and to avoid any possible improper appearance, she had abided by the terms of Henry Samueli’s suspension.

  “We welcome Henry and Susan Samueli back as fully reinstated owners and members of the NHL community,” Commissioner Bettman said.

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Pleading Doesn’t Work for Samueli

From Reuters,

A California judge on Monday rejected a proposed plea agreement sentence of probation and a fine for Broadcom Corp co-founder Henry Samueli as too lenient, and postponed the sentencing until later this month.

Samueli, 53, pleaded guilty in June to a charge of making a materially false statement to U.S. Securities and Exchange Commission investigators, following the company’s restatement last year of $2 billion in compensation expenses.

continued…

A story by the Associated Press further states that the judge’s written ruling expressed concern that to allow this deal would erode the public’s trust in the judicial system. 

The original deal had “recommended that Samueli get five years probation and pay at least $12 million in penalties.”  But today’s ruling means that that Samueli—owner of the Anaheim Ducks—may in fact “warrant a significant prison sentence,” according to the Reuters report.

Filed in: NHL Teams, Anaheim Ducks, | KK Hockey | Permalink
  Tags: henry+samueli

Ducks Owner to Be Sentenced Next Month

From NPR:

Broadcom Corp. co-founder Henry Samueli has apologized for lying to the Securities and Exchange Commission during its probe of stock options backdating at the chip maker.

Samueli’s two-page written apology, filed Monday with U.S. District Judge Cormac Carney, stands as the first public comment on the case by the billionaire philanthropist and owner of the NHL’s Anaheim Ducks.

Samueli is scheduled for sentencing on Sept. 8 on a felony count of lying to the regulatory agency.

Prosecutors have recommended that Samueli get five years probation and pay at least $12 million in penalties, but Carney must sign off on the deal.

continued…

*More on Samueli previously on KK.  The Anaheim Ducks owner was also suspended by the NHL back in June.

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Will The Crime Fit The Punishment

from Jim Kelley at Sportsnet,

Prior to Tuesday’s announcement I had a simple question for National Hockey League commissioner Gary Bettman: will he or will he not suspend Anaheim Ducks owner Henry Samueli?

Now the more complex question is: for how long? A second question would be: who else?

I ask – and no, Gary, I didn’t call your office because, frankly, I know I won’t get an answer— what Samueli did would seem to fall under the same code of conduct regulations that ensnared Toronto Maple Leafs player Mark Bell.

continued

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Samueli is Suspended

Commissioner Gary Bettman today announced that Henry Samueli, owner of the Anaheim Ducks, has been suspended indefinitely from any involvement with the Ducks and the National Hockey League.

        On Monday, Mr. Samueli pleaded guilty to one count of making a false statement to the Securities and Exchange Commission. Sentencing by the U.S. Federal District Court is scheduled for August 18. Following sentencing, the League will review Mr. Samueli’s status and will finalize the duration of his suspension as well as any other action that may be deemed appropriate.

        During his suspension, Mr. Samueli may not be involved in Club matters or activities.

Continue Reading »

Filed in: NHL Teams, Anaheim Ducks, | KK Hockey | Permalink
  Tags: gary+bettman, henry+samueli, press+release

Ducks Owner in Hot Water

From the LA Times,

The Securities and Exchange Commission today filed civil fraud complaint against Broadcom Corp. co-founders Henry T. Nicholas and Henry Samueli, owner of the NHL Ducks, in an alleged scheme to systematically backdate stock options.

The complaint, filed in U.S. District Court in Santa Ana, also names former Chief Financial Officer William J. Ruehle and General Counsel David Dull.  None of the current and former officials at the Irvine-based chip maker could be reached for comment immediately.

The complaint comes on the heels of an SEC lawsuit filed against Broadcom on April 22 alleging that Nicholas, Samueli and other senior Broadcom executives “orchestrated and carried out” a long-running scheme to backdate stock options.

continued…

Update 5:15pm ET: A comment from Michael Schulman, CEO of the Anaheim Ducks:

“In terms of the Ducks, nothing is changed there, or in terms of our operation . . . this does not impact the Ducks.”

Filed in: NHL Teams, Anaheim Ducks, | KK Hockey | Permalink
  Tags: henry+samueli

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