let the claw-backs begin...
If victims of Shapiro's fraud get their way, according to the Miami Herald, the players will be legally compelled to play it all back:
Seventy-two former or current UM football players who are alleged to have received cash, gifts, meals or other benefits from convicted Ponzi schemer Nevin Shapiro soon will receive a subpoena from a bankruptcy trustee seeking to recoup anything they received of real value, one of the lawyers said Monday.
Attorney Gary Freedman, who represents bankruptcy trustee Joel Tabas, warned Monday there would be consequences for players who do not cooperate.
"They can't ignore it — it's a subpoena issued by a bankruptcy court," Freedman said. "If they ignore it, we will seek an order from the court to compel them to respond. If they don't respond, they will face a contempt order."
Each of the 72 players in question will receive a cover letter from Freedman explaining the situation, as well as a subpoena asking them to document any gifts or benefits they received and an affidavit. The bankruptcy trustee can also request players to appear in depositions and can file lawsuits against them if they fail to cooperate, and a bankruptcy judge can impose monetary sanctions or have them taken into custody. "If an athlete gives misinformation," Freedman said, "it would be considered perjury."
Posted: Tue Aug 30, 2011 11:53 am