Boots faces third lawsuit
A new lawsuit accuses San Jose investor William "Boots" Del Biaggio III of scamming a New York bank out of a $10 million loan so he could buy an interest in the Nashville Predators hockey team.
The suit by Modern Bank of New York... brings to $17 million the amount Del Biaggio is accused of obtaining by using brokerage accounts that weren't his as collateral for loans.
None of the loans has been repaid, according to the lawsuits.
Boots's wife, Kristin, is named in this suit, although the paper reported last week that the couple have recently separated.
Things aren't well for one of hockey's newest owners.
For the legal minds out there, here's a copy of the Modern Bank suit. If you've got an informed opinion on what's there, by all means, drop me an email.
It was filed late Monday afternoon in California. The bank "notified the Del Biaggios that they were in default" on May 23, but to date has not received a response. "Mr. Del Biaggio's intentional and undoubtedly criminal misconduct also justifies an award of punitive damages," the suit claims.
The loan's outstanding principal and interest, as of May 22, was $10,039,905.55.
A reader over at Tom Benjamin's site seems to have a decent handle on Del Biaggio and offered some damning comments:
The whole hockey nonsense was a real mystery to me. What was Boots Del Biaggio doing investing in a hockey team in Nashville? His friends all thought it was great. I was convinced it was pure unadulterated ego-driven, ponzi-scheme BS. Upon reflection the hockey 'investment' is very consistent with Boots' previous activities. What better than to be a passive investor in a sports franchise 2000 miles away? As such, he is able to maintain his high-profile status as a society VIP and never have to do anything. The only challenge was how to pay for it.I think we have our answer.