Ex-NBA superstar Scottie Pippen sues Sunrise firm BY PATRICK DANNER [EMAIL PROTECTED]
Former NBA superstar Scottie Pippen has called a foul on executives at Sunrise's Learn.com. Pippen, who became a Learn.com shareholder in 2001 while playing with the Portland Trail Blazers, accuses two company officials of financial shenanigans in a lawsuit filed this month in Broward Circuit Court. Learn.com made a $160,000 loan to a company connected with its president and chief executive, Jim Riley, without disclosing the relationship, Pippen claims in the suit. Shareholders also weren't told about a $305,000 loan made to Chief Operating Officer JW Ray, the suit alleges. In addition, Pippen alleges Riley's company and Ray were allowed to buy Learn.com stock at prices far below ''adequate consideration.'' Pippen filed the suit on behalf of the company and its shareholders. Gerald Richman, Pippen's lawyer, couldn't immediately be reached for comment. Efforts to reach Learn.com officials also were unsuccessful. The privately held Learn.com hosts applications over the Internet to help businesses manage their employee training. Smart Business Broward/Palm Beach reported last year that Learn.com employed 200 people. Pippen, 43, won six NBA championships playing alongside Michael Jordan with the Chicago Bulls in the 1990s. He also won two Olympic gold medals. He was chosen as one of the 50 greatest players in NBA history in 1996, the league's 50th anniversary. He retired from the NBA in 2004. Pippen, who lives in Fort Lauderdale, joined Learn.com as a shareholder and director in December 2001, a company statement said at the time. Within three weeks, the lawsuit says, he acquired 500,000 shares for $1 each. ''Online learning technology will help to change the world in terms of the way we learn,'' Pippen said in the statement. ``Employees and students can now learn on-demand anywhere, anytime. I look forward to participating in this learning evolution and helping to guide the growth and development of Learn.com.'' Miami Herald staff writer Bridget Carey contributed to this report. -- "Usually when people are sad, they don't do anything. They just cry over their condition. But when they get angry, they bring about a change." - Malcolm X, Malcolm X Speaks, 1965 --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Black Focus Inc." group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/Black-Focus-Inc?hl=en -~----------~----~----~----~------~----~------~--~---
