Vlade being sued?
- Thread starter Kingsgurl
- Start date
I would imagine, knowing Vlade, and Alex (who runs Group 7) that it is most likely that the proceeds went precicely where they were supposed to, to help the children. It's a Non-Profit, so I am not surprised they didn't report one
Vlade signed on the line to procur the loan, doesn't mean I expect him to be the one writing the checks to pay it off. He should have Alex do it
Vlade signed on the line to procur the loan, doesn't mean I expect him to be the one writing the checks to pay it off. He should have Alex do it
kingskings! said:
Yup, and no response from Vlade...daaaang, and the press had him when he announced he was bidding on a bottled water company (51%) in Serbia on Monday. Well, I guess that might have been a day too soon.
update
http://www.sacbee.com/content/sports/basketball/kings/story/10702700p-11621203c.html
Divac charity not linked to suit
By Clint Swett and Joe Davidson -- Bee Staff Writers
Published 2:15 am PDT Saturday, September 11, 2004
A charitable foundation co-founded by Vlade Divac has no connection to a lawsuit against the former Kings center over a delinquent $1.4 million loan, Divac and charity officials said Friday.
Divac and representatives of Group 7 Children's Foundation said the loan was a business loan.
The loan came to light last week when Chicago-based CIB Bank sued Divac in Cook County Circuit Court, alleging he had not paid on the $677,080 balance of the loan since last January.
Citing a Chicago Sun-Times story, The Bee reported Wednesday that Group 7 received proceeds from the loan. But Group 7 officials as well as Divac said the charity group had no link to the deal.
"There is absolutely no connection between the Group 7 Children's Foundation and the bank loan which is the subject of this lawsuit," Divac said Friday afternoon in a prepared statement.
"The loan is related to an independent business deal, and we are working with the bank to resolve the dispute. I'm proud to be associated with the Group 7 Children's Foundation. It has provided great material, moral and emotional support to the children of the former Yugoslavia."
Group 7 spokesman Todd Hansen blamed the link between the loan and his group on miscommunication. "It was misunderstood by the (Chicago Sun-Times) reporter about what the suit was about," Hansen said. "The suit had nothing at all to do with Group 7. I certainly know that Vlade's intentions are very good with Group 7."
The Sun-Times published a story Friday reporting Group 7's assertion that it had no connection with the loan.
Founded in 1998 by Divac and six other Serbian basketball players, Group 7 has been the focus of Divac's charitable work in Sacramento for several years. It is one of the main beneficiaries of an annual summer basketball camp he runs with Kings forward Peja Stojakovic.
Group 7 primarily funds medical help for children in the former Yugoslavia but also for American children, Group 7 spokesman George Grkinich said.
Wednesday's article in The Bee noted that 2002 federal tax records for Group 7 obtained from an online database show no income or expenditures.
But Alex Dimitrijevic, Group 7's co-director, said that in 2002 Group 7 funding was administered by another organization, the Central Indiana Community Foundation.
Megan Wiles, president of Legacy Fund, an affiliate of the Central Indiana group, confirmed Friday that Legacy had administered Group 7 funds between 1999 and 2002. She said Legacy disbursed about $75,000 for Group 7 in 2002. In addition, Dimitrijevic said, Group 7 paid out an additional $47,100 to charities from a different account in 2002.
http://www.sacbee.com/content/sports/basketball/kings/story/10702700p-11621203c.html
Divac charity not linked to suit
By Clint Swett and Joe Davidson -- Bee Staff Writers
Published 2:15 am PDT Saturday, September 11, 2004
A charitable foundation co-founded by Vlade Divac has no connection to a lawsuit against the former Kings center over a delinquent $1.4 million loan, Divac and charity officials said Friday.
Divac and representatives of Group 7 Children's Foundation said the loan was a business loan.
The loan came to light last week when Chicago-based CIB Bank sued Divac in Cook County Circuit Court, alleging he had not paid on the $677,080 balance of the loan since last January.
Citing a Chicago Sun-Times story, The Bee reported Wednesday that Group 7 received proceeds from the loan. But Group 7 officials as well as Divac said the charity group had no link to the deal.
"There is absolutely no connection between the Group 7 Children's Foundation and the bank loan which is the subject of this lawsuit," Divac said Friday afternoon in a prepared statement.
"The loan is related to an independent business deal, and we are working with the bank to resolve the dispute. I'm proud to be associated with the Group 7 Children's Foundation. It has provided great material, moral and emotional support to the children of the former Yugoslavia."
Group 7 spokesman Todd Hansen blamed the link between the loan and his group on miscommunication. "It was misunderstood by the (Chicago Sun-Times) reporter about what the suit was about," Hansen said. "The suit had nothing at all to do with Group 7. I certainly know that Vlade's intentions are very good with Group 7."
The Sun-Times published a story Friday reporting Group 7's assertion that it had no connection with the loan.
Founded in 1998 by Divac and six other Serbian basketball players, Group 7 has been the focus of Divac's charitable work in Sacramento for several years. It is one of the main beneficiaries of an annual summer basketball camp he runs with Kings forward Peja Stojakovic.
Group 7 primarily funds medical help for children in the former Yugoslavia but also for American children, Group 7 spokesman George Grkinich said.
Wednesday's article in The Bee noted that 2002 federal tax records for Group 7 obtained from an online database show no income or expenditures.
But Alex Dimitrijevic, Group 7's co-director, said that in 2002 Group 7 funding was administered by another organization, the Central Indiana Community Foundation.
Megan Wiles, president of Legacy Fund, an affiliate of the Central Indiana group, confirmed Friday that Legacy had administered Group 7 funds between 1999 and 2002. She said Legacy disbursed about $75,000 for Group 7 in 2002. In addition, Dimitrijevic said, Group 7 paid out an additional $47,100 to charities from a different account in 2002.
