Please please tell me you guys are following the latest in the Floyd Mayweather- Jona Rechnitz saga. Floyd filed a $175M lawsuit that's been covered everywhere, but the deets of the lawsuit – The Promote dove in this Sunday – are unlike anything I've ever seen. Feels like Rechnitz had a Rasputin-like hold over Floyd, it's crazy. At one point, Floyd says he signed over ownership of his private jet with the buyer's name left blank and "$1.00 & OVC" as consideration. The proceeds, per the suit, went to a "Bugatti-related obligation" and to an LLC allegedly controlled by Rechnitz.
I know Floyd is a rookie in CRE, and athletes get hoodwinked all the time, but man, how did things get so bad?
Trending Content - Real Estate Forum
Career Resources
Do we have our own TMZ now?
I actually enjoy this kind of content as it’s nice to see bad actors fall. There are so many in the space
I mean, Floyd Mayweather doesn't seem like a "bad actor" as much as a naive and egotistical person. As for Jona Reichnitz... he isn't "falling" at all. It seems like he's had an enormous amount of success as a grifter.
The lawsuit is pretty CRE heavy dude; exhibits include the pref structure on one of the portfolios. It obviously has TMZ headline vibes (and it was covered there too obv) but peek under the hood and it's a pretty tragic real estate tale too.
When you try to act educated and play with the big dogs but get burned for being the illiterate lucky punch thrower that you are. Turns out being able to punch people doesn't make you good at other things (like sophisticated business deals that require.... being able to fucking read.)
In the end you get what you fucking deserve.
Dang sounds personal. You okay?
This site is dead because of kids like you.
“Lucky punch thrower” to describe a guy whose professional record is 50-0 w/ 27 KO’s is as “illiterate” as it gets.
I wouldn’t be surprised if Floyd were illiterate or an asshole. But if you knew boxing, you’d know that at least part of the bombastic persona was driven by him becoming his own promoter and needing to gin up excitement for his fights, because the alternative historical norm is that fighters pay exorbitant percentage of their earnings to sleazy industry promoters like Don King.
Floyd is objectively one of the best in the world at an incredibly competitive and wholly meritocratic profession. Naturally gifted, sure. But his work ethic is legendary in boxing circles and his worst critics wouldn’t call him lazy, or “lucky.”
Do I think he’s a nice guy? A bright guy? Probably not. But does that mean he “deserves” to get scammed and lose his hard-earned wealth? No, of course it doesn’t. And if you think it does, wait until someone who doesn’t know you comes up with a boiler plate argument for why you should lose yours.
I agree with the rest of this post but I'm not sure I agree with this. We should hold people accountable to some baseline standards, and if you hand blank checks over to a guy who pled guilty to bribery, then you've made your own bed.
To the extent anyone "deserves" to lose money, it is Floyd Mayweather in this specific instance. He made a choice to trust some random criminal with absurd amounts of money, apparently without doing any diligence at all in either the man or the investments. He's gotten exactly what he deserves. He's not some little old lady, losing her life savings because her financial advisor or mutual fund parked her money with Madoff. He's had hundreds of milllions if not literal billions flow through his hands - we can and should demand a higher standard of him, especially when he's the one choosing who manages his money.
"Lucky punch thrower" to describe the best defensive/counter striker. "Big dogs" to describe a convicted fraud turned prolific snitch.
Get this retard an Op-Ed column
You seem seriously upset about something that may have nothing to do with Mayweather. Hope things turn out ok.
Eos magni qui numquam repellat vel eligendi explicabo. Ut ullam perferendis ut. Inventore unde sed rerum veniam amet dolor rerum qui. Consequatur autem voluptatem quia exercitationem vitae odio fugit. Corporis velit architecto harum deserunt omnis. Atque dolorem possimus minus ipsa sit et. Ea commodi rem sit dolor mollitia et. Maxime exercitationem perspiciatis unde fugit perspiciatis aspernatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...