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Archive for Friday, December 30, 2011

Chiefs quarterback Kyle Orton sues former Chicago lawyers alleging bad investment advice

December 30, 2011

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— Attorneys for Kansas City Chiefs quarterback Kyle Orton have filed a lawsuit claiming bad advice from his former lawyers cost him and and others millions of dollars related to energy investments.

The 14-page lawsuit filed in Cook County Circuit Court this week names the Chicago-based law firm Chuhak & Tecson as a defendant. A message seeking comment from the firm on Friday wasn't immediately returned.

Orton, a former Chicago Bears quarterback, joined the Chiefs earlier this season after more than two seasons in Denver.

Comments

hyperinflate 2 years, 7 months ago

How about a suit against Tim Tebow for ruining a perfectly good Broncos team? Now that God is on their side they seem to get blown out by about 30 points per game when they lose.

Hoping the Chiefs can end his whiny, miserable little career. It would renew my faith in them.

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parrothead8 2 years, 7 months ago

I'm not a fan of Tebow at all...but you're not making any sense. The Broncos were 1-4 when he became the starting QB and they've gone 7-3 since then.

And whiny? When have you ever heard Tim Tebow whining about something?

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hyperinflate 2 years, 7 months ago

That's the whole of the problem here. They got a good, solid coach who was in the beginnings of rebuilding his team. But because Fox and Pat Bolen fell in love with Tebow they looked for any reason possible to bench Orton, who is a fine quarterback in my estimation. So yes, their record improved dramatically, but it was done on smoke/mirrors and fluff. It isn't sustainable. Defenses have already figured out Tebow's moves. Yet because of this inexplicable fascination with this terrible quarterback the Broncos will likely make a fatal move to stick with Tebow next year, when he will be terribly ineffectual against every team in the league. He can't throw worth a good g*dmn, has absolutely no eyes of the entire field, and outside of running can't engineer an audible offense to save his life.

As to whining, there are lots of faint echoes of locker room stories about him being a massive prima-donna. But, for what it's worth, there are lots of faint echoes about him being a child-toucher also. Just a matter of time to see which ones shake out.

Anyhow, let's hope the Chiefs end this sick little experiment by a Broncos organization that should know better.

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Jeremiah Jefferson 2 years, 7 months ago

Hey dude, dont get mad because its been since 1994 that Chiefs last won a playoff game. Atleast people know who Tebow is. If it wasn't for Kyle Orton no one would know who the Chiefs quarterback was or is. You go look at the first year stats of Peyton Manning, Elway, Montana, Aikman, Bradshaw and a long list of Hall of Fame quarterbacks. They all sucked alot worse in their first years than Tebow is sucking now. Tebow is never going to be an Elway or Montana. But the Broncos are winning and playing better with him that Orton and that counts for alot when millions of dollars are on the line. Its moronic haters like yourself and all the Tebow loving fanatics that are feeding the media on Tebow, his style and his religious faith. Personally I like the guy. He plays hard and I would much rather have someone like himself playing and sharing his faith than the other 75% of hood rats that make up the remaining players in the NFL who are mixed up in drugs, guns, prostitution and every other crime a guy could think of including dog fighting. Tebow has played what 8-9 games. Thats hardly enough to say he is good or he is not. I'd bet my paycheck that if it had been Tebow going to the Chiefs instead of Orton all the Chiefs fans would be in love with him. You along with all the other disgruntled Chiefs fans have a right to be mad, its understandable. You can't keep a coach for longer than 2 years, same with a QB, same with a RB. You have never had a good reciever. The Chiefs have a nasty habbit of trading away their best players with in just a year ot two of getting them. Thats how you build chemistry there bwahahaaaaa. How many times have the Chiefs clinched homefield advantage with a bye in the playoffs only to get systematically dismantled by a team they should have beat? That and even after spending a couple million to save the toilet bowl Camarohead Stadium you guys still can't fill the stadium on Sundays and the attendance gets worse year after year. So instead of focusing your anger on a team and a player that is having a better year than expected, why don't you worry about how bad your team sucks. I bet Lamar Hunt is rolling in his grave year after year lol. God I love it when Chiefs fans run their mouths.

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parrothead8 2 years, 7 months ago

I agree that he's not a good QB, but he's a good leader and what they've done with him has worked for over half a season. If "faint echoes of locker room stories" is the best you can do, then your bias is getting in the way of reality. For what it's worth, I would suggest those faint echoes exist only in your head. Everything I've heard him say on TV or radio, and everything I've heard or read his teammates say, suggest completely the opposite of your "prima donna" claim. I'm going to believe his teammates over the faint echoes in your head.

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newmedia 2 years, 7 months ago

Was it "green" energy investments? Just asking....

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irvan moore 2 years, 7 months ago

i wonder if they told him to bet on the chiefs against oakland last week

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DillonBarnes 2 years, 7 months ago

This is no joke, I'm currently in litigation with my parents.

I obviously can't get into too many details, but let's say it involves a certain resident of the north pole, and certain "questions" as to his existence or not.

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Ron Holzwarth 2 years, 7 months ago

Your parents are going to claim you were a bad boy this last year, and that's why he didn't show up.

That's all there is to it.

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riverdrifter 2 years, 7 months ago

Not the first time this outfit has preyed on NFL ballers, methinks. A friend of mine who played for the Raiders two decades ago got scammed by a guy named Tecson in ~1993.

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sunny 2 years, 7 months ago

Can the American People sue the Government for bad Energy Investments???????????????

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Ron Holzwarth 2 years, 7 months ago

Some people will simply never learn, or are too stubborn to admit that there are some things that are beyond their knowledge base. Hubris is a term that certainly applies here. Sure, some people are good on a football field, so therefore they think they are good at everything. That is simply not the case, and that's why Ponzi schemes abound, along with many other fraudulent, dishonest, or very risky investment opportunities. They are everywhere!

And boy, do I ever know a few things about that, having been an employee of a few quite fraudulent, but within the letter of the law, companies. From the inside, you learn a lot!

You should never trust anyone's investment advice if you don't understand why they are making their recommendations, and you should never allow anyone that is handling your money to break these two fundamental rules of investing:

1) Never invest more than 5% of your portfolio in any single investment vehicle.

2) Never invest in any investment vehicle you do not thoroughly understand.

If rule #1 had been followed, the most that could have been lost is 5% of the portfolio.

The information you need in order to make wise decisions is readily available in many places. If you cannot read or understand those concepts, you need someone to help you.

Lawyers are the very last people you need to help you learn to read or to understand those concepts, because they will almost always have a vested interest in the choices they recommend .

And if you don't understand what a vested interest is, you REALLY need help before making any investment decision, or for any advice that concerns your money.

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Ron Holzwarth 2 years, 7 months ago

You should always keep in mind that a lawyer might be trained only in applying the law, and not know anything about accounting, economics, or any kind of investing.

None of those subjects are covered at all in the three years of law school.

If you are going to ask a lawyer, or anyone else for that matter, for investment advice the very first question you should ask is: "What do you know about Adam Smith?"

But, that certainly does not mean that there are no lawyers that are good at investing. Many are very good, but a novice at investing should always educate himself before trusting anyone to make investment decisions for him.

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Ron Holzwarth 2 years, 7 months ago

Damn, I should have been an accountant. I think I might have been good at it.

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Ron Holzwarth 2 years, 7 months ago

I watched a family go through $3 million and end up $750,000 in debt. On a few occasions I gave them excellent advice, but did they listen to me?

No, because they think I am stupid.

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Ron Holzwarth 2 years, 7 months ago

Self auditing:

How did I arrive at the figure $3 million? I used "creative accounting", which is much more common than most people seem to realize.

1) Earned income: over $2 million.

2) Inheritance: $97,000.

3) Early withdrawal from 401K: Unknown, but large.

4) Failure to pay the IRS tax penalty for 401K early withdrawal: approximately $70,000.

5) Theft from someone's estate: Over $300,000.

6) Theft of items from me personally. Replacement value: approximately $30,000.

7) Unpaid debts to creditors: Approximately $750,000.

Total: Well over $3 million.

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Ron Holzwarth 2 years, 7 months ago

Here's a really good one!

But, it's only at the status of a rumor in the particular case I'm thinking of, and I certainly wouldn't want to name any names. Someone in a position to know got a little drunk one time, and assured me it was true. I could hardly believe it! Unfortunately, in the electronic age this little trick won't work anymore.

This is an excellent example of why everyone should go over their investments very carefully on occasion, and also why it is an extremely good idea to also hire a professional auditor to also go over their accounts regularly if they are of any substantial size.

Again, I was only told about it by someone that was a bit tipsy, so I certainly do not know that it actually happened in this particular case with any certainty. But I'm sure it has been done many times by others.

The accountant was using an adding machine that produced a piece of paper for the output.

Before the auditor arrived, the accountant keyed in $2,000,000, pulled the lever, and then tore off the piece of paper and threw it away.

When the auditor arrived, the two of them very carefully went over every single item on the list, exactly in accordance with G.A.A.P.

The auditor very carefully looked at every cost and amount of compensation for every employee to arrive at a net profit or loss, and he also watched the accountant key in every number.

When they were done, the accountant tore off the piece of paper from the adding machine, and handed it to the auditor. The auditor looked over all the numbers very carefully, and yes, they had all been keyed in correctly, and there was the total right there. And everyone knows adding machines never lie.

Satisfied, the auditor left.

And someone got away with $2,000,000.

Again, that was only a rumor that it happened in this particular case. But considering how naive some people are, I'm sure that particular trick was done many times when adding machines that produced a piece of paper were still being used.

It's amazing, but no one ever calls me and asks me what I think of an investment they are considering. I suppose it's because I'm so stupid.

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Linda Endicott 2 years, 7 months ago

Does this mean I can sue the state for bad investments with my KPERS money? And I didn't even get a say in whether or where the money was invested...

No? Didn't think so...sigh...

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