0 chill
Magic Johnson Buys EquiTrust Life Insurance
- Thread starter Big Boss
- Start date
0 chill
more black people need to buy life insurance. It's a tax free asset to give to your kids. It gives them a head start
Can't pass it so he bought it
Gonna give me a policy now
Gonna give me a policy now
For real. I came in here confused as fukk wondering how the fukk he passed medical clearance to receive life insurance?
Perfectson
Banned
Perfectson
Banned
R.E.N. Spells Ren
Veteran
No details released, yet the coli business tyc00ns still kicking "knowledge"
AtlienInTheGoodieMob
Superstar
Aye bruh take shyt you seen on Empire with a grain of salt
No details released, yet the coli business tyc00ns still kicking "knowledge"
First Magic has surrounded himself with friends who have no experience in the industry let alone million/billion dollar deals.
Secondly Guggenheim raped him on the earn out rate.
To put it plainly they have access to lower rates bc they are a fukking bank. Magics probably getting 4-5%. If they increase revenue for the next 5 years they have to pay a percentage of those profits to Guggenheim. So for about 2 years of rev increase is due to Guggenheim low rates which they'll play to them after the fact. Then once magics rates kick in net income will drastically decrease due to their debt obligations. On top of that magic is paying Guggenheim a fee to still run the business. The first thing u do in a buyout is cut un needed management not add to it.
So now Guggenheim gets a percentage of the profits, a management fee and bonus fee.
Stuff not on the books when they had less debt obligation when they owned it.To put it into context its like u Bn a race car driver and u get ur gas cheap. Someone buys ur car tells u to take care of it and they'll pay for that, if u win races at the same rate they'll pay u for that, and if u more races u get a bonus too. This is while they gas cost way more than u were paying in gas. Plus what's the point of winning more races when u going to get paid anyway
and u already cashed on the car as well so ur not likely to take as much care of it.The only way to come out of this with his head above water is cleaning house holding on and have someone save him in 3 years
R.E.N. Spells Ren
Veteran
First Magic has surrounded himself with friends who have no experience in the industry let alone million/billion dollar deals.
Secondly Guggenheim raped him on the earn out rate.
To put it plainly they have access to lower rates bc they are a fukking bank. Magics probably getting 4-5%. If they increase revenue for the next 5 years they have to pay a percentage of those profits to Guggenheim. So for about 2 years of rev increase is due to Guggenheim low rates which they'll play to them after the fact. Then once magics rates kick in net income will drastically decrease due to their debt obligations. On top of that magic is paying Guggenheim a fee to still run the business. The first thing u do in a buyout is cut un needed management not add to it.
So now Guggenheim gets a percentage of the profits, a management fee and bonus fee.
To put it into context its like u Bn a race car driver and u get ur gas cheap. Someone buys ur car tells u to take care of it and they'll pay for that, if u win races at the same rate they'll pay u for that, and if u more races u get a bonus too. This is while they gas cost way more than u were paying in gas. Plus what's the point of winning more races when u going to get paid anyway
The only way to come out of this with his head above water is cleaning house holding on and have someone save him in 3 years
Coli tyc00ns
Damn right. Also over the last century man life insurance companies have been sued due to over charging blacks more than whites for life insurance.
@bigboss
This is cool to see with magic. Remember for years he tried to buy more than the 5% of the Lakers franchise that Buss gave him. But Buss would never sell him a portion of the franchise.
Magic also tried to buy the supersonics before the Oklahoma group bought the team. He also tried to buy Ebony and Jet Magazine but Linda Johnson-rice did not want to sell the company. He tried to buy the clippers but we saw how that turned out when Microsoft dude paid twice the going rate for the team.
Then a few years ago magic started to liquify his investments looking to purchase the Pistons as well but ownership would not sell it to him and his investors.
People like to talk about MJ owning the bobcats but forget if it wasn't for Bob Johnson a black man who sold the team to him at a discount he would have never had an NBA team. Folks forget how many times MJ tried to buy teams that were supposedly for sale and when MJ became interested and had an investment group the team was suddenly not for sale any more.
This is cool to see with magic. Remember for years he tried to buy more than the 5% of the Lakers franchise that Buss gave him. But Buss would never sell him a portion of the franchise.
Magic also tried to buy the supersonics before the Oklahoma group bought the team. He also tried to buy Ebony and Jet Magazine but Linda Johnson-rice did not want to sell the company. He tried to buy the clippers but we saw how that turned out when Microsoft dude paid twice the going rate for the team.
Then a few years ago magic started to liquify his investments looking to purchase the Pistons as well but ownership would not sell it to him and his investors.
People like to talk about MJ owning the bobcats but forget if it wasn't for Bob Johnson a black man who sold the team to him at a discount he would have never had an NBA team. Folks forget how many times MJ tried to buy teams that were supposedly for sale and when MJ became interested and had an investment group the team was suddenly not for sale any more.
