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Robert Pera Had A Really Crappy Friday

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Lionel Hollins has had bad days, but probably none in which he's lost $365 million.
Lionel Hollins has had bad days, but probably none in which he's lost $365 million.

ESPN’s Darren Rovell reports that Grizzlies suitor Robert Pera had a bad day yesterday.

Stock prices for Pera’s company, Ubiquiti Networks, fell by 42 percent after announcing that sales were down due to Chinese counterfeiting of the networking hardware they produce. Pera owns 58 million shares of his company, which means his losses on Friday totaled approximately $365 million.

In other words, Pera lost more money than Michael Heisley was asking for for the franchise.

Rovell’s piece cites a source claiming that Pera has “deep-pocketed investors” making commitments to be a part of his ownership team. One hopes that some of those deep-pocketed investors are the local business leaders Pera has been talking to, and that maybe Pera’s weakened financial situation will lead to local ownership having an even bigger stake in whatever group owns the team going forward.

One also hopes that Pera’s bid to buy the team doesn’t fall apart the same way the Christian Laettner/Brian Davis deal did in 2007. This team deserves a vibrant, committed young owner who wants to keep the team in Memphis. I hope those two things aren’t mutually exclusive.