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AP Source: Shelly Sterling reviewing Clippers bids

By WTOP Staff

BETH HARRIS
AP Sports Writer

LOS ANGELES (AP) — Shelly Sterling was reviewing bids from five groups interested in buying the Los Angeles Clippers, a person with knowledge of the negotiations told The Associated Press on Wednesday.

The individual, who wasn’t authorized to speak publicly about the deal, said if an agreement to sell is reached before next Tuesday, the league’s owners wouldn’t meet in New York to vote on terminating Donald Sterling’s ownership.

The individual wouldn’t specify the interested buyers, but described them as major players with considerable financial means. The person told the AP the sale price “appears to be increasing to an unbelievable number,” and that it could soar past $1.5 to $2 billion, and possibly more.

Another person familiar with the negotiations said Shelly Sterling’s attorneys, bankers and others involved in the process were in a locked room reviewing the bids, which were due by 2 p.m. PDT Wednesday. The individual wasn’t authorized to publicly discuss the sensitive and competitive negotiations.

Donald Sterling’s attorney, Bobby Samini, said there would be no sale of the team without Donald Sterling’s involvement, though he declined to say whether Sterling was involved in reviewing bids or in touch with Shelly Sterling.

“Mr. Sterling is an owner of the team, and there will be no sale of the team without his involvement,” Samini said.

But a May 22 letter obtained by The Associated Press and written by another one of Sterling’s attorneys says that “Donald T. Sterling authorizes Rochelle Sterling to negotiate with the National Basketball Association regarding all issues in connection with a sale of the Los Angeles Clippers team.” It includes the line “read and approved” and Donald Sterling’s signature.

NBA spokesman Mike Bass said the league’s advisory/finance committee met Wednesday by phone to discuss the separate responses from Donald and Shelly Sterling to the NBA on its efforts to terminate the Sterlings’ ownership of the Clippers.

The first individual told the AP that the league’s owners know a sale couldn’t be completed by next Tuesday. But if an agreement was in place, the NBA would give the Sterlings extra time before holding any meetings.

The individual said the league hopes a voluntary sale would remove the potential of legal action being taken by the Sterlings.

The person told the AP that at this point, with Donald Sterling saying he plans to fight the matter in court, the NBA intends to go forward with the meeting in New York on June 3.

A forced sale would require approval by three-fourths of the league’s 30 owners. NBA Commissioner Adam Silver has said he is confident he would get the necessary votes.

On Tuesday, Donald Sterling issued a fiery response to the league’s attempt to oust him. The league charged that he had damaged it and its merchandising partners with his racist comments about blacks in a recording released last month.

He argued that there is no basis for stripping him of his team because his statements were illegally recorded “during an inflamed lovers’ quarrel in which he was clearly distraught.”

According to the response, a copy of which was obtained by the AP, Sterling says girlfriend V. Stiviano recorded him without his knowledge, which is illegal under California law. He also said he could not have “willfully” damaged the league because he did not know it would be made public.

“We do not believe a court in the United States of America will enforce the draconian penalties imposed on Mr. Sterling in these circumstances, and indeed, we believe that preservation of Mr. Sterling’s constitutional rights requires that these sham proceedings be terminated in Mr. Sterling’s favor,” the response said.

Donald Sterling was banned for life and fined $2.5 million by Silver after the recording was made public.

It is possible Shelly Sterling could complete an expedited sale of the team despite her husband’s legal wranglings, according to Daniel Lazaroff, director of the Sports Law Institute at Loyola Law School in Los Angeles.

“She would have to be willing to go through with a sale that gave her absolutely no retained ownership interest in order to satisfy the league,” said Lazaroff, a law professor at the school. “If she did that, I don’t think the league would stand in her way. If she wants to retain any portion of ownership it wouldn’t work.”

Even if Shelly Sterling accepts an offer, the league has the right to approve potential owners, a lengthy process that would almost certainly not be completed by next Tuesday.

“The best case scenario is she finds a suitable buyer,” Lazaroff said. “That would work for the league and from a financial standpoint that would work for the Sterlings. If the sale price is satisfactory, the smart thing might be to just get out. He’s a businessman who understands buy low and sell high.”

Donald Sterling purchased the Clippers for $12 million in 1981, making him the league’s longest-tenured owner.

He argued in his response to the league’s charges that he can’t get a fair hearing next week because the other owners have already made up their minds to oust him.

Lazaroff noted that Sterling signed the NBA’s constitution when he joined the league, and its bylaws spell out specific procedures for terminating ownership. He said as long as the league follows its own rules it should be on solid legal ground.

“I could see a happy ending to this,” Lazaroff said, “but it will depend on both of the Sterlings being out of the picture.”

___

Associated Press Writer Tami Abdollah contributed to this report.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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