At Good Finance, we are like you. We listen to the radio, we watch television, and lately we have heard a lot about Bernard Tapie. And surely like you, we did not understand much about the astronomical sums we were talking about. So we looked at it, and that’s what we can tell you …
What was History already?
In the years 1992, the band Tapie sells Adidas, which is at the worst. The group lurks does not have the necessary capital to straighten out Adidas and thus gives the company to two subsidiaries of the group Good Credit, for a sum corresponding to the value of Adidas of the time.
But a decade later, Adidas has been properly straightened and is becoming a very expensive company. Bernard Tapie is estimated to have been cheated on the value of Adidas at the time of the sale and claims between 516 million and 1.174 billion euros.
And justice, what does it say?
A first trial will prove him right in 2005 but it is broken by the court of cassation in 2006. In 2008, a private arbitral tribunal grants him 405 million euros, but this sentence is canceled at the beginning of 2015 because it is tainted a hint of fraud.
After a last resort, Bernard Tapie was sentenced Thursday, December 3 to repay “the sum of 404 623 082,54 €” obtained in 2008 to put an end to its dispute with Good Credit on the resale of Adidas in 1994, announced Thursday the Paris Court of Appeal.
But Bernard Tapie has more than one trick in his bag! The businessman initiated a procedure to “safeguard” his assets a few days before his conviction. He told the newspaper Le Monde: “This is not a way to escape or organize my insolvency,” It’s even the opposite, since the court knows all of my assets. I put everything on the table. That is true. But he simply forgot to mention that this procedure would considerably slow down the work of the bailiffs and could delay the seizure of … several years.
At Good Finance, we bet that the saga is not over. And now that we are all up to date in the series, we will only have to prepare the popcorn to follow the next episodes!