“Evidence is also mounting that the assets of the estate will be only a fraction of the amount needed to satisfy the anticipated claims against the estate"

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Not a huge shock here, but it looks like Stanford Financial has few assets to pay off investors or "Eagles for St. Jude."

Speaking of that program, it appears that primary sponsor Stanford has been erased from the program website already, even though it had been announced at one time. At least, I can't find their logo anywhere. Not counting Vijay's shirt (left).

"IMG is so deeply involved with Stanford that it has a one-man office in Memphis to assist with the local Tour stop."

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Alex Miceli shares all sorts of fun tidbits about the Stanford situation, the PGA Tour and IMG. First, regarding the state of the Memphis stop:

The Tour could attempt to find another sponsor or draw upon its sizable financial reserves – about $200 million, sources said – to underwrite the event on its own.

There is a precedent for such intervention: In 2000, the first year of the Tampa Bay Classic, the Tour contributed a part of the $2.4 million purse.

It was unclear whether the Tour or the event has received any monies from Stanford for the 2009 sponsorship. Finchem would not discuss payment details, but sources familiar with sponsorship deals say such agreements typically are handled in one of two ways: a large, usually 50 percent payment up front, and the balance paid before the event week – or nearly a complete payment just weeks before the event.

“Payment schedules are a function of a lot of different things with companies,” Finchem said. “A lot of companies account differently; they want to pay differently. There is no rhyme or reason to it.”

And on IMG:

The firm manages the Stanford St. Jude Championship; and sponsorship contracts to IMG clients Villegas, Pressel and Singh. Stanford also is affiliated with IMG’s prized client, Tiger Woods, with a three-year founding sponsorship of AT&T National, a Tiger Woods Foundation event.

IMG is so deeply involved with Stanford that it has a one-man office in Memphis to assist with the local Tour stop.

"Since 1974, Ms Wade has benefited from financial advice from her management company, International Management Group"

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A reader took exception to IMG's Mark Steinberg and insistence that IMG does not provide financial advice to its clients and therefore, could not have been intertwined with Stanford Financial, as the New York Post is claiming. I'm really not sure how the reader drew this conclusion because...wait, what was it that tennis great Virginia Wade said in a 2005 Telegraph story?

Since 1974, Ms Wade has benefited from financial advice from her management company, International Management Group "We are in touch regularly, maybe once a month. If you are interfering all the time it gets hard for them."

Hilariously, the article details how she owned a building with the late Mark McCormack, invested in a Cleveland based insurance company where IMG hapens to be located, and well, there's that quote. 

"IMG does not give investment advice to our clients...period."

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Thanks to reader Andrew for this Darren Rovell story quoting Mark Steinberg on IMG's relationship with the troubled Stanford Financial.

"The suggestion conveniently made by "unnamed sources" about IMG's business affairs involving our clients in today's New York Post is complete fiction, designed to benefit the people making the claims, and is completely irresponsible.

"IMG's 50-year history of success is built upon staunchly protecting the professional interests of our clients. IMG does not give investment advice to our clients...period. Our agreement with Stanford is only to provide consulting services in the area of sponsorships and activation in golf. We do not now, nor have we ever had, a 'quid pro quo' agreement with Stanford or anyone else where IMG would be compensated in exchange for directing our clients to invest with them. We could not have maintained our near half century lead in the industry if we had done anything else. For 'unnamed sources" to imply otherwise is simply reprehensible."

Did IMG Steer Clients To Stanford Financial?

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Thanks to reader Tuco for Peter Lauria and Kaja Whitehouse's New York Post story claiming that IMG directed its clients to Stanford Financial. IMG is vehemently denying...

According to three sources with knowledge of the situation, IMG and Stanford have a quid-pro-quo agreement under which Stanford Financial pays IMG a low- to mid-seven-figure consulting fee in exchange for IMG advising its clients - which include golfers Tiger Woods, Arnold Palmer, David Toms, Sergio Garcia and others - to have their money managed by Stanford.

The backroom bargaining has exposed IMG to charges of double-dealing, and is raising questions about where the firm's allegiances lay: with Stanford Financial or its athlete clients.

"It's certainly a conflict of interest," said one source. "IMG is trading on its athletes' names to make money for themselves and then turning around and telling them to invest money with Stanford."

Stanford Financial Clippings

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Steve Elling labels the Stanford Financial charges a disaster and Bob Harig manages to wrangle a quote out of the LPGA spokesman who says they are monitoring the situation.

Geoff Caulkins talks to a FedEx briefcase and it sure sounds like the air freight giant is already in talks to rescue the Memphis stop they once sponsored.

Martha Graybow of Reuters says the case raises new questions about the SEC. But I found some of the timing mentioned interesting considering the LPGA just recently signed up (Nov. 19) Stanford for its Tour Championship despite this:

A complaint filed last year against Stanford's firm by two former employees contended they were aware of a U.S. Securities and Exchange Commission inquiry into the firm's sales practices while they worked there.

The employees, Mark Tidwell and Charles Rawl, said in their Texas state court lawsuit that they left rather than participate in unlawful business practices. They departed in late 2007.

A Guardian blog post by Andy Bull examines the likelihood of poor due diligence performed by the England and Wales Cricket Board before taking Stanford's sponsorship money. So will questions will be raised about the due dilligence carried out by the PGA and LPGA Tours who are so visibly leaning on Stanford?

More immediately, the Stanford Financial "Eagles for St. Jude" spots should prove to be uncomfortable for the Golf Channel anchor who has to note the program. As should future airings of these ads:



"She seems to have the rhythm back in her swing."

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Ron Sirak finds plenty of positives in Michelle Wie's near-win at Turtle Bay, and at least to this television viewer, I would agree that this was the most noticeable improvement in her game:

She seems to have the rhythm back in her swing. That wonderful "Big Wiesy" tempo some think was lost because she was trying to hit it too hard to keep up with the men is back now that she is concentrating on the women.

For the first time in a long, long time I was in awe of her swing again.

And for those of you suggesting that too much attention is being paid to Wie at the expense of the other players, I'm sure Angela Stanford has plenty of new fans after the third win in her last seven starts.

Wie Does Not Win; LPGA Still Reinforces Its Price Value

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I'm sure I wasn't the only one who recorded the LPGA event Saturday and watched it, albeit flipping through the same four promos the Golf Channel runs. The Brand Lady, who made a brief appearance during the telecast and talked about the great "price value" her tour delivers, can point to the many fans who otherwise would not be watching. All thanks to Michelle Wie.

Here's the AP story on Angela Stanford's impressive win in the rain and wind at Turtle Bay. Granted, Wie hasn't won since she was 13, but her swing looks great and overall game appears closer to greatness than ever before.

By the way, does anyone else think that the LPGA should end more events on a Saturday to avoid competing with the regular tour? I thought it was nice to see a winner crowned tonight.

LPGA's L.A. Options

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Reader Ha asked what my venue of choice would be for the LPGA in L.A. now that they will be returning. Amazingly, Carolyn Bivens has still not called, but just in case she's reading, I offer my recommendations.

I honestly believe each of these venues could work, assuming an improvements in maintenance and cooperation from their management (in the case of the public courses). Sure, that's a big if since I'm naming some notoriously difficult places to deal with. However, the LPGA has played at a number of private venues and upscale daily fees, with minimal fan interest while the Champions Tour drew well here when they played at Rancho. In other words, the daily fee golfers are your friends, CB. (That's assuming you want fans and volunteers).

13th hole bunker, captured yesterday (click to enlarge)Rustic Canyon - my obvious bias notwithstanding... Pros: parking at nearby Moorpark College, easy freeway access, interesting design with ground game emphasis, would look attractive on TV. Cons: attendance could be an issue in less populated area, though still within short distance of major population base, small clubhouse, management may not appreciate benefits of hosting LPGA.

Santa Anita - Pros: parking at Santa Anita race track next door and at large park nearby, great freeway access, fun/playable design that just needs a little sprucing up to become something truly special, solid population base nearby likely to be engaged (see Rose Parade), easy spectator walk; Cons: would not be visually dramatic on television, small clubhouse).Santa Anita's 14th hole. Wild fairway contours would create challenge for the world's best female golfers. (Click to enlarge)

Griffith Park (composite course of Harding/Wilson) Pros: plenty of parking at LA Zoo with great freeway access; Cons: designs rundown, maintenance needs major work, clubhouse run down, horrible range, dealing with city of LA...okay it's a total mess but I can dream can't I?

Rancho Park Pros: only existing course on the planet to have hosted LPGA, PGA and Champions, quirky design great for spectating, unique location in city center; Cons: conditioning, traffic, lack of tent space, horrible range, dealing with city of LA.

Wilshire CC Pros: excellent venue that has hosted LA Opens and Champions Tour and will be unveiling new Kyle Phillips restoration/renovation of bunkers in 2010, newly renovated clubhouse, great location in city center and near heart of primary Korean population base; Cons: does membership want the hassle? Parking and traffic a pain.