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The Phoenix Suns – The Early Years

by Peter on December 26, 2009

The Phoenix Suns are a professional basketball team, based in Phoenix, Arizona. They play in the National Basketball Association (NBA). On January 22, 1968, the NBA awarded expansion franchises to an ownership group from Phoenix and one from Milwaukee. The primary investors in the Phoenix franchise at its inception had close ties to Tucson, Arizona’s second largest city.

They were: Richard Bloch, a Southern California investment broker/real estate developer and former Tucson resident (no relation to the Richard Bloch who was the co-founder of tax preparation provider H&R Block). Karl Eller, owner of a major outdoor advertising company and one of the Phoenix area’s most influential business leaders at that time. He was a former football player for The University of Arizona?

Donald Pitt, a Tucson-based attorney? Don Diamond, Tucson-based real estate investor who eventually replaced Eller on the ownership managing team. All four men were alumni of The University of Arizona. According to the history section of the Suns website, other investors in the Suns included prominent entertainers such as Andy Williams and Henry Mancini. According to the Suns website, the original logo was designed by Stanley Fabe, owner of a Tucson printing company, for $200. The new Suns ownership group hired former Chicago Bulls executive Jerry Colangelo to be general manager (he was 28 years of age when he took the position). Colangelo in turn hired Johnny “Red” Kerr (as of this writing a broadcaster with the Bulls) to be the first head coach of the Suns. Kerr was forced to resign midway through the 1969-70 season, and Colangelo himself coached a few games. Cotton Fitzsimmons replaced Colangelo as Suns coach for the 1970-71 season. He took the team to their first winning season, with a final record of 48-34.

Fitzsimmons would return to the head coaching job in the late 1980s; he would go on to be greatly loved by Suns fans, wildly popular (and successful) as a coach, broadcaster and executive with the Suns organization. In the 1970s the Suns experienced mild success, combining the talents of such players as Dick Van Arsdale (The Original Sun), his twin brother Tom Van Arsdale, Hall of Famer Connie Hawkins, Len “Truck” Robinson, Alvan Adams, and center Neal Walk. In 1976, the year the movie Rocky was released, the Suns proved to be a real-life basketball version of Rocky. They finished the season with 42 wins and 40 losses, but shockingly they beat the defending NBA champion Golden State Warriors in the playoffs and went on to play the Boston Celtics in the NBA Finals, giving the Celtics a tough battle before falling in 6 games. Game 5 was a triple-overtime classic that is considered by many to be the greatest game in NBA history, with Suns forward Gar Heard hitting a buzzer beating rainbow jump shot (“The Shot”) to send the contest into the third overtime at Boston Garden.

In the late ’70s and early ’80s, the Suns enjoyed several successful seasons, making the playoffs for 8 seasons in a row. Problems arose however, on and off court, in the mid ’80s. In 1987 the Maricopa County Attorney’s Office indicted 13 people on drug-related charges, three of whom were active Suns players (James Edwards, Jay Humphries and Grant Gondrezick). These indictments were partially based on testimony from star player Walter Davis, who was given immunity. No defendants ever went to trial: two of the players went into a prosecution diversion program, while another received probation. Nevertheless, the scandal, although now perceived in many respects to be a witch hunt, tarnished the reputation of the franchise both nationally and within the community. The scandal did provide an opening for general manager Colangelo to lead a group that bought the team from its owners for $44 million, a record at that time. With a drug scandal and the loss of promising young center Nick Vanos, who was killed in the crash of Northwest Airlines Flight 255 after taking off from Detroit Metropolitan Airport, the franchise was in turmoil on and off the court. The Suns’ luck began to turn around in 1987, however, with the acquisition from the Cleveland Cavaliers of Kevin Johnson, Mark West, and Tyrone Corbin for popular power forward Larry Nance. In 1988, Tom Chambers came over from Seattle as the first unrestricted free agent in NBA history, Jeff Hornacek a 1986 second round pick continued to develop, “Thunder” Dan Majerle was drafted with the 14th pick in the draft, which they obtained from Cleveland in the Kevin Johnson trade, and the team began a 13-year playoff streak. Kurt Rambis was added from the Charlotte Hornets in 1989, and the team (coached by Fitzsimmons), in a shocking upset, beat the Los Angeles Lakers in 5 games that season before falling to the Portland Trail Blazers in the Western Conference Finals. In 1991, The Suns stormed to a 55-27 record, however they lost in the first round to the Utah Jazz 3-1.

In 1992, the Suns cruised to a 53-29 record during the regular season. While having sent four players to the all-star game in the last two years (Chambers, Johnson, Hornacek and Majerle), the Suns were poised to make a serious run at the NBA Finals. They showed their poise by sweeping the San Antonio Spurs in 3 games. But once again the Suns fell in five games to the Trail Blazers in the conference semifinals, however the series was punctuated by an electrifying game 4, in which the Suns lost in double overtime 153-151. The Suns were yet again denied a shot at a title, but in subsequent seasons enjoyed even greater success than ever before.

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The Psychological Dynamics of Inherited Wealth

by Peter on December 26, 2009

When people inherit money, they face unique challenges. These challenges generally come under two distinct categories: financial and emotional. On the financial side, the inheritor must learn how to preserve and grow his or her wealth. On the emotional side, the inheritor must learn how to keep his or her life on track, deal with friends and family’s reactions to the inheritance and manage with the impact of money on one’s life. Inheriting money is often a mixed blessing, but with good support and consultation, inheritors can create a workable and balanced approach: being smart about the money while good care of themselves.

Jim grew up as an only child in a wealthy family. On his father’s side, the family had been landowners in California’s Sacramento Valley for four generations. The family had multiple real estate holdings throughout Northern California. Jim’s father was an influential attorney. He represented wealthy, landed interests in his community. The expectations of Jim’s family were that Jim would either go into law or business and take control of the family’s holdings.

There was only one problem with this well laid plan for Jim’s life. That problem was with Jim. His interests were not with the family business at all. As a teenager, Jim discovered that he had a gift for music. He started with the piano at age 12, and he never looked back. He devoted himself to the piano, to singing, songwriting and to performing. When he finished high school, Jim moved to Los Angeles, and began a career in music.

Jim’s dad was not happy with this turn of events. Not only did he think his son’s choice of career was trivial, he considered it a slap in the face that his oldest son would turn away from the family business. They fought about it frequently. The rift between them only deepened when at age 25, Jim came out to his father and introduced his male partner to the family.

The bulk of the family money was in a trust created by Jim’s grandfather many years ago. At age 25, Jim came into a large inheritance per the terms of the trust. At this point, Jim called on a consultant to help him deal with his relationship with his Dad. Jim asked that his father attend the consultation, but he declined, so Jim came to the consultant on his own. His goals for consultation were to:

1) Sort through his own feelings about his relationship with his father.
2) Work through a negative self-image and low self-esteem that had developed in relation to his Dad.
3) Work through his feelings about his inheritance and his new status as a “moneyed” person.
4) Invest his newly inherited money wisely.
5) Become better informed about how to deal with money.
The consultation began with the psychological issues.
They worked on Jim’s relationship with his dad. Jim developed new insights and understandings about his Dad. He came to understand some of the pressures his Dad was under and developed a more compassionate understanding of his Dad and his Dad’s approach to money.

The next step was working on Jim’s relationship to himself. Jim found that he had internalized a lot of his father’s negativity about who he is in the world. While the father considered music a frivolous pursuit, Jim learned how to deeply value his own commitment to music. While his father was prejudiced and closed minded about Jim being gay, Jim learned to see himself in a healthy and positive light. Learning to separate his father’s attitudes from how he sees himself helped Jim to feel more comfortable in his own skin.
Having sorted through many of the relationship dynamics with his Dad, dealing with the money issues became much less loaded for Jim. He started with unpacking the meaning in his life of having this family money handed down to him.

While at first it had felt like a terrible weight and burden, he began to really think about how the money could support him in developing himself further and in living more authentically. He decided to invest in himself by going back to school for a degree in music composition. He also sorted through some issues with his partner Dan, explaining to Dan that he was not going to support him financially even though he now had the means to do so. Although this was rocky going for a time in the relationship, they sorted the financial issues in the relationship out in a way that felt good to both of them.

The next issue he dealt with in consultation was implementing a financial plan. Now that Jim was responsible for a large sum of money, he worked out an asset allocation with his financial advisor that was designed for both growth and income. His financial planner helped him find a CPA who helped him reduce his taxes. He met with an estate-planning attorney who helped Jim deal with plans for his estate and leaving a bequest for Dan.

Jim succeeded in using his inheritance to create a more balanced and rich life for himself. He did this by taking the inheritance issues seriously, and tackling head on both the psychological and financial issues involved. He now feels that the inheritance was more than just a financial gift, it also provided a catalyst to help him grow and develop himself in many ways.

Peter Cole ChFC, LCSW, Holistic financial planning. Author: True Self True Wealth. Peter Cole is a representative of Securities America, a registered Broker/Dealer member FINRA/SIPC and Securities America Advisors an SEC registered investment advisor. FREE newsletter at http://www. trueselftruewealth. com

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Lawyers Q&A

December 26, 2009

a question for lawyers out there or anyone who knows about laws & rights & contracts. ?I did some freelance modeling a while back. However, I wish to gain back the copyrights to my pictures because I realized that one of the photographers who has been shooting me has been posting all images online [...]

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Know and Avail Your Disability Insurance Benefits Pronto

December 26, 2009

A study reveals, “a 20-year-old worker has a 3 in 10 chance of becoming disabled before reaching retirement age. ”If you suddenly find yourself out of job because of disability, do not lose hope. There is disability insurance and benefits program that you can avail in the US to help you tide over the [...]

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Lawyers Q&A

December 26, 2009

a question for lawyers out there or anyone who knows about laws & rights & contracts. ?I did some freelance modeling a while back. However, I wish to gain back the copyrights to my pictures because I realized that one of the photographers who has been shooting me has been posting all images online [...]

Read the full article →

The Dramatic Life of the Murphy Case Ends With Personal Injury Damages Taxable

December 25, 2009

The dramatic life of the Murphy case came to a quiet end when the U. S. Supreme Court declined to hear the case which signaled the taxation of personal injury damages.
The U. S. Appeals Court for the D. C. Circuit shocked the tax world with its initial Murphy decision, in which it [...]

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Who Can Get Disability Welfare Benefits?

December 25, 2009

Social Security is a social welfare program concerned in protecting the retired, old, needy, or disabled people; in addition, protects against socially recognized conditions, including poverty, old age, disability, unemployment and others.
The Social Security Administration (SSA) pays disability benefits through two programs: /1/ The Social Security Disability Insurance (SSDI) program and /2/ the Supplemental [...]

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Becoming A Lawyer in LA

December 25, 2009

Most of us have a rough idea that for becoming a lawyer in L. A. , it starts with getting into a law school and finishing with a law degree. But as with any other profession, your success doesn’t just depend on the law degree you hold.
A few major steps for becoming an [...]

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Law Legal Job FAQ

December 25, 2009

A couple question nearly becoming a cop within CA? Specifically in the Los Angeles/Orange County area. How long does it hold? What do you have to do? Are there different routes you can lift? I ask for information but also for insight since I know that usually there are a lot of intricacies that [...]

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Chartered Accidents in Tour Bus Charter

December 25, 2009

 
When a company or any organization for that manner is up for a tour or excursions, they usually engage into chartering a bus for their trip. This is usually the scenario practiced long before. This has become customary. It is primarily based on practicality and convenience.

However, like any other medium [...]

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