Friday, May 18, 2007

Chris Cohan, The Wesley Snipes Of NBA Owners

Chris Cohan has probably ridden a rollercoaster of emotion this NBA season, and it seems that his ride may have just derailed. And plummeted to the ground. And burst into flames.

Cohan is the owner of the Golden State Warriors. You may remember them as the scrappy team that upset the Dallas Mavericks in the first round of this year's playoffs, and did their best to defeat the Utah Jazz. In case you have forgotten about them, here is a reminder.

So Cohan and his Warriors ride a great wave of emotion into the playoffs. Everyone is sporting "We Believe" paraphenelia, and Golden State puts Dallas away in six games. It's their first best-of-7 series win in 31 years. At that point, the rollercoaster is still climbing.

Golden State begins their series with Utah with two close losses. The coaster begins its descent, but levels off a bit with a Warriors win in game three. Golden State loses the next two games, and the series, but the coaster is still on the tracks.

Next comes word that coach Don Nelson might not be back next year. Nellie is a major factor in why this team achieved(some might say overachieved) as much success as it did. Now the coaster is wobbling a bit, but the ride is still open.

Yesterday, it was reported that the IRS is pursuing Cohan for $160 million in back taxes and penalties. Uh oh, someone shut down the ride, there's been a horrible accident.

The biggest problem is that Cohan's primary defense, that certain tax documents the IRS wanted to present as evidence were protected by attorney-client privilege, has been successfully challenged. It was ruled in Februrary that Cohan waived his privilege during hearings in U.S. Tax Court.

Now he'll probably get to see how much it's going to cost for the water to put out this nasty fire.

By the way, Golden State's payroll for the '06-'07 season was $60,120,690 million, and based on his '06-'07 salary Baron Davis would have to play for another 10 years before he "cost" the Warriors $160 million.

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