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Names in the sports law news: Scottie Pippen, Willie Gault, Rudy Ruettinger …

Somehow, the rumors morphed into what passes for fact in the blogosphere, to the point that Pippen's Wikipedia page said he had lost $120 million and was "bankrupt."

And then, his lawyers say, the rumors became a bonfire fueled by reports of Pippen's bankruptcy on CNBC, CBS Sportsline, Sportsreport360.com, and several investment advice websites. Pippen and his supposed bankruptcy became a cautionary tale for investors, a warning that they must be careful.

The problem? Pippen never lost $120 million, and, more importantly, never filed for bankruptcy. His net worth, according to Spellmire, never dipped below $40 million even as Pippen fought to salvage a few of his investments.

In the libel lawsuit that Pippen and his lawyers filed last week against the news organizations and the financial advice websites, they describe a nightmare of lost endorsements and appearance fees that began after the bogus reports.

Pippen wants money damages from nine enterprises that reported his supposed bankruptcy. The list includes some deep pockets (Comcast, General Electric) and even a couple of universities (Arizona State and the University of Tampa) that operate news websites.

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  • A blue-ribbon, “nuclear” bus ride

    Mountain Xpress (blog) - Jan 20, 2011

    On January 7th, a “WNC Citizen's Delegation” chartered a bus to Augusta, GA, for the only public hearing in the Southeast held by President Obama's

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