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Las Vegas Sands Corp. Message Board

  • mbablitz mbablitz Mar 12, 2013 9:37 AM Flag

    Is Jacobs getting more desperate?

    A former senior executive at Las Vegas Sands Corp., LVS -0.23% in a recent court filing, accused the company's chairman and biggest shareholder of ordering him several years ago to put improper pressure on the top official in Macau's government.

    Sands denies the claim, the latest move in a scorched-earth legal battle between the casino giant and Steve Jacobs, formerly Sands's top executive in Macau, who is suing the company for wrongful termination.

    Mr. Jacobs alleges in the filing that Sands Chairman Sheldon Adelson became "enraged" with the then-head of Macau's government, Chief Executive Edmund Ho, because of decisions made by Mr. Ho regarding condos that Sands was trying to sell in Macau.

    The filing calls Mr. Adelson's alleged order a "threat" against Mr. Ho, but it doesn't specify how Mr. Jacobs was supposed to threaten the official. A lawyer for Mr. Jacobs declined to elaborate on the nature of the purported threat.

    According to the filing, Mr. Jacobs says Mr. Adelson ordered him to tell Mr. Ho that he was indebted to Mr. Adelson for settling a lawsuit to protect Mr. Ho. Mr. Jacobs says Mr. Adelson's instructions were to remind Mr. Ho that "Adelson had settled a lawsuit paying $40 million" to help Mr. Ho "and that he [Ho] owed Adelson." Mr. Jacobs said he refused to carry out the order, which he considered "improper," and reported it to the company's then-general counsel and to Chief Operating Officer Mike Leven, according to the filing.

    In statements filed Friday in Nevada District court, where the case is being heard, Messrs. Adelson and Leven denied Mr. Jacobs's allegations and accused him of using court filings to generate publicity for his "uncorroborated lies." The former general counsel, Al Gonzalez, didn't respond to requests for comment.

    Mr. Adelson said in his statement that he holds Mr. Ho "in the highest regard."

    "I know of no wrongdoing on Mr. Ho's part," Mr. Adelson said.

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    • Jacobs new evidence seems very thinly veiled. He is reaching now publicly and is either wanting to wrap it up or just a tyrant who is losing position as time goes on.

    • Mar 12, 2013 3:25 PM Flag

      I hope Sheldon drops his suit against Kate or Kate retracts her "foul mouth" comment and they let bygones be bygones. Kate makes a very good point here, "but it doesn't specify how Mr. Jacobs was supposed to threaten the official".

      Edmund Ho at the time (Macau Chief Executive) was a reputable politician and is even more so today and as Edmund Ho is one of many vice-chairmen of the CPCCC, Sheldon/LVS would endeavor to stay in Edmund Ho's good graces. LVS initially handled the Jacob's lawsuit very poorly, but, with the fullness of time, Jacobs character has become clear and any merit his suit may have originally contained has been lost in a litany of almost comical new filings. I still wonder if the FBI found any DNA on Jacob's coffee pot?

      It looks to me like the FCPA information request and Jacob's lawsuit are becoming tempests in a teapot and will have negligible financial effects for LVS.


      Sentiment: Strong Buy

    • avb911t Mar 12, 2013 10:39 AM Flag

      Meanwhile, Adelson tried his hardest to avoid being served in the RoundSquare/Suen lawsuit, including hiding out in Israel .

    • I am confused about this legal process. Why are they still making filings ? The suit was filed in 2011. I have to assume they have already had depositions and are waiting for trial. It sounds like this is being done to just take shots at SA. If that is the case, it should not be allowed by the court. This "stuff" was already made public many moons ago. If they have more to say it should be said in the trial or court hearing. ???? So what is this about ????

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