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Monday, May 17, 2004

Padres Owner Strikes Riches Near New Ballpark

This AP article describes how Padres owner John Moores is benefiting from the construction of Petco Park. In return for the taxpayers footing most of the bill for the ballpark, Moores agreed to ensure at least $300 million of development in the surrounding area. He bought 21 acres near the park, an area which is now seeing $1.4 billion of development.

But Moores can't be happy with the opening and closing paragraphs of the article, which discuss the fate of Peregrine Systems, the software company he founded, and cashed out of just in time:

Prosecutors say senior managers engaged in a variety of gimmicks starting in 1999 - from selling a phony $19.6 million invoice to a bank, to posting millions of dollars in revenue that was uncertain to materialize.

Since late 2002, three executives, including former chief financial officer Matthew Gless, have pleaded guilty to charges of fraud.

Moores - who sold more than $600 million in Peregrine stock between 1997 and 2001, most of it shortly before the accounting irregularities surfaced - has never been charged with criminal wrongdoing.

Moores declines to comment on Peregrine's downfall, citing his attorney's advice.


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