Zapia - The Todd Carney of CEO's, missing money

[Parra]

Clint Elford must be so happy that a professional like Josh Massoud was on the case.

 

[Miller was a legend]

The only part I have a problem with is that fat Tony dod not advise the Board and that he accepted being executor of this man's Will. If he doesn't know the guy I believe he should have recommended someone or a firm to undertake this, if not the guys family.

Apart from that as long as this fellows wishes are followed and his money goes where HE wants it, then fair enough.

And for the record, just because it's Cronulla don't be idiots about it. this guy loves his football and his club like the rest of us. Show some respect and applaude this fellow for that.

Hang Zappia all you want, I for one am glad he is gone!

 

[Parra]

The only part I have a problem with is that fat Tony dod not advise the Board and that he accepted being executor of this man's Will. If he doesn't know the guy I believe he should have recommended someone or a firm to undertake this, if not the guys family.

Apart from that as long as this fellows wishes are followed and his money goes where HE wants it, then fair enough.

And for the record, just because it's Cronulla don't be idiots about it. this guy loves his football and his club like the rest of us. Show some respect and applaude this fellow for that.

Hang Zappia all you want, I for one am glad he is gone!

It seems the guy had two aims - get some money to the Sharks footy club & remain anonymous.

He has been failed on both counts by Zappia, Massoud and whatever other morons are involved.

 

[Kiki]

For the record if a dying man wanted to donate money to the dragons I would feel uncomfortable with it too.

 

[Miller was a legend]

If I was dying, i'd want to donate to you Kiki

 

[ibeme]

Clint Elford must be so happy that a professional like Josh Massoud was on the case.

I haven't noticed any surnames until your post. Either I've overlooked it, or you've just revealed it.

 

[myanonymoususername]

I haven't noticed any surnames until your post. Either I've overlooked it, or you've just revealed it.

No, that was Josh Massoud's work.

The organization was registered with ASIC last August at the behest of a terminally ill Sharks fan known as Clint, who wished to donate his life insurance payout upon death.

The original figure payout was reported as $1.5 million, but in correspondence with Zappia last year, Clint said he was entitled to $13,800,000 upon his death.

The 27-year-old law student from Goulburn also made Zappia the executor of his will and gave the ex-Cronulla boss express authority to spend the Foundation's funds any way he saw fit to help the Sharks. Elford is dying from Shy Drager syndrome, a neurological disorder.

 

[Kiki]

If I was dying, i'd want to donate to you Kiki

Donating semen doesn't count Miller....

 

[ibeme]

No, that was Josh Massoud's work.

Fair enough. I didn't notice that.

 

[myanonymoususername]

I would like to think the leaking of the guy's name was a f**kup rather than intentional.

 

[ibeme]

I would like to think the leaking of the guy's name was a f**kup rather than intentional.

I'd like to know how Ch7 came across this information. I didn't see the program, so I don't know what information they covered.

I heard Magnay being interviewed on the radio this morning and she was basically condemning Zappia over it, and saying that Parra couldn't possibly take him on after this. Obviously she'd already made her mind up, despite not having any evidence that any of it was dodgy.

I'm hoping that Clint gave the ok for Massoud to release his name.

 

[myanonymoususername]

I wonder if Zappia did much due diligence on the donor.

Just thinking about a few things:

1. the guy is 27-28 and supposed to have about a year to live
2. the disease he has (Shy-Drager Syndrome) has a life expectancy of 7-10 years from onset of symptoms
3. therefore he's had the foresight to take out a sh*tload of life insurance by about age 20
4. term life insurance for $13.8m taken out at 20, according to the Suncorp premium estimator, is about $1,240 a month.
5. It would take about $20k of gross income to pay for that.
6. That is a fair chunk of any 20 year old's wages. Not sure many 20 year olds would be thinking that far ahead.
7. He is said to be a law student - and would have been sick and probably unable to work for a number of years, I expect, so hardly likely to have been earning much
8. Hopefully he took out the insurance before he had any inkling of his illness. If not and he hasn't declared it to the insurer, chances are the policy will be void.
9. I would expect any life insurer to demand a pretty extensive medical before agreeing to provide that sort of coverage amount.

I'm struggling to see how it all adds up, unless the guy was independently wealthy via his family or something.

 

[ibeme]

I wonder if Zappia did much due diligence on the donor.

Just thinking about a few things:

1. the guy is 27-28 and supposed to have about a year to live
2. the disease he has (Shy-Drager Syndrome) has a life expectancy of 7-10 years from onset of symptoms
3. therefore he's had the foresight to take out a sh*tload of life insurance by about age 20
4. term life insurance for $13.8m taken out at 20, according to the Suncorp premium estimator, is about $1,240 a month.
5. It would take about $20k of gross income to pay for that.
6. That is a fair chunk of any 20 year old's wages. Not sure many 20 year olds would be thinking that far ahead.
7. He is said to be a law student - and would have been sick and probably unable to work for a number of years, I expect, so hardly likely to have been earning much
8. Hopefully he took out the insurance before he had any inkling of his illness. If not and he hasn't declared it to the insurer, chances are the policy will be void.
9. I would expect any life insurer to demand a pretty extensive medical before agreeing to provide that sort of coverage amount.

I'm struggling to see how it all adds up, unless the guy was independently wealthy via his family or something.

All Zappia did was set up a fund as Clint requested. It's up to Clint and his insurance company to work out the rest. I'm sure the insurance company are a bit more savvy than you or I when it comes to detecting dodgy life insurance deals.

If the big payout never came through, so what? As long as the club hadn't spent the money before it materialised. And the fact that Clint had already made several payments indicates that he was genuine about providing donations.

 

[myanonymoususername]

Fair enough, although I wouldn't be surprised at all to see the whole thing vanish into thin air. The whole thing just has an air of dodginess/bullsh*t around it.

We'll see I guess, and no harm done I suppose unless the Sharks start spending it before they get it.

 

[bartman]

I'm hoping that Clint gave the ok for Massoud to release his name.

They changed the online version to omit the surname in the afternoon, so I'm guessing it was a monumental Massoud f**k-up about his privacy, rather than published with permission?

 

[ibeme]

They changed the online version to omit the surname in the afternoon, so I'm guessing it was a monumental Massoud f**k-up about his privacy, rather than published with permission?

If that's the case, it's not just Massoud who messed up. It would have been read by more than one set of eyes before making it to print

 

[Parra]

Let's just leave Josh & Tony out of this.

 

[Perth Red]

$13.8mill, hell of an insurance payout!

Sounds like a very unprofessional way of dealing with it. I can't believe this wouldn't have been discussed at a board level, smells very iffy to me.

 

[Kiki]

something smelling iffy coming from the Sharks! crazy!:sarcasm:

 

[Miller was a legend]

Now now, we know all the other NRL clubs are squeeky clean. No way anyone is doing anything to get around the cap at any club is there?

How come you all want to take your petty shots at Cronulla but very little comment about the Storm and how it is kept afloat. Hmmmm I guess most of you are closet storm and News Ltd supporters. Shame that.

Anyhow, Zappia is a tosser and nobody likes how he has handled this, even Cronulla supporters and if you bother reading the press, nor does the club