To put the sum of $43 million in the proper context, understand that it can fund 26 water and sewer system projects in communities across Georgia; and that it was the total July 4 weekend gross for "Transformers: Revenge of the Fallen."
It's also the amount NHL legend Sergei Fedorov(notes) claims Joseph Zada, a former financial advisor, owes him, according to a lawsuit obtained by the Detroit Free Press that is expected to be filed Thursday in Wayne County Circuit Court.
Actually, both sides agree that Zada was due to pay Fedorov $60 million earlier this year but never did; so maybe taking $17 million off the sticker price can get the gears turning, right?From the Freep:
Fedorov accuses Joseph Zada of embezzling the money during the past 11 years. Describing Fedorov as "a Russian-born individual who has limited knowledge of and experience in investment, legal and financial matters," the lawsuit says Zada "by deceit and fraud worked his way into the confidence of Fedorov."
Zada challenged on Wednesday the amount Fedorov says he gave him, and denied trying to scam him. And he said it was a loan, not an investment.
The full story in the Free Press chronicles a decade-long relationship between Zada and Fedorov that began when Feds was playing with the Detroit Red Wings. Fedorov left the Washington Capitals as a free agent this summer, signing a two-year deal with Metallurg Magnitogorsk of the Russian KHL.
But the story also goes into detail about Zada, including the fact that "eight individuals and businesses have sued Zada in Wayne County Circuit Court, seeking millions they say Zada owed them." A documentary filmmaker is working on a project about his relationship with Zada, that will "explore universal themes of friendship and trust as they are shaped by greed." Zada actually has a Web site dedicated to publically addressing his many critics.
As for Fedorov ... well, we're getting the idea that he may not have majored in economics as a young scholar. Last year, Citizens State Bank filed a lawsuit against him after Fedorov defaulted on more than $2.1 million on two separate loans.
But it's not like Fedorov's the first hockey player to put his trust in a financial advisor before turning to the legal system for reparations, either. Please recall the 19 current and former NHL players seeking $25 million in damages after their real estate investment failed to yield a golf course, a Mexican luxury resort or a stripper escort party. Admit it: You'd be upset, too.