VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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IN BUSINESS FINANCES ADELSON'S $21.3 BILLION FORTUNE RANKS 27TH IN THE WORLD By Steve Green senior staff writer L person with a fortune of $77.5 billion. His source of wealth is his America as Vegas Sands Corp. Chairman and CEO Sheldon Adelson is ranked at Movil company in the telecommunica- tions industry. No. 27 on a new list of the world's rich- est people. Bloomberg Markets Magazine un- veiled the list Nov. 1, which found Carlos Slim of Mexico to be the world's richest COURTS RIGHTHAVEN CEO MAINTAINS HIS POSITION IN FIRM By Steve Green senior staff writer T he Righthaven copyright lawsuit saga will continue indefinitely after a judge blocked efforts to have Right- haven's CEO fired and its appeals can- celed. Righthaven is known for filing 275 no-warning lawsuits in 2010 and 2011 in partnership with the Las Vegas Review-Journal and the Denver Post. Righthaven had acquired copyrights from the newspapers for lawsuit pur- poses. It sued individuals, companies and nonprofits it claimed infringed on the copyrights by posting content from the newspapers online without authori- zation. The company essentially shut down last year after judges in three states re- jected the lawsuits because the news- papers, not Righthaven, maintained control of material Righthaven was su- ing over. That meant Righthaven lacked standing to sue. Some defendants were also cleared based on the fair use con- cept in copyright law. The cases were controversial because while Righthaven claimed to be fight- ing rampant online theft of newspaper content, defense attorneys character- ized it as a shakedown operation hitting unsuspecting Internet users with fed- eral lawsuits in hopes of winning quick settlements for a profit. Righthaven now has creditors in the form of defendants who defeated it in court and were awarded some $318,000 in attorneys' fees. Attorneys for one defendant, Kentucky insurance agent Wayne Hoehn, persuaded U.S. District Judge Philip Pro in Las Vegas last year to appoint a receiver to seize Righthaven assets and auction them off to cover his legal fees. The receiver later moved to fire Right- haven CEO and Las Vegas attorney SEE RIGHTHAVEN, PAGE 8 | 12 NOVEMBER 2012 | 7 City National Small Business Member FDIC " City National goes the extra mile. " Nevada Tire City is a distributor, a wholesaler and an automotive center. Being family-owned, we wanted a bank that would treat us like family. At City National, they understand our needs. Solutions like Treasury Net, makes it easy to do all our SM banking online, 24 hours a day. We have our personal accounts with City National, too. We work six days a week, so it's a big help to do our personal and business banking at the same location. City National is T e way up® for us and our business. Dawn & Shannon Scheeler Owners, Nevada Tire City Hear the Sheeler's complete story at cnb.com/thewayup. Experience the City National Diff erence. Call (702) 425-6559 or visit cnb.com to fi nd a small business banker near you. Ranked No. 2 is Bill Gates of Microsoft fame with a $64.4 billion fortune. Adelson is estimated to have a net worth of $21.3 billion, up 6.9 percent or $1.4 billion on a year-over-year basis as of Oct. 5, Bloomberg Markets reported. With his hefty fortune driven by his booming hotel-casino business, Adel- son is the first person to spend $70 mil- lion on a presidential election and said he may end up spending as much as $100 million in an effort to defeat Presi- dent Barack Obama, Politico reported in September. Also on the Bloomberg Markets list is investor Carl Icahn at No. 46 and worth $15.8 billion. Icahn controls Las Vegas- based casino operator Tropicana Enter- tainment Inc. as well as the stalled Fon- tainebleau Las Vegas resort project. SM ©2012 City National Bank