Those of you still pining for Mark Cuban to become a Major League owner will be happy to hear that the insider trading charges have been dismissed.
The dismissal is based on a pleading deficiency. In very basic terms, the government alleged that Cuban did X wrong, but the law requires that he have done X + Y to be held liable. The government can theoretically cure with an amended complaint that alleges X + Y, but I question whether they will do that. Why? Because it doesn’t strike me that alleging X +Y would have been that hard to do back when the first complaint was filed, and the fact that they didn’t allege it suggests that they can’t prove that Cuban did X +Y as opposed to them simply making a drafting error. I mean, sure, it’s government lawyering we’re talking about here so anything is possible, but lots of people review high profile complaints like that, and I suspect that in this case they simply didn’t have the goods on Cuban.
So I guess that clears the way for him to fly in and rescue Tom Hicks from himself now.