Email to a friend

Who Owns A-Rod’s World Series Ring?

By Silvia Hsieh

A legal battle is brewing over who owns Alex Rodriguez’ World Series replica ring.

Considering A-Rod’s was MIA through spring training following hip surgery and the fresh news that investigators want to ask him what he knows about a Florida lab accused of peddling performance enhancing drugs, it might seem like eons ago, but back in the heady aftermath of winning his only World Series in 2009, A-Rod had several World Series replica rings made to give to friends and family.

The diamond-studded face shows off the Yankees logo and carved into 14-karat white gold are the words “World Champions 2009” on one side and “Rodriguez” on the other.

One of the recipients of the bling was A-Rod’s cousin, Yuri Sucart, best known for allegedly turning the Yankee third baseman onto steroids.

Sucart filed for bankruptcy in April 2011, and now the bankruptcy trustee claims that the ring belongs to the estate to be liquidated to pay off Sucart’s creditors.

Legal ownership is further complicated because Sucart has sold the ring to a collector for $10,000 who put it up for auction. The bidding has already topped $33,000 and is expected to reach $40,000 before bidding closes on Apr. 5.

‘Serious explaining to do’

Before we get to the legal mystery of who owns the ring, the case points out some good advice for anyone who files for bankruptcy about declaring your assets.

According to bankruptcy attorney Robert Rock, if Sucart didn’t mention that he owned A-Rod’s World Series ring on his schedule of assets when he filed for bankruptcy, Sucart has a bigger headache than losing a few thousand dollars.

“If he filed for bankruptcy in April 2011 and sold the ring in Dec. 2012, he’s got some serious explaining to do. He could be guilty of bankruptcy crimes for filing false statements with the court, he’s probably not entitled to a discharge, and he’ll lose the ring. If that’s the scenario, he’s in a world of hurt,” said Rock, of the law firm Tully Rinckey.

Bankruptcy gives you relief from debt and a discharge of your debts only if you fully disclose your assets.

Bankruptcy trustees have been known to size up the debtor on their first meeting, compliment her on a fancy piece of jewelry, then make her take it off and hand it over on the spot, Rock said.

Who owns the ring?

Who gets the ring – or the money it sells for – depends on when Sucart received it and how much he got for it.

If Sucart filed for bankruptcy before he received the ring from cousin Alex, then he owns it.

“The bankruptcy estate is a snapshot of what you own at the time you file for bankruptcy,” Rock says, noting that there a few exceptions, such as an inheritance, that are included in the estate even if they are acquired after filing.

As mentioned above, if Sucart owned the ring when he filed for bankruptcy, it’s the property of the estate and Sucart is in big trouble.

If Sucart sold the ring for less than its fair value, then the bankruptcy trustee may go after it as a fraudulent transfer.

For example, if Sucart had a deal with the buyer, John Battaglia, to pay him a discounted price and then give him a cut of the proceeds after auction, the trustee will try to void the transfer if it happened within two years before the bankruptcy filing.

“Here, if he had sold the ring in Dec. 2009 and filed bankruptcy in April 2011, it’s still within two years, and the question becomes whether he received a ‘reasonably equivalent value’ for the ring,” Rock said.

Buyer beware

A final lesson is for anyone who buys an item not knowing that the seller is bankrupt.

In this case, Battaglia, a Florida collector, purchased it from Sucart with a certificate of authenticity.

If he bought the ring as a bona fide purchase for value, Battaglia doesn’t lose the $10,000 he paid, says Rock, who added that he does not know of any rule requiring a collector to do a search to make sure a seller isn’t bankrupt.

Also, whoever buys the ring from Goldin Auctions is safe, Rock said.

But the auction house may have trouble collecting its fee, and Battaglia may be out of luck in getting anything else out of the consigned auction sale, or getting back his marketing costs and legal bills resulting from the dispute.

“A lot of times these things settle and the trustee and the collector divide the pie,” Rock said.

Bob is the managing partner of the Albany office of Tully Rinckey PLLC and the head of the Firm’s insolvency practice. He has 35 years of experience in dealing with complex financial, corporate and commercial issues. Throughout his 35year legal career, Bob has centered his practice in the Capital Region but has represented clients all across New York including in each of the four United States District Courts and the U.S. Second Circuit Court of Appeals.

Bob has extensive experience before both state and federal courts fighting for clients in the civil litigation arena. When Tully Rinckey PLLC’s clients have been wronged by the action or inaction of another party, they find an ally and advocate in Bob as they pursue their rights in court Clients may also find themselves being sued and in need of the kind of proactive defense provided by Bob and the Tully Rinckey PLLC civil litigation team. Bringing to bear the lessons learned over decades of representing individuals, businesses, non-profit organizations, municipalities, and the full range of legal entities, Bob and the team provide aggressive representation to secure the best possible legal outcome for our clients.

A long-time ally of distressed and troubled businesses and individuals throughout upstate New York, Bob has been expanding Tully Rinckey PLLC’s bankruptcy practice, particularly in the areas of Chapter 11 (business) and Chapter 12 (farm) reorganization while continuing the firm’s tradition of representing individuals in Chapter 7 and Chapter 13 proceedings and all types of bankruptcy litigation.

Bob has successfully confirmed Chapter 11 plans in diverse cases, including a rural Delaware County acute care hospital, a swimming pool builder and water park developer, a major printing company and an ante-bellum ladder manufacturer. He has successfully represented a ski manufacturer in protecting its rights and ensuring that its position was adequately protected in the bankruptcy of a central New York ski area. He has also represented creditors’ committees in a Broome County and Pennsylvania baker, a mid-Hudson building products supplier and a consortium of banks in a case involving a purported investment company behind a massive Ponzi scheme. Bob was the lead attorney on a landmark case involving the eligibility of certain New York partnerships to seek reorganization under Chapter 11. Bob has represented secured and unsecured creditors as well as Chapter 7 and Chapter 11 trustees in virtually every aspect of bankruptcy.

Bob received a juris doctorate from Albany Law School and a bachelor’s degree in political science from LeMoyne College. His admissions include the New York State Bar, the U.S. District Courts for the Eastern, Southern and Northern Districts of New York, and the 2nd U.S. Circuit Court of Appeals.

When not at work, Bob enjoys hiking in the Adirondacks and Catskills, music, local history and travel.

-->

 

Attorney Locator

Find an attorney near you.
Click below.

Contact Us

  • Tully Rinckey going global

    Firm plans to add 120 lawyers by 2020 Attorney Mat Tully started what is now Tully Rinckey PLCC in 2003 with a five-year plan laying out goals that were actually achieved in 18 months. So he created another five-year plan …

Read All

  • Free Download: EEOC 2016 Update White Paper

    You Could Be Sharing Confidential Info and Not Even Know It Tully Rinckey’s white paper details the Equal Employment Opportunity’s (“EEOC”) nationwide change to procedure that has gone largely unnoticed. The new procedure applies to Charges filed on or after …

Read All

  • Stakeholders to Honor Community Volunteers

    2017 Community IMPACT Awards to be Presented at April 6 Ceremony February 15, 2017 – ALBANY, NY – The Stakeholders, Inc. has announced the winners of the 2017 Community IMPACT Awards designed to recognize companies, organizations and individuals who have …

Read All

Read All