San Antonio, Texas, December 19, 2025
NBA Hall of Famer David Robinson has filed a lawsuit against his former business partner, Daniel Bassichis, alleging misappropriation of over $34 million from Admiral Capital Group. The lawsuit accuses Bassichis of diverting funds without approval, leading to significant financial losses. Several serious legal claims are included, and damages sought exceed $34 million. As of December 16, 2025, both parties are engaged in discussions to reach a resolution.
San Antonio, Texas
NBA Hall of Famer David Robinson has filed a lawsuit against his former business partner, Daniel Bassichis, alleging the misappropriation of over $34 million in funds from Admiral Capital Group, a private equity firm co-founded by Robinson and Bassichis in 2008.
Allegations of Fund Misappropriation
The lawsuit, filed in Texas Business Court, accuses Bassichis of diverting approximately $18 million from a refinancing deal intended for Admiral Capital Group. The funds were allegedly redirected to entities controlled by Bassichis, including Vero Capital and US Living Structured Fund LP, without Robinson’s approval. These actions are claimed to have been concealed from Robinson, leading to significant financial losses for Admiral Capital Group.
Legal Claims and Damages Sought
Robinson’s legal team has outlined several serious allegations against Bassichis, including breaches of fiduciary duty, fraud, conversion, tortious interference, civil conspiracy, and a lack of good faith and fair dealing. The lawsuit seeks damages exceeding $34 million, encompassing the misappropriated funds and additional operational costs incurred due to Bassichis’s actions. The plaintiffs are also pursuing exemplary damages as part of the legal proceedings.
Background on the Business Relationship
David Robinson and Daniel Bassichis co-founded Admiral Capital Group in 2008, focusing on private equity investments. In 2021, Bassichis initiated the launch of Vero Capital, a real estate investment firm, with Robinson’s consent. However, the lawsuit alleges that Bassichis’s actions in diverting funds to Vero Capital and other ventures were unauthorized and detrimental to Admiral Capital Group’s interests.
Current Status of the Lawsuit
As of December 16, 2025, Robinson and Bassichis have issued a joint statement indicating that they are engaged in constructive discussions and have made progress toward a mutually acceptable resolution of the lawsuit. The legal proceedings are ongoing, and further developments are anticipated in the coming weeks.
FAQ
What is the lawsuit filed by David Robinson about?
David Robinson has filed a lawsuit against his former business partner, Daniel Bassichis, alleging the misappropriation of over $34 million in funds from Admiral Capital Group, a private equity firm co-founded by Robinson and Bassichis in 2008.
What are the specific allegations against Daniel Bassichis?
The lawsuit accuses Bassichis of diverting approximately $18 million from a refinancing deal intended for Admiral Capital Group to entities controlled by him, including Vero Capital and US Living Structured Fund LP, without Robinson’s approval. These actions are claimed to have been concealed from Robinson, leading to significant financial losses for Admiral Capital Group.
What legal claims are included in the lawsuit?
Robinson’s legal team has outlined several serious allegations against Bassichis, including breaches of fiduciary duty, fraud, conversion, tortious interference, civil conspiracy, and a lack of good faith and fair dealing. The lawsuit seeks damages exceeding $34 million, encompassing the misappropriated funds and additional operational costs incurred due to Bassichis’s actions. The plaintiffs are also pursuing exemplary damages as part of the legal proceedings.
What is the background of the business relationship between David Robinson and Daniel Bassichis?
David Robinson and Daniel Bassichis co-founded Admiral Capital Group in 2008, focusing on private equity investments. In 2021, Bassichis initiated the launch of Vero Capital, a real estate investment firm, with Robinson’s consent. However, the lawsuit alleges that Bassichis’s actions in diverting funds to Vero Capital and other ventures were unauthorized and detrimental to Admiral Capital Group’s interests.
What is the current status of the lawsuit?
As of December 16, 2025, Robinson and Bassichis have issued a joint statement indicating that they are engaged in constructive discussions and have made progress toward a mutually acceptable resolution of the lawsuit. The legal proceedings are ongoing, and further developments are anticipated in the coming weeks.
Key Features of the Lawsuit
| Feature | Details |
|---|---|
| Parties Involved | David Robinson and Daniel Bassichis |
| Company Involved | Admiral Capital Group |
| Allegations | Misappropriation of over $34 million in funds |
| Legal Claims | Breaches of fiduciary duty, fraud, conversion, tortious interference, civil conspiracy, lack of good faith and fair dealing |
| Damages Sought | Exceeding $34 million, including misappropriated funds and additional operational costs |
| Current Status | Ongoing legal proceedings; parties engaged in discussions toward resolution |
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