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Started By
Message
re: Benson's daughter and grandkids requesting a competency ruling on Tom
Posted on 1/24/15 at 8:46 am to Mudge87
Posted on 1/24/15 at 8:46 am to Mudge87
quote:
Still, it just seems really stupid to put an asset as valuable as the Saints/Pelicans franchises into an irrevocable trust, where the guy couldn't change his mind on ownership after the fact.
Not really. Considering the fact that the trust was created after Benson was past the age of 80 and the amount of tax dollars saved upon his death. We saw what happened to the Dolphins when Joe Robbie died and the Steelers when Art Rooney died; the Robbie family was forced to sell the team because they couldn't afford to pay the taxes and Dan Rooney had to have the NFL league step in to help save the team from the same fate.
If there was a mistake here, it was that Benson didn't create multiple intentionally inferior grantor trust for each team and left some assets out of a trust altogether. For example, if he had assets outside the trust, he could substitute the car dealership and banks for the Saints and the media assets for the Pelicans (there would be a valuation problem, but you get the idea). In this type of trust, you can move assets in and out but they have to have comparable value.
2
Posted on 1/25/15 at 12:08 am to adono
Some of the information out there makes more sense if the trusts do allow swaps.
Posted on 1/25/15 at 8:21 am to 42
Let me just throw this out there. It's been suggested elsewhere, but it's not necessarily Gayle who influenced this decision on her own. I think you'll find that the brain trust on David Drive (and that sure as hell doesn't mean Rita) and other parts of the Benson operation have been talking to Gayle and Tom for quite awhile now.
I think everyone from Lauscha to Loomis to Payton to Brees are in Gayle's corner and support her.
If you care about the long term viability of the Pelicans in N.O. (or, hell, the Saints for that matter . . . . some people need to let go of the Katrina episode with San Antonio . . . ancient history), you should be hoping that this thing ends quickly and Rita and co.'s suits are dismissed.
Just my opinion.
I think everyone from Lauscha to Loomis to Payton to Brees are in Gayle's corner and support her.
If you care about the long term viability of the Pelicans in N.O. (or, hell, the Saints for that matter . . . . some people need to let go of the Katrina episode with San Antonio . . . ancient history), you should be hoping that this thing ends quickly and Rita and co.'s suits are dismissed.
Just my opinion.
Posted on 1/25/15 at 11:22 am to VOR
quote:
If you care about the long term viability of the Pelicans in N.O. (or, hell, the Saints for that matter . . . . some people need to let go of the Katrina episode with San Antonio . . . ancient history), you should be hoping that this thing ends quickly and Rita and co.'s suits are dismissed
This is absolutely 100% on point. Ms. Gayle is NOLA through and through and is the reason why we have the Pelicans. She would never move either of those teams, no matter what.
Posted on 1/25/15 at 11:47 am to touchdownjeebus
neither team is moving regardless of gayle vs Rita. Mismanagement and or alienation of coaches and execs is another matter entirely
Posted on 1/25/15 at 1:44 pm to cgrand
quote:
neither team is moving regardless of gayle vs Rita.
That could very well be true.
quote:
Mismanagement and or alienation of coaches and execs is another matter entirely
Yep. Which, in the long term, could affect franchise stability.
Posted on 1/25/15 at 9:51 pm to adono
That's my point, he needs assets of comparable value to swap out the Saints and Pels which he doesn't have. I'm sure he had smart lawyers drafting the trust documents who left loopholes for this sort of situation. My point wasn't about the tax reasons, more about the fact that, when there were so many issues about Rita's competency to manage the team, he basically chose to hand her the team on a silver platter without anyway to change his mind.
This post was edited on 1/25/15 at 9:52 pm
Posted on 1/25/15 at 10:58 pm to VOR
quote:
Let me just throw this out there. It's been suggested elsewhere, but it's not necessarily Gayle who influenced this decision on her own. I think you'll find that the brain trust on David Drive (and that sure as hell doesn't mean Rita) and other parts of the Benson operation have been talking to Gayle and Tom for quite awhile now. I think everyone from Lauscha to Loomis to Payton to Brees are in Gayle's corner and support her. If you care about the long term viability of the Pelicans in N.O. (or, hell, the Saints for that matter . . . . some people need to let go of the Katrina episode with San Antonio . . . ancient history), you should be hoping that this thing ends quickly and Rita and co.'s suits are dismissed.
Lines often get blurry with stewards.
Posted on 1/28/15 at 12:06 am to touchdownjeebus
Damn, Benson is trying to make them pay his legal fees, too.
I wonder how much of their own money those three have.
I wonder how much of their own money those three have.
Posted on 1/28/15 at 6:40 am to touchdownjeebus
I've never read the trust instrument and I honestly haven't read every recent article, but I have a question. My recollection is that when Rita was called to the carpet a couple of years ago (sort of a "demotion" even if temporary), it was revealed that the team, even as part of the trust", would be managed by a group headed by Dennis Lauscha and company. In other words, Rita may have ownership, but with limited management control.
Is that incorrect?
Is that incorrect?
Posted on 1/28/15 at 6:48 am to Galactic Inquisitor
quote:
Damn, Benson is trying to make them pay his legal fees, too.
I wonder how much of their own money those three have.
The last legal whatever Benson filed mentioned that they still had plenty $$ but just not management of the "assets". Sounds like they are still very much "taken care of".
Posted on 1/28/15 at 9:08 am to VOR
that is correct, VOR.
Posted on 1/28/15 at 9:22 am to touchdownjeebus
quote:
that is correct, VOR.
So if the "trust" runs the team, is this just fighting over who profits from the team? Who gets to hire/fire Lauscha/Loomis?
Posted on 1/28/15 at 11:04 am to TigerinATL
As I read it, Tom has always maintained all of the voting shares. Now whether that changes at death, I have no clue. We need to see the actual trust and how it is laid out.
Posted on 1/28/15 at 8:46 pm to touchdownjeebus
Tom spoke at halftime. He's all there. It was a PR stunt me thinks to let everyone know he's competent
Posted on 1/29/15 at 7:05 am to Akit1
quote:
It was a PR stunt me thinks to let everyone know he's competent
I wouldn't say stunt, but it was certainly a PR move, and a smart one at that.
Posted on 1/29/15 at 10:49 am to Galactic Inquisitor
Well anywhere you find two nickels to rub together, you will find someone that had little to no hand in acquiring said nickels yet feels one or both of those nickels are owed to them. Silly as it sounds and as offensive as it is, yet there are no shortage of lawyers or politicians to champion the idiot's cause. I’ve learned the hard way that if you want to see into the hearts of those who claim to love you simply add money to the equation. 99% of the time you will be disappointed to learn who they really are.
I liked Anthony Davis’ shot across the bow the other night when he wished Gayle a happy birthday and threw in there “We love you”. The Pelicans have made their choice.
If Rita does gain control of the teams you can bet on them relocating. No way on God’s green earth fans get behind her, and that is all the excuse she’ll need to give one final knife in the backs of Saints/Pelicans fans.
I liked Anthony Davis’ shot across the bow the other night when he wished Gayle a happy birthday and threw in there “We love you”. The Pelicans have made their choice.
If Rita does gain control of the teams you can bet on them relocating. No way on God’s green earth fans get behind her, and that is all the excuse she’ll need to give one final knife in the backs of Saints/Pelicans fans.
Posted on 2/1/15 at 12:47 am to craig8sm
quote:
Attorney Paul Cordes said the various trusts contain 95 percent of the shares of Benson Basketball, the holding company for the Pelicans of the NBA. The trusts also contain 60 percent of the shares of Benson Football, the holding company for the NFL’s Saints. The remaining shares are held by Tom Benson, who controls all of the voting shares in both companies.
Holders of nonvoting shares typically have little or no voice on corporate matters. Such shares are usually granted to individuals who are willing to invest in the company’s profitability and success without receiving voting rights in the company’s direction.
LINK
well, that pretty much ends any threat of the team landing in Rita's hands.
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