Benson's gambit to remove Saints, Pelicans from heirs' trusts could fall flat

Really good article which raises even more questions as to who is really in control here.

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This whole ordeal is going to be disastrous.

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It will if the public jumps to conclusions and alienates the LeBlanc side if they win.

Wow

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It will if the public jumps to conclusions and alienates the LeBlanc side if they win.

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Dude

Check you Leblanc Agenda at the door

From billionaires to the homeless..everything is fricked up if you don't have peace.

“The only ones who will win will be the lawyers.”

A perfect summary in just one sentence.

Benson has this on lock

I have the perfect solution. Ole Tom should just name me as heir and been done with it.

There's not a trustee in the world that would do what Benson/Cordes is asking the trustee to do.

THIS is something that will have to be settled by a court.

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So when Benson or his wife tried to remove the heirs from what they had coming he undervalued them as a way to make that happen?

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It's implied that pursuant to the terms of the trust, Benson can substitute assets within the trust with other assets he owns.

The problem here is that the Pels and Saints make up the vast majority of his estate. So, there is no way he can give a secure promissory note in exchange -- he doesn't have the assets to securitize the size of the note that would be necessary.

So, his only choice was an unsecured note which devalued the teams - hoping (unrealistically) that a court would look at his other assets and say that they could or would be able to cover that note.

My guess is that Cordes, the attorney, looked at the value of Benson's other assets (i.e., assets other than Pelicans and Saints) and made the unsecured note for that value.