Certainly, this is just about Tom's competency.

It has no connection to his legal ability to break the trust/remove the Saints from it.....

Which it seems like he will have difficulty with, if I understand correctly.

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Posted by bonethug0108

Avondale

Member since Mar 2013

12690 posts

Posted on 5/4/16 at 2:24 pm to Sid in Lakeshore

That doesn't matter as far as who will control the Saints after he passes. There are zero voting shares in any of the trusts for either team.

So she could still get paid, but she'll have zero say with the teams.

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Posted by NOFOX

New Orleans

Member since Jan 2014

9942 posts

Posted on 5/4/16 at 7:06 pm to Sid in Lakeshore

quote:
Which it seems like he will have difficulty with, if I understand correctly.

There is no question about this. Legally he has the right to remove the Saints/Pelicans from the trust and replace with equal value. The debate in the la trust case is over what is equal value. Benson wants to replace with promissory notes backed by the shares and is using a valuation the trustees think is too low.

As others have said, there is only non-voting shares in the trust. Gayle will have all voting rights for the teams regardless of whether Tom removes the shares from the trusts.

This post was edited on 5/4/16 at 7:07 pm

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Posted by jralspanky

Fargo - Home of NDSU Bison

Member since Apr 2009

1479 posts

Posted on 5/5/16 at 11:26 am to NOFOX

An irrevocable trust is a trust that can't be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.

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