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re: Benson's gambit to remove Saints, Pelicans from heirs' trusts could fall flatPosted by IPlayedGreatTonight on 1/22/15 at 10:21 pm to Jwho77
This whole ordeal is going to be disastrous.
re: Benson's gambit to remove Saints, Pelicans from heirs' trusts could fall flatPosted by MrLSU on 1/22/15 at 10:23 pm to IPlayedGreatTonight
quote:
This whole ordeal is going to be disastrous.
It will if the public jumps to conclusions and alienates the LeBlanc side if they win.
re: Benson's gambit to remove Saints, Pelicans from heirs' trusts could fall flatPosted by IPlayedGreatTonight on 1/22/15 at 10:25 pm to MrLSU
That's already happened.
re: Benson's gambit to remove Saints, Pelicans from heirs' trusts could fall flatPosted by Sparkplug#1 on 1/22/15 at 10:25 pm to MrLSU
Wow
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re: Benson's gambit to remove Saints, Pelicans from heirs' trusts could fall flatPosted by EastBankTiger on 1/22/15 at 11:04 pm to Jwho77
“The only ones who will win will be the lawyers.”
A perfect summary in just one sentence.
A perfect summary in just one sentence.
re: Benson's gambit to remove Saints, Pelicans from heirs' trusts could fall flatPosted by SDwhodat on 1/22/15 at 11:44 pm to EastBankTiger
T&E Lawyers will make a killing off all this. Family fights and a bulk of the family fortune goes to the lawyers.
An independent trustee should come in place here and try to get things on track. At worst petition the court for instructions to determine equivalent value.
An independent trustee should come in place here and try to get things on track. At worst petition the court for instructions to determine equivalent value.
re: Benson's gambit to remove Saints, Pelicans from heirs' trusts could fall flatPosted by Hurricane Mike on 1/23/15 at 7:00 am to Jwho77
I propose to balance things out, give them the Pelicans, give Gayle the Saints
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?
Clearly he did not see the report out that the franchises are 600 million and 1 billion respectively.
quote:
According to the lawsuit filed by Benson’s heirs, that’s because Benson grossly undervalued the two sports franchises he sought to remove from the trust. The lawsuit says Benson proposed valuing the teams as follows: $63.5 million for the Pelicans, and $351.4 million for the Saints.
Clearly he did not see the report out that the franchises are 600 million and 1 billion respectively.
quote:
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?
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.
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