A hearing was recently held by a federal judge in New Orleans concerning the transfer of shares in the pro sport franchises Saints and Pelicans. The controversy is centered in Tom Benson removing the shares from a trust that he established for his daughter and grandchildren in exchange for promissory notes that are secured by the teams themselves. Benson has been involved in multi-state litigation over his soured relationship with his family due to his intent the leave control of the teams to his current wife. The trial on this matter is still months off but a flurry of mutual motions is expected as each side tries to position itself to have the upper hand once the trial begins.
See Katherine Sayre, Can Tom Benson remove estranged heirs from ownership in Saints, Pelicans? No ruling yet, NOLA.com, November 10, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
