The trustee of the foundation that holds the majority interest in the New Orleans Saints and Pelicans continues to argue in court that Tom Benson failed to exchange assets of equal value for the shares of the team. This case, the latest in a series, pits Mr. Benson against family members that are excluded from management of the two pro-sport franchises after Mr. Benson announced he intended to leave team control to his current wife. The primary issue concerns the promissory notes used to compensate the trust for the team shares; notes whose actual worth is far less than the their face value, according to the trustee, which violates the trust terms. No word yet on when the judge is expected to issue a ruling.
See Ramon Antonio Vargas, Trustee being sued by Tom Benson argues Saints, Pelicans owner still isn’t proposing fair asset swap with relatives, The New Orleans Advocate, July 24, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
