A new twist emerged in the court case involving the transfer of shares of the New Orleans Saints and Pelicans from a trust created for the benefits of the daughter and grandchildren of embattled billionaire Tom Benson. Lawyers opposing the transfer have asked the federal judge overseeing the case to block the transfer since the NFL and NBA have yet to approve the transfer of the shares. However, lawyers for Benson fought back claiming that the terms of the trust allowed for the removable of the shares in the teams and said the motion was without merit. The issue in the case revolves around the exchange of promissory notes backed by the teams themselves in exchange for the non-voting shares held by the trust. The elder Benson seeks to leave ownership to his current wife which upends previous succession plans involving Benson’s daughter and grandchildren. No word on when a ruling will be issued on the motion t dismiss.
See Katherine Sayre, Saints, Pelicans owner Tom Benson’s ownership swap needs NFL, NBA approval, New Orleans Times-Picayune, May 9, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
