I’ve read much of the coverage of yesterday’s hearing in San Antonio about the Benson family squabble and I’m still not certain the salient legal issues were properly analyzed. Based on what I’ve read to this point, it appears the property in the Benson Trust today is a note valued at over $400,000,000. Is the job of the new court appointed receivers to value that note in relation to the assets that were taken in the substitution or dictate specific assets that must be held in the Benson Trust? Seems to me if the value is equal or equalized, the Judge in San Antonio would be steppin’ out dictating to a legally competent Tom Benson what assets he must leave to his seemingly ungrateful daughter and grandchildren.
I have an appreciation for the issues even if I do not consider myself an expert in this area of taxation and applicable state and federal law. There are many very valid reasons to substitute assets in an irrevocable trust that financially benefit both the grantor and beneficiaries. Here is an example:
Swapping Trust Assets to Achieve a Step-Up in Tax Basis at Death ~ Morris Law Group
There are four weeks of the year I do not have time for much more than the day job. This is one of those weeks so here is what I read this morning as I make my way out the door:
Former employees speak out about class-action lawsuit against Singing River Health System ~ Patrice Clark
WLOX.com – The News for South Mississippi
Former state senator Tommy Robertson charged with embezzlement ~ Michelle Lady
Good thing the JPSO handled the case of Mitch Landrieu’s stolen Jeep or it would’ve been chop shopped:
Crime reaches mayor’s doorstep: Vehicle stolen from Mitch Landrieu’s house recovered ~ Ken Daley
There are other stories out there concerning Mrs. Benson’s past that I won’t go into but there is also a public record as today’s New Orleans Advocate explores:
As Gayle Benson faces vetting by NFL, NBA, past lawsuits may raise questions ~ Ramon Antonio Vargas
Audit suggests St. Bernard civic center head helped herself to $60K in public funds ~ Richard Thompson
By now everyone has certainly heard of the Benson family feud and I’m not gonna rehash it much. I will say that through time, I’ve developed dossiers of sorts on the entire gang and indeed once invited ol’ Tom out to play on these pages. This type of institutional knowledge comes in handy when the fur begins to fly so this has potential.
I can attest first hand that Tom Benson and his lovely wife Gayle do adore the fairgrounds and the old guy has enough loot where he could pass gas and own the whole thing in a few seconds but NFL rules prohibit gambling related businesses so we’ll will give Mr. B and Mrs B. the benefit of the doubt on that one, especially since Benson’s staff of seasoned lawyers and CPAs keep him out of such mudholes.
If only the Saints front office could produce similar results in the NFL draft. In any event stories of Granddaughter Rita being a spoiled brat have been circulating since 2012 in the national media.
Finally I once again recommend the Grand Master for those seeking comedic relief via twitter:
As for the chances of success in this suit all I can say is if there is one thing Slabbed has seen time and again is the impact of star-power on civil litigation. Here is what Jimmy Graham had to say to NOLA.com:
Gayle Benson is one of the sweetest ladies I’ve ever met in my entire life. Every day she comes to practice and gives me a smile and a big hug. She emulates everything that Tom Benson has done with the franchise, and I’m excited for her.
Looks like we may need to purchase some popcorn futures on the Merk to insure against popcorn shortages as we follow this and other stories.
Updated for terrible editing.