NFL rejects Tom Benson's ownership deal with estranged family's trusts (1 Viewer)

[Da Living Saint]

NFL rejects Tom Benson's ownership deal with estranged family's trusts | NOLA.com

Well this sounds terrible.

 

[krushing]

I read it 3 times and still don't have a clue what it says?

 

[HouseCall]

I read it 3 times and still don't have a clue what it says?

Ok good. For a minute I thought my reading comprehension was faltering. Then I remembered that I haven't been to law school.

 

[crosswatt]

Essentially, Benson can't use the Saints as collateral for the shares of the team he intended to remove from the trusts. They don't want the three R's to have any pathway to claiming ownership, or suing for ownership, were Tom to somehow default on a payment or asset owed to the trust.

 

[Da Living Saint]

Essentially, Benson can't use the Saints as collateral for the shares of the team he intended to remove from the trusts. They don't want the three R's to have any pathway to claiming ownership, or suing for ownership, were Tom to somehow default on a payment or asset owed to the trust.

But does he have enough other assets to do this?

 

[crosswatt]

But does he have enough other assets to do this?

I imagine its just going to be a structuring issue. The trustees and the feds are on board with the agreement. It probably just has to be worded in a certain way to assuage their discomfort.

 

[Da Living Saint]

I'd imagine that if things really came down to it, the Pelicans would go up for sale.

 

[Swimmer]

NFL rejects Tom Benson's ownership deal with estranged family's trusts | NOLA.com

Well this sounds terrible.

You are right. This is not good news. Problems with ownership impact FO, coaching and scouting

 

[insidejob]

This seems more procedural than anything else. Like the assets need to be structured differently on paper or something. It definitely doesn't appear to be the shocker that the notification headline I got made it out to be.

 

[SuperSaint]

We certainly didn't need any more distractions

 

[DaveXA]

You are right. This is not good news. Problems with ownership impact FO, coaching and scouting

Except there isn't a problem with ownership. In the grand scheme of things, this is essentially a non-event. As another poster noted, it's simply a procedural issue that's easily remedied with a tweak in language. Nothing a competent attorney can't handle.