LA Supreme Court denies 3Rs' appeal
The article mentioned the still pending federal case over the ownership shares in the teams. I just want to be sure that this case is over the non-voting shares in the franchises.
This case is Benson versus Bobby Rosenthal and Mary Rowe, the trustees in charge of overseeing the trust.
The issue as I understand it is that Benson wanted to do an asset swap, apparently something he has done several times before. Supposedly, if the values are determined to be equal, Tom does not need the trustee's approval to make an asset change.
Benson had the assets that he wanted to exchange for the shares of the Saints and Pelicans in the trust's value assessed by Empire Valuation Consultants, and presented the swap proposal to Rosenthal. He declined the swap, and asked for a second estimate as to the value of the assets. Benson refused on the grounds that Empire had provided acceptable estimates in previous transactions, and that there was no legitimate reason for the trustee to not accept their figures this time.
Benson presented an amended asset portfolio with an estimated value equal to the shares in the trust, and Rosenthal again declined to process the swap. So Benson files suit in federal court to force him to make the transaction.
Rosenthal countered with a suit asking for the case to be dismissed, as a New Orleans court doesn't have jurisdiction over Texas dealings (which I don't understand since its federal court. But I digress), and resigning his position as trustee of the 2012 trust in question, naming Mary Rowe his successor.
She has also declined to approve the swap, prompting Benson to add her to the suit.
The LeBlanc's have no say or stake in this case, as their last attempt to wrestle control of the sports franchises died on the Supreme Court's steps. They're done.