As I said before , We need a Cut Throat Owner !
Good questions. I'm very skeptical that Gayle is simply a PR prop. As you stated, she's majority owner, attends and votes at league meetings, I didn't realize she and Lauscha were Co-Executors. Between the two of them, if one of them passes, the survivor would be the sole executor and I believe one of them would still have the power to make decisions about the team, up to hiring/firing Loomis. I'm not sure where Bensel fits in the picture but seems like he'd have a role in this.
Seems like the devil is in the legal language and I agree an attorney would have to parse the legal jargon in the probate documents.
Dave... I'm not so sure. It just appears to me that Gayle may not have authority over Lauscha when it comes to the Saints and Pels teams day-to-day operations. As I see it, there is simply not enough clarity in the Will covering such.
Here is what is going on in my head and making me question Gayle having authority over day-to-day operations of the teams.
As set out in the excerpts of Benson's Probate documents pasted below, why name Lauscha as co-executor with provisions and exceptions if you are putting Gayle in complete ownership and control of operations of the teams? Why is the Will specific as to Gayle being "income beneficiary"?
If I were Tom Benson, and what I wanted was for Gayle to be in charge and control of everything, I would simply name Gayle as Executor, sole heir and beneficiary, and then it wouldn't be necessary to add the provisions or stipulate anything otherwise covered in Article 1, would it? Seems to me that this Will may have been constructed in a manner intended to protect the current front office hierarchy from interference by Gayle.
I think that "sole voting power" means sole power to vote. I don't think that it extends to giving the person sole power to manage. I am betting dollars to donuts that there are in-house documents not privy to the public specifying who has authority over what.
Which is why in my mind, it is quite possible that what
@REBELMATT stated about Gayle Benson being little more than a figurehead has some merit. So when people say "Why doesn't Gayle just fire someone, maybe it is because she does not have the authority to do so.
Again, perhaps I am missing something, which is why I was hoping one of our member attorneys might enlighten us.
Interesting tipdbits from Bensons Will...
ARTICLE I - LEGACY OF ESTATE
1.02 If the Tom Benson July 2015 Revocable Trust for any reason, not in existence as of the date of my death, I leave estate to the Trustees of the Gayle Benson Marital Trust. which shall be governed by the following provisions:
"The trust...
1) shall have my spouse as
income beneficiary for her life...
4) shall have as
co-trustees my spouse and Dennis Lauscha.
except that Gayle Benson will have the
sole right to exercise all voting power over Benson Football. L.L.C and Benson Basketball. L.L.C
5) Dennis Lauscha shall have the power to appoint successor trustees; 6) the trustee shall distribute all of the income each year to my spouse. at least quarter!y, and shall distribute any income in the year of my spouses death to her estate...
7) the trustee shall invade and distribute principal of the trust to or for the benefit of my spouse for her health education, maintenance or support to enable her to maintain her accustomed standard of living...
ARTICLE Ill - SUCCESSION REPRESENTATIVE
3.01
1 appoint
Dennis Lauscha as executor of my succession with full seizin and without bond. If Dennis Lauscha is for any reason unable or unwilling to serve or to continue to serve. I appoint
Gayle Benson as successor executrix with full seizin and without bond. If Gayle Benson is for any reason unwilling or unable to serve or to continue to serve as executrix, I name and appoint
Mickey Loomis and
Greg Bensel to serve as successor co-executors, with full seizin and without bond. If either of Mickey Loomis or Greg Bense! is or becomes unwilling or unable to serve or to continue to serve as co-executor, I name and appoint as sole successor executor the one of them who is willing and able to serve or to continue to serve, with full seizin and without bond.
In the event that Mickey and Greg cannot agree on any matter, Mickey's decision will control. l specifically grant my then surviving executor the power to appoint successor executors of this Last Will and
Testament after my death, with full seizin and without bond.
3.02. I vest in my Succession Representative the broadest authority possible under the laws of the State of Louisiana, including the authority under Louisiana Civil Code articles 1302, 1572 and 1725, to allocate or assign specific assets to an heir or legatee in satisfaction of legacies expressed in terms of quantum or value.