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LakerSD
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Omar Little
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 Posted: Mon Mar 27, 2017 8:21 am Post subject: |
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Hmm. Johnny still in, Jim out, gives up everything he'd lose if court case went against him, and no settlement? Nah, somethings missing.
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Dr. Funkbot
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LakerSanity
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| Posted: Mon Mar 27, 2017 10:38 am Post subject: |
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| Aeneas Hunter wrote: | | LakerSanity wrote: | | Jim isn't on the board. My guess is that Jim and Johnny just got something they really wanted, but, for PR purposes, that part won't be publicized so Jeanie can look like she "won." |
I thought it was interesting that the next board meeting is scheduled for December. It could be nothing, or it could be an agreement to give the stakeholders the rest of the year to arrange a buyout or something like that. |
With these latest events, your guess seems to be pointing to the right direction. One way or the other, I would have to guess as well that some kind of buy out is coming for Jim.
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LandsbergerRules
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| Posted: Mon Mar 27, 2017 1:47 pm Post subject: |
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| LakerSD wrote: | | http://www.latimes.com/sports/sportsnow/la-sp-jim-jeanie-buss-trust-20170326-story.html |
If this means they are going to stop wasting everyone's time with their family drama and get down to the business of making us a contender again, I'm all for it.
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Dr. Laker
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| Posted: Mon Mar 27, 2017 1:58 pm Post subject: |
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| Omar Little wrote: | | Hmm. Johnny still in, Jim out, gives up everything he'd lose if court case went against him, and no settlement? Nah, somethings missing. |
Buyout coming. I'm not a tax guy, so my assumption is they fund a seperate trust for James Hatten Buss that would generate $10-$12 million per year for him. Ideally, they break off the non-Laker assets in the family trusts and put them in Jimmy's trust and he walks away from any financial relationship with the others.
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Omar Little
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| Posted: Mon Mar 27, 2017 4:31 pm Post subject: |
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| Dr. Laker wrote: | | Omar Little wrote: | | Hmm. Johnny still in, Jim out, gives up everything he'd lose if court case went against him, and no settlement? Nah, somethings missing. |
Buyout coming. I'm not a tax guy, so my assumption is they fund a seperate trust for James Hatten Buss that would generate $10-$12 million per year for him. Ideally, they break off the non-Laker assets in the family trusts and put them in Jimmy's trust and he walks away from any financial relationship with the others. |
Yeah, they said no financial settlement, but that seems fishy. A guy is just going to give up the biggest piece of leverage he has (being a managing trustee that they can't fire) to avoid a legal process that stands a small chance of... removing him as managing trustee? And right after a transparent public display of what that leverage can mean in terms of being a nuisance?
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Dr. Laker
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| Posted: Mon Mar 27, 2017 5:23 pm Post subject: |
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| Omar Little wrote: | | Dr. Laker wrote: | | Omar Little wrote: | | Hmm. Johnny still in, Jim out, gives up everything he'd lose if court case went against him, and no settlement? Nah, somethings missing. |
Buyout coming. I'm not a tax guy, so my assumption is they fund a seperate trust for James Hatten Buss that would generate $10-$12 million per year for him. Ideally, they break off the non-Laker assets in the family trusts and put them in Jimmy's trust and he walks away from any financial relationship with the others. |
Yeah, they said no financial settlement, but that seems fishy. A guy is just going to give up the biggest piece of leverage he has (being a managing trustee that they can't fire) to avoid a legal process that stands a small chance of... removing him as managing trustee? And right after a transparent public display of what that leverage can mean in terms of being a nuisance? |
Again, I'm not a lawyer (but I've been sued plenty). The Times story said the judge agreed with Jeanie's assertion that she was basically "Controlling Owner for Life," which implies member of the BOD for life, as well. I think Jeanie had a compelling case - if not a winning one - to have Jim and Johnny removed. I think that rather than rolling the dice in court, this was a face saving compromise - one brother steps down as co-trustee so that Jeannie has a permanent majority.
I think buyout talks have been underway since at least the summer (no inside info, just piecing together odds & ends that have been reported.
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Omar Little
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| Posted: Mon Mar 27, 2017 5:32 pm Post subject: |
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| Dr. Laker wrote: | | Omar Little wrote: | | Dr. Laker wrote: | | Omar Little wrote: | | Hmm. Johnny still in, Jim out, gives up everything he'd lose if court case went against him, and no settlement? Nah, somethings missing. |
Buyout coming. I'm not a tax guy, so my assumption is they fund a seperate trust for James Hatten Buss that would generate $10-$12 million per year for him. Ideally, they break off the non-Laker assets in the family trusts and put them in Jimmy's trust and he walks away from any financial relationship with the others. |
Yeah, they said no financial settlement, but that seems fishy. A guy is just going to give up the biggest piece of leverage he has (being a managing trustee that they can't fire) to avoid a legal process that stands a small chance of... removing him as managing trustee? And right after a transparent public display of what that leverage can mean in terms of being a nuisance? |
Again, I'm not a lawyer (but I've been sued plenty). The Times story said the judge agreed with Jeanie's assertion that she was basically "Controlling Owner for Life," which implies member of the BOD for life, as well. I think Jeanie had a compelling case - if not a winning one - to have Jim and Johnny removed. I think that rather than rolling the dice in court, this was a face saving compromise - one brother steps down as co-trustee so that Jeannie has a permanent majority.
I think buyout talks have been underway since at least the summer (no inside info, just piecing together odds & ends that have been reported. |
Eh, I think she had a compelling case to have them enjoined from certain behaviors related to keeping her in power, but I haven't seen much evidence to support a court ruling them out on the grounds that they could continue to be a headache. I also don't think they expected to keep her from being in charge, they merely wanted to press the case of how uncomfortable they could be.
But again, even if I'm wrong on both, why would you give up the very thing you risk in court for nothing? If you stand the chance of being thrown out as managing trustee in court, the solution is to step down as trustee?
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