Utah Jazz Ownership Restructured and Placed in Family Trust

[JAZZGASM]

[MENTION=39]Sirkickyass[/MENTION] Can you comment?

There are certain trusts where you can use transfer your basis at current FMV, and when the assets sale, no tax is paid on the difference between basis at grant.

It would be interesting to be a trustee of a family trust when you get a substantial offer to sale from an outside party. You have a fiduciary duty to maximize trust assets...

 

[bigb]

How does that affect anything?

I'm not exactly a lawyer (paging [MENTION=39]Sirkickyass[/MENTION]) but I'm guessing it means the family gives up the right to receive material benefits (profits) and makes it virtually impossible to sell.


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[Avery]

As the new owner of the org, I am having each of you sniped by nightfall tonight out of general principle.

 

[MoTappin]

Awesome. The Jazz have always been about family, and this solidifies it more.

 

[JazzForLifee]

Love this family. As I am experiencing chargers moving to LA because of their greedy owner, miller family is the best.

 

[fishonjazz]

How does that affect anything?

This.
Why do we care? Why the announcement?

 

[MTS]

This.
Why do we care? Why the announcement?

I have a friend who supports the Jazz and up until a week ago the San Diego Chargers. This announcement meant the world to him.

 

[DasAuto]

I've always asked myself if fans from US rather stick with the team or with the city/state.

 

[fishonjazz]

This.
Why do we care? Why the announcement?

After reading more of this thread and listening to some local talk radio on my way home from work, the correct answer to my question seems to be that this makes it less likely that the team would leave slc. And that is awesome!

 

[addictionary]

I've always asked myself if fans from US rather stick with the team or with the city/state.

I would like to think that it depends on the team.

 

[vegas]

So if you haven't read Driven, you need to. Since reading, I have been convinced that as long as Gail is around, the team will never leave Utah. Larry would roll over in his grave. I am happy her commitment extends far beyond the reaches of her life. Thanks again Larry!

 

[Stifle Tower]

And remember, Gail had to step in when the kiddies started to squabble and really didn't show much interest in basketball. She set up the team to be run by a board instead of Greggy.
I think Gail wants to leave this as a legacy. Why do it now? Because Gail is getting old. No telling when she will go the great courts on high.