Utah Jazz Ownership Restructured and Placed in Family Trust
- Thread starter MDAV28
- Start date
So wait, this is more of a symbolic move rather than anything that will really change how the Jazz are structured from a business model perspective, right? All the people who were previously in charge of stuff are still in charge of stuff and the same people who sign the bills still sign the bills, right?
Ah so wonderful they can avoid supporting our community again with their tax dollars. After just getting a grundle of money from the redevelopment agency
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How does that work? Is there some kind of time stamp on it? Surely someone could override it if they really wanted to.
There's no doubt that probably played a part in it. But it also means the heirs don't have to sell the team to pay the inheritance tax.
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J
JAZZGASM
Guest
That really depends. Generally the fiduciary/trustee of a trust has fiduciary duties to diversify assets and maximize value. I imagine the Miller's had their lawyers put in language to avoid those types of issues, and allow the trustee to ignore other offers and the general duty to diversify. But without seeing the trust documents, it is unclear whether this transaction makes it more or less likely that the team will be sold.
Like I said earlier, I'm not a lawyer, but Gail said in the press conference that it is as close as possible to ensuring ownership in perpetuity. The family receives no material benefit from the trust, so they have no motivation to sell it.
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Hmmmm, I'm just worried that this deal may make them less likely to every pay the LT.
Game6Conley
Well-Known Member
Can someone bless this thread with a TL;DR. Or at least explain why I should read 11 pages on this topic.