NBA2d ago
Buss Siblings File New Challenge to Jeanie's Court Petition
Five siblings push back on effort to block sale of remaining Lakers stake
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Latest Filing Targets Trustee Dispute
The submission argues the family trust gave the siblings authority to end the trust and complete a sale of their stake. It stresses that the trust language requires a two-thirds majority for such a sale, which the siblings met with their 5-1 vote.
Details on Proposed Sale Terms
The filing supports selling the remaining 17.82 percent stake to Josh Kushner and Bob Iger at a 12.5 billion dollar valuation. It notes the trust holds 185.59 shares and highlights two rights secured in the prior transaction with Mark Walter. One allows sale at a 10 billion dollar valuation through a put provision, while the tagalong right permits sale at the higher current valuation. The document states this option delivers greater value to all beneficiaries.
Response to 2017 Order and NBA Rules
The siblings contend the 2017 court order became moot after the trust termination vote. They note the order does not require the trust to continue indefinitely or maintain any minimum ownership level. Although the NBA requires a controlling owner to hold a 15 percent stake, that threshold appears nowhere in the trust documents or the prior order. The filing also rejects claims of contempt, stating the siblings simply exercised rights granted to them as beneficiaries.
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