Tuesday, July 16, 2013

Lost hierarchy of land

It's probably the case that the city was always going to make a major play for the Wisner Trust land once 2014 came around. What wasn't necessarily going to be the case was that the administration leading the charge would be as ruthless as this one is.
Last Thursday, the City filed a motion in response to the Wisner heir's motion for partial summary judgement on whether or not the Trust was perpetual and if the Mayor, in his role as Trustee, has to obtain the advice of the Committee before he spends the City's portion of the money.  Mayor Landrieu and the City of New Orleans' counter-motion not only claims the Trust is dissolved, it claims the City and the Mayor are the sole heirs to the Wisner Trust properties and any monies generated by the assets.

That would exclude not only the heirs from their 40% ownership, it also eliminates Tulane, LSU (Charity Hospital), and the Salvation Army's interest in the Trust.

He wants it all....and he's going all in.
Expect counter-suits on behalf of the other parties. It's big pot of money they're fighting over. And it's bound to become an even bigger pot of money in years to come.


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