Friday, September 30, 2016

That's all he actually has

It was never clear just how Tom Benson was going to buy out his heirs if he couldn't offer them something of comparable value. No one is saying the dealerships and other investments are worthless. But the great part of Benson's wealth comes to him via the football team.  So there really  isn't anything he can offer the kids that would be fair.

Which is why the NFL rejected the most recent settlement proposal.  Benson was, essentially, trying to pay for the Saints with the Saints.
Recent court filings show the NFL's finance rules won't allow Benson to use his personal wealth — including the controlling, voting stock in the Saints — to back the proposed promissory notes. Under that kind of a deal, the trusts could move to seize Benson's personal assets, including the controlling stock, if Benson were to default on the notes.
Turns out the NFL frowns on "Loomis math." And who can blame them? Their profits are based on collecting obscene sums in television advertising revenue while bullying state and local governments around the country into subsidizing the bulk of their costs.  There are a few other businesses that compare that. But Tom Benson only owns shares in one.

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