Jul 16, 2014|
Automatically Generated Transcript (may not be 100% accurate)
We're talking about the process to sell the Buffalo Bills. Right Cunningham is with us in studio this morning he's in a state -- trust expert we've been talking about the process for the past hour and -- how does the actual vote from the trust work. With this with eighty with the bills we know there for. Members of the trust in this case does it have to be an agreement by all four members -- how does it usually work in these cases. Normally in the us trust instances a majority of the trustees. Are going to be or carry the day or 23 of the force davis'. -- to be. The that this buyers going to be the buyer this person's going to be picked and it's going to be is the criteria for picking the person generally as a simply going to be. Based on the recommendation from the law firm in the yeah I mean in the financial -- saying this is the best offer we hand -- There may be other criteria in the trust the wave that offer you know. Is little in the U you can put things in our supporters are there could be things in there. But the other thing is it very well could be the end. New York -- doesn't this sort make the school in the nation but other states do when you can do it in the document if you want to. We hear if there's there there -- be one trusting them makes an entire decision and the words the trustees could be. Tasks with various things -- to be one trustee that is the financial advisor person he's the person that makes the call. Normally that doesn't happen normally what it is before trustees are present them with. These are the three best offers. They talk about them they say this is. The one we want the trustees are down about what's called a fiduciary duty units to the beneficiaries of the trust. Generally the duties is very simply to Max value. -- beneficiaries arm almost like a board of directors is the shareholders. A company and so that's going to be consideration if there were other things built into the document I don't know that there would be here that will ever be a factor. You know if there's a local bitter -- there to pick preference -- -- -- -- I don't know you can put all sorts of things in these documents and in generally most states. Have to sort of a -- in New York doesn't and Michigan dozen states do have a very sort of all things being equal this is -- the trust wall works but almost all of those. Rules. Except for the ones that are the that you can't. You can't change because of being you know. Against public policy let's say you can pretty much change in your document department say whatever wants to say so it's going to be. Most likely to be your highest bidder is but we're not ever gonna know that probably because no this is ever in this likely ever going to be disclosed it's simply. Is assuming that is the highest bidder what will happen is. You'll hang out of the walkie -- -- forum in the financial. But the financial guys say well mrs. button numerous partly financial that this is the best business deal we have. Where these are the three business deals this is how we rate them the trustees and in. Review them perhaps even recruit or retain financial people individually to review them and make their decision but that's premature. It it's it's pretty much is simply going to be here's the best. Do you we have. You know upper -- you know how you -- Okay Ralph Wilson's wife Mary as a member of the -- -- as we know. Now let's say a couple of the other members of the trust say that he used to offers hero of the -- store offers on the table but their senses. I'd like this one what do you think of this one and it may not be the best. Would she be the most influential. Person as a member of that trust. It's gonna depend on what the trust document says. Probably not it's either going to be the trustees are either gonna have equal weight. Or very well she could be the person that that that if you. That the document to say that the ultimate decision upper Dalembert while it still comes down to a vote regardless it Couric couldn't convert the trust argument could very well say. That relative to the sale of the Buffalo Bills Marie Wilson. Has the ability to -- and bar in the trust. And baseball man but what if if a single trustee has that ability that all the liability. Potentially from future beneficiaries the trust -- that person's decision. So that's how you sort of delineate the fate or -- to simply be an up down majority vote. And there -- -- are -- a couple of those people who were but for the rest of trustees -- ones are not disclose our financial folks for probably couple Ramallah. And so that's where you're gonna. You know I would imagine and you know. I would guess so it's either going to be -- an arrest on the shoulders of a financial person it's going to be a majority of the trustees. Hard to say you'll never met probably. And this is still months away I would think that it's. Given where the processes and given that the books -- just went out there's probably going to be. There's probably going to be perhaps some initial proposals -- -- a month or two away and in. Beyond that they're gonna -- does it come down to maybe two or three folks and however the bidding process is gonna go from there they're gonna present their best offers and in the trustees are gonna have to reviews with council. And with their financial people see which ones are. First of all viable and then relative to Vance. In which one's the best for either maximizing value were doing whatever the trust as do most likely. In -- percent of the time it's going to be whichever ones to support for equipment money. 99%. Or more and more more than one because it's. At that point what you know the trustees are bound by a fiduciary duty to maximize the value of the trust the beneficiaries. Unless there's something in the trust agreement that. Changes. Which were never now. Right we've learned an awful lot this has been -- very interesting thanks so much for coming and thank you. Roy Cunningham is it trust expert and state law trust expert joining us in studio this morning.