Tuesday, October 16, 2012
The heirs of the estate of New York Times publisher Arthur "Punch" Sulzberger are seeking to sell the $41 Million in stocks that their father owned at the time of his death. A few weeks ago on September 29, 2012, his children petitioned the Surrogate's Court in New York for a quick sale of the Class A common shares that their father owned. The children did not attempt to sale the Class B shares that their father possessed so that the Sulzberger's could retain control of the company. The family owns only 15% of the ordinary shares of the company, but the family trust retains about 70% of the Class B shares, which give complete control to the family. In addition, the trust has particular rules for transferring and selling stock. The late Sulzberger also owned a good number of assets independent of the stock, "including: a $ 5 million Fifth Avenue co-op; a $7 million home on Gin Lane in Southampton; $1.7 million in cash; $5 .7 million in a trust; and, $14.3 million in fixed-income securities."
See Dareh Gregorian & Paul Tharp, Very Taxing Times, Sulzberger Heirs To Sell Up to $41M of NY times Stock, New York Post, Oct. 12, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.