Wednesday, November 11, 2015
The Texas 4th Court of Appeals recently upheld a trial court's ruling which removed administrative control from billionaire Tom Benson of a trust set up by his late wife for their daughter Renee. The dispute arose, in part, from Benson moving approximately $25 million from a bank owned by the trust and replacing the assets with personal promissory notes of dubious value. Currently two co-receivers manage the trust although Benson has not been completely removed from management. This new development is just the latest in series of cases between Benson and his daughter and grandchildren in Texas and Louisiana concerning future control of his business and sporting empire.
See Jaquette White, Texas appeals court affirms decision to oust Tom Benson as trust administrator, The Advocate, September 9, 2015.