Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Monday, May 30, 2016

Creditors Fight Over 20% Interest in OKC Thunder

OKC thunderWhile the Oklahoma City Thunder fight for a spot in the finals, Aubrey McClendon’s creditors are fighting in probate court over his 20% interest in the team. The lenders fear that the interest, one of the main assets of value, will be sold to his wife for less than its worth. McClendon’s estate attorneys feel that the lawsuit was brought too early because the asset is not even for sale. They also contend that they would need to satisfy the NBA’s qualifications when selling the stake. However, according to the terms of one of McClendon’s loans worth $465 million, the bank group is asking for immediate repayment, insisting that McClendon’s death represented a default.

See Jessica DiNapoli, The Case of a Dead Oil and Gas Mogul Takes an Unexpected Turn, and It Involves the Oklahoma City Thunder, Business Insider, May 28, 2016.

Special thanks to Laura Galvan (Attorney, San Antonio, Texas) for bringing this article to my attention.  

https://lawprofessors.typepad.com/trusts_estates_prof/2016/05/creditors-fight-over-20-interest-in-okc-thunder.html

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