“Let It Go”

Thursday, 29 May 2014 20:20
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One of India’s wealthiest Hindu spiritual leaders died in January from a presumed heart attack.  His followers placed his body in a guarded, commercial freezer on their Ashram and maintain that he has drifted to a deeper form of meditation as a pathway to self realization.  His family has asked an Indian court to order the release of the body for cremation.  The family maintains that the followers are claiming he is alive so they can retain control of his $170 million estate.

Two quick points:

1.  $170 million is nice coin for a religious leader and even more so in a country with per capita income of  $1,200.

2.  The guru’s disciples might have solved the riddle of eternal life – simply freeze all dead bodies while waiting for them to return to life.  Commercial freezer manufacturers will be overjoyed, at least during this life.

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Tragic Kingdom

Friday, 23 May 2014 08:31
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Walt Disney’s youngest daughter died in 1993 survived by her 3 children.  She left her fortune in trust for them with a provision that they would receive their inheritance in $20+ million installments at the ages of 35, 40, and 45 if they showed “maturity and the financial ability” to manage the money.  Her son, Brad,is embroiled in litigation with the trustees over their refusal to give him his installment on his 40th birthday even though they gave installments to his older sister who was allegedly addicted to heroin and died a year after receiving her first installment and to his twin sister who had suffered a brain aneurysm and never held a job.  Brad does receive $1 million annually but his step-mother allegedly wants him to receive the large distribution so the funds will be available to her children.  The attorney who drafted the trust said the provision about maturity was his mother’s way to never give Brad control of the funds but to still treat him the same as her daughters.

Several points:

1.   When children have different needs and abilities, parents should treat them differently in their trusts to protect the children.

2.  The trust should have had a no substance abuse clause which would have allowed the trustees to pay for treatment for the oldest daughter and not give her funds to pay for a lifestyle that led to her death.

3.  Any similarity between the step-mother and Maleficent is purely coincidental.

 

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Huguette Clark = Howard Hughes?

Wednesday, 21 May 2014 20:42
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As part of her $300 million fortune, Huguette Clark owned Bellosguardo, a 23 acre estate on the Pacific Ocean in Santa Barbara valued at $85 million.  She inherited it in 1963 upon the death of mother but never visited it because she did not want to diminish her memory of her mother there.  In a matter mirroring that of Howard Hughes’ Mormon Will, a pro se Santa Barbara woman filed a lawsuit against the estate claiming that after an hour conversation in 1985, Ms. Clark gave her the mansion by writing “Cabrillo Mansion yours” on a piece of paper.    A court dismissed the lawsuit because the statute of limitations had expired in 1989.

Several points:

1.  To convey property, a deed must contain the grantor’s name, the grantee’s name, a description of the property, and must be appropriately witnessed and/or notarized.  Real estate cannot be conveyed via the equivalent of a bearer bond.

2.  It is heartening to see that no attorney wanted to touch this obviously fraudulent case.

3.  Perhaps if the note had also provided that the Church of Latter Day Saints would also receive Bellosguardo, she would at least have been able to sell the movie rights to “Lori and Huguette.”

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Saturday, 17 May 2014 12:41
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Collaboratively administrate empowered markets via plug-and-play networks. Dynamically procrastinate B2C users after installed base benefits. Dramatically visualize customer directed convergence without revolutionary ROI.

Efficiently unleash cross-media information without cross-media value. Quickly maximize timely deliverables for real-time schemas. Dramatically maintain clicks-and-mortar solutions without functional solutions.

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Saturday, 17 May 2014 12:40
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Collaboratively administrate empowered markets via plug-and-play networks. Dynamically procrastinate B2C users after installed base benefits. Dramatically visualize customer directed convergence without revolutionary ROI.

Efficiently unleash cross-media information without cross-media value. Quickly maximize timely deliverables for real-time schemas. Dramatically maintain clicks-and-mortar solutions without functional solutions.