I'm sure there is a way to maneuver a payout in the form of some kind of "annuity" device. I can see them being greedy though as well. It smells of a rich kid who has tired of the amazing vintage car collection their daddy was given them after running it into the ground.
I understand 100mill is 100mill but the fact that jim and johnnie want to sell out goes to show they dont respect or care about their fathers wishes/legacy and how much work he put in to leave such an incredible asset for his kids
I am no Jim and Johnnie sympathizer but they have reason to want out. Johnnie is 60 with his own kids and according to Janie Buss the trust doesn't transfer to kids, but to siblings. If he wants to look after his kids I get it. They just have to find a way to sell out while still allowing the Buss family to hold the majority shares.
The other buss kids work for the Lakers. Both Jesse and Josh worked directly with Magic to help him with the trade deadlines. Josh runs the Defenders or South Bay Lakers now, and Jesse heads up scouting for the Lakers and is involved in all major things, you see him around during the drafts etc while still running the D league team.
I said the other kids that werent involved, like janie....why isnt she trying to sell knowing the trust doesn't transfer
Janie runs the Lakers Charitable Services, supposedly she fields over 500 charity requests a month for the organization and runs the Lakers Youth Foundation.
Ok but im sure shes not a 100 millionaire doing that job and if she sold her interest its not like the org will fire her on the spot for a position like that
She's doing what her dad wanted her and the others to do, period. As are Jeanie, Jesse and Josh. Apparently 10 million a year is good enough for some people.
I think you mean Joey Buss, Alcindor. Too many damn "J" names. But as far as I can understand the trust (which admittedly isn't a great understanding) the Buss siblings each have 11% of the company and get a 10-11 million dollar stipend a year depending on the amount of money the Lakers make. The trust stipulates that should a Buss child die, the remaining shares go to his/her siblings and not to their individual kids therefore that stipend and those shares are forfeit and their families are no longer supported by the Lakers. Of course, with money like that you'd think those families could have invested well enough to figure out ways to support their own families, but that's sort of beside the point. If they sell out their shares they can get something like 300 million dollars for their individual families to invest. I'd probably try to get out too. Of course, I'd do it in a respectful fashion instead of what Jim and Johnny did.
The days of family run sports franchises is almost a thing of the past. It sounds like he understood that, and situated his kids to be able to cash out quite well. For those kids that live longer than 30 years, they may be better off holding onto the shares. That may only apply to the younger siblings, and maybe someday the Joeys of the world will end up with managing control? Either way, a major changing of the guard on many fronts.
Yeah Josh = Joey I think. Ok regarding wanting full pay or not, sure it sounds great though keep in mind you will be taxed on that immediately, even so it leaves a boat-load of money. Jim and John getting out of the trust creates a minority on the board of directors with the Buss family losing control of the Lakers. Jim & Co ought to let John go, he has kids. Jim has none. Those 2 equal 22% of the 66% of the Laker ownership. With John out it drops to 55%, the family still has controlling interest. If Jim remains in the trust at least long enough to let the remaining family members reinvest and buy out the 6% or so from other ownership stakes that would allow them to cut Jim loose, then the family retains control. This is doable, Anschutz, Soon-Shiong, or whoever else is in ownership could cut loose with a point or 2 in the interest of keeping the Buss family in control and exceptable payment of course. It seems to me John and Jim could seek a solution like this rather than the, as I said from Janie's earlier quote, "I'm taking my ball and leaving" type of reaction they have launched so far.
This talk will die down in a few weeks. I doubt we will hear much about it. Right now Jim is fired and everything is fresh and the interest is high. Soon enough nobody will care.
Girl power .... Tania on Jeanie http://www.latimes.com/sports/lakers/la-sp-jeanie-buss-20170618-htmlstory.html
It's a nice read. A little fluffy, but it makes many excellent points with female leadership. It also has some excellent quotes from Johnny Buss.
