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SBD/July 22, 2014/Franchises
Sterling Meets With Ballmer As CFO Says Family Needs Clippers Sale To Cover Debts
Published July 22, 2014
DEBT COLLECTION: USA TODAY's David Leon Moore notes only "one witness took the stand" yesterday, Sterling Family CFO Darren Schield, who "manages the day-to-day affairs of Donald and Shelly Sterling's multibillion-dollar real estate empire." Schield testified that when Donald Sterling "revoked the Sterling Family Trust on June 9, a move Donald hoped would block the sale, he triggered a process that could result in a default of nearly" $500M the Sterlings owe to three banks. Schield said that the "only way to pay off the loans would be to sell a major portion of the Sterlings' property" (USA TODAY, 7/22). Schield said that the family trust's "dissolution could trigger a default" on its $250M credit line with Bank of America. He added that if the loan "couldn't be repaid out of the proceeds from selling the Clippers, it would likely be renegotiated at a much higher interest rate" (WSJ.com, 7/21). Schield said that if Sterling "has to dump" $500M worth of apartment buildings "he could destabilize the Los Angeles real estate market" (AP, 7/21).