Saints and Pelicans Owner TOM BENSON last week delivered $522M in "promissory notes to his jilted heirs' trust funds ... as the billionaire continues with an effort to remove his daughter and grandchildren from ownership in the teams," according to Katherine Sayre of the New Orleans TIMES-PICAYUNE. Benson, 87, is "suing San Antonio lawyers ROBERT ROSENTHAL and MARY ROWE, trustees overseeing funds that hold Benson's heirs' stakes in the teams," 60% of the Saints and 95% of the Pelicans. Benson wants to "take those stakes out of the trusts in a move designed to put his wife in charge of the teams after his death -- rather than his daughter RENEE BENSON and grandchildren RITA and RYAN LEBLANC." Rosenthal, who has in turn "filed a lawsuit against Tom Benson, in January blocked Benson's attempt to remove the team stock" in exchange for $400M in promissory notes and other assets. Rosenthal argued that Benson "hasn't offered a fair trade." Benson last week "delivered promissory notes" for more than $478M to one group of trusts and a promissory note for $44M to a separate trust, totaling $522M. Benson's lawyer PHIL WITTMANN said that the increased amount "was based on a more recent appraisal of the teams, which was the plan from the beginning." In the court filing, Benson "insisted the trade is a fair deal" (NOLA.com, 8/28).
