New Decision Clarifies Rules Regarding Derivative Standing for Creditors in Delaware Court of Chancery
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Individual Clients partner Cheryl E. Hader was quoted in a May 24, 2012 New York Times article about reported rumors that the Steinbrenner family has been exploring a possible sale of the New York Yankees. Ms. Hader was quoted as saying that the threat of an increase in the federal capital gains tax might prompt an interest in selling the team. She said that it is likely that the trusts set up by the late George Steinbrenner were generation-skipping trusts – affording heirs the avoidance of transfer taxes at the passing of the previous generation and protection from creditors. Ms. Hader also said it is possible that a sale of the team was not ruled out in the terms of the trusts, saying, “Theoretically, he [George Steinbrenner] could have said ‘Only if there is a strong reason’ – like emergency financial needs.”