Trial will determine if Donald Sterling was properly removed from Sterling Family TrustPosted by Inside Hoops
Here’s ESPN.com reporting on the latest Donald Sterling news:
A Los Angeles County probate judge has scheduled a four-day trial for July 7-10 to determine whether Los Angeles Clippers co-owner Donald Sterling was properly removed as a trustee from the Sterling Family Trust, which agreed to sell the franchise to former Microsoft CEO Steve Ballmer on May 29 for a record $2 billion.
The lawyers for Shelly Sterling, who assumed the role of sole trustee and negotiated the sale with Ballmer after two neurologists determined Donald Sterling was mentally incapacitated and no longer able to conduct his own legal and business affairs, requested an expedited hearing so that the sale could be approved by the NBA Board of Governors by July 15 and closed by September 15, as outlined in the purchase agreement. Both Ballmer and Shelly Sterling have agreed to a grace period that allows for board approval by September 15.
Should the sale not be closed by September 15, Ballmer theoretically could pull out of the deal and the NBA would be forced to begin termination proceedings against Sterling again, then sell the team itself. However, sources say there is no indication Ballmer would do that.
Ballmer has not yet funded the $2 billion sale, except for the $300 million he put in escrow during the bid process.
The court denied Shelly Sterling’s request for relief. However, according to the ruling obtained by ESPN, “… given the upcoming deadlines regarding the proposed acquisition of the Los Angeles Clippers, the Court, on its own motion, sets the matter on shortened notice for a contested evidentiary hearing” before Judge Michael Levanas. A trial conference, where a list of witnesses will be submitted, is set for June 23.