Benson tries to remove stock in teams from trust funds - FOX 8 WVUE New Orleans News, Weather, Sports, Social

Benson tries to remove stock in teams from trust funds

Tom and Gayle Benson (FILE/FOX 8) Tom and Gayle Benson (FILE/FOX 8)
SAN ANTONIO (WVUE) -

Saints and Pelicans owner Tom Benson filed suit Wednesday morning to remove all stock in both professional teams from the trust funds set up for his daughter and grandchildren.

The suit seeks a court order to allow Benson to remove stock in the teams in exchange for $556 million dollars in promissory notes.

FOX 8 legal analyst Joe Raspanti says this is Benson's attempt to regain control of his sports franchises.

"To do that you have to do an exchange and it has to be an equivalent exchange," Raspanti said. "So there's going to be some argument as to whether or not what he's putting is equivalent to what he wants to take out."

Raspanti said this is separate from Benson's competency hearing, but if he is deemed incompetent by the court, they will not allow him to proceed with removing the stock.

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