Sharon Purcell DiLeonardo - Page 8




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          review the Third Account, appear before the California Court, and           
          make appropriate objections.                                                
               Insufficiently productive assets.  Petitioner contended that           
          the Trustee failed to earn a normal rate of return on trust                 
          assets, focusing on two of these assets.  One asset was the                 
          residence which had been occupied by L.O. Ivey’s widow after his            
          death.  Petitioner contended that the Trustee failed to make the            
          property productive after the death of L.O. Ivey’s widow and that           
          the Trustee sold the residence for only $3.5 million, although              
          the residence had been appraised at $5.2 million and there had              
          been offers to buy the residence for more than $3.5 million.  The           
          other asset was a series of gypsum mining claims located in                 
          Nevada.  L.O. Ivey owned the claims for 10 to 12 years before his           
          death.  For nearly 15 years the Trust did not receive income from           
          the claims but did incur expenses associated with them.  The                
          Trustee disposed of the claims after petitioner filed the                   
          Objections.                                                                 
               Charges of bias and fraud.  Petitioner charged that the                
          Trustee failed to protect the interests of income beneficiaries             
          with regard to the residence that had been occupied by L.O.                 
          Ivey’s widow, and that, to make up for this, the Trustee proposed           
          to distribute the proceeds of the sale of that residence in a way           
          that would fail to protect the interests of the remainder                   
          beneficiaries.  Petitioner proposed that the income                         






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