LOS ANGELES — The court back-and-forth between the five Buss siblings and Jeanie Buss over the sale of their 17.8% minority stake in the Lakers continued on Friday when lawyers for Joey and Janie Buss – co-trustees alongside Jeanie in the Buss Family Trust – filed an additional 29-page document in L.A. Superior Court in opposition to their sister’s attempt to void their 5-1 vote to sell their stake to Bob Iger and Joshua Kushner.
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The filing, obtained by the Southern California News Group, argues that the majority vote made up of Jimmy, Johnny, Janie, Joey and Jesse, exceeded the two-thirds threshold and that the vote itself triggers the termination of the trust and should permit the sale with their tag-along rights. As co-trustees, the filing argues, Joey and Janie were required to implement the vote.
Friday’s filing follows a letter sent to the court last week from the five siblings that argued that Jeanie’s actions were in violation of the trust and should be ignored.
“Jimmy, Johnny, Janie, Joey and Jesse Buss, the five of six siblings who voted to sell the Trust’s shares in the Lakers, today filed their formal opposition, demonstrating that Jeanie Buss’s petition is legally and factually baseless …,” the Buss siblings, sans Jeanie, said in a statement last week to SCNG.
“While discussions among the siblings continue, their focus remains on facilitating the proposed transaction and the Trust’s participation in it, while ensuring that all beneficiaries, including Jeanie, are treated equally. Today’s filing is a necessary step to protect those interests and ensure the transaction proceeds on schedule.”
Lakers governor Jeanie Buss’ attorney, Adam Streisand, argued in an August petition to L.A. Superior Court that the vote from the siblings should be voided and that Jeanie “never agreed to any sale, was never consulted, and was never even informed.” The motion also called for Janie and Joey to be held in contempt of court and be removed as trustees, while also requesting that Johnny, Jimmy and Jesse also be held in contempt of court for having “aided and abetted” their trustee siblings.
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To be Lakers governor, or the governor of any NBA franchise, one must hold at least a 15% stake in the franchise. If the Buss siblings were to sell their stake, Jeanie would no longer have enough of a stake to serve as governor. Friday’s filing states that while the trust explicitly blocked the sale of Lakers stock during Dr. Jerry Buss’ lifetime, there is no tie-in in a similar fashion attached to Jeanie.
“There is deep irony in (Jeanie) alleging that it is (Janie and Joey) who are putting their self-interests first,” the filing states. “The entire Petition (filed by Jeanie) is predicated on the notion that rights expressly granted to the beneficiaries by the Trustor should be subjugated to (Jeanie’s) personal interest in remaining Controlling Owner. (Jeanie’s) hypocrisy should not go unnoticed.”
A hearing is scheduled for Dec. 8 in L.A. Superior Court. The next NBA Board of Governors meeting, where Iger and Kushner’s $12.5 billion valuation purchase of the Lakers could be approved, is set for November.
The Lakers tip off their season on Wednesday at 7 p.m. against the Golden State Warriors.
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