LA dodger's-main prize in divorce dispute

Started by outdoors, Sep 15, 2011, 01:32 AM

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outdoors

McCourt, ex-wife reach temporary spousal support deal

Los Angeles Dodgers owner Frank McCourt will keep paying $225,000 US per month to his ex-wife, but money once used toward the mortgages of six luxurious homes will come from a $1.1 million escrow account, lawyers said Wednesday.

Lawyers for the former couple hammered out a deal that called for McCourt to pay temporary spousal support to Jamie McCourt over the next couple of months. He was paying an additional $412,159 a month for the mortgages of six homes and a condominium, but that money will now come from an account created after the sale of a home near the Playboy Mansion.

The McCourts have been embroiled in a costly and nasty divorce battle where the main prize has been the Dodgers. What will happen to the team has been put on hold until a bankruptcy court in Delaware sorts out the mess.

"More clearly, until the case is out of bankruptcy, the Dodgers can't be sold," said Superior Court Judge Scott Gordon, who presided over an 11-day trial regarding the validity of the McCourts' post-nuptial marital agreement.

McCourt had sought a reduction in spousal support, arguing he had paid his ex-wife roughly $7.7 million over the past year. He believed the payments should be more in line with the $5 million he receives annually.

Jamie McCourt noted in a recent filing that her ex-husband has received more than $44 million into his bank accounts since June 2010 and should be able to pay her lawyers fees.

Lawyers on both sides said outside of court that more of the McCourt homes would likely be sold. Among them are a pair of beachfront homes in Malibu and another in tony Holmby Hills.

The Dodgers recently filed for bankruptcy protection, blaming a cash-flow crisis on Major League Baseball's refusal to approve a multi-billion-dollar TV deal McCourt was counting on to keep the franchise afloat.

MLB had assumed control of the club's day-to-day operations in mid-April before the team filed for bankruptcy.

Gordon ruled in December that the marital agreement that gave McCourt sole ownership of the Dodgers was invalid, clearing the way for Jamie McCourt, who served as the team's CEO but was fired by her ex-husband two years ago, to seek half the team under California's community property law.

A group backed by Chinese government-owned investment banks has made a $1.2 billion offer to buy the Dodgers, but McCourt has repeatedly said he's not interested in selling the team.

The McCourts were scheduled to return to court in November to address topics including a "characterization" trial to determine if title to the Dodgers is in Frank McCourt's name or if the team should be considered community property.



Read more: http://www.cbc.ca/sports/baseball/story/2011/09/14/sp-mcourts-spousal.html#ixzz1Y0Z4K0iE

The Biscuit Queen

If I were him I would be tempted to transfer all assets over to some swiss bank account or give it all to charity and move to a tropical island.
he Biscuit Queen
www.thebiscuitqueen.blogspot.com

There are always two extremes....the truth lies in the middle.

BRIAN

Just disgusting. The courts invalidated the prenuptial agreement based on her not understanding it. Keep in mind she was a practicing attorney when they met.  They are also calling things marital property that he amassed before he ever knew the bitch was alive way before they were married.
You may sleep soundly at night because rough men stand ready to visit violence upon those who seek to harm you.

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