Rupert Murdoch and The Bancroft Trustees

Yesterday the Florida Probate Litigation Blog posted a great link to a Wall Street Journal article about the Bancroft Family’s long-time trusts lawyers hold the key to Mr. Murdoch’s purchase of Dow Jones.

From the article:

The Bancroft family may own a controlling stake in Dow Jones & Co., but the final decision on whether to sell the publisher of The Wall Street Journal to Rupert Murdoch could well be made by a small circle of longtime family lawyers in downtown Boston.
[Rupert Murdoch]

Lawyers from Hemenway & Barnes sit at the center of dozens of overlapping trusts that hold power over most of the Bancrofts’ 64% voting stake in the company (see a breakdown). Those lawyers occupy two of the three trustee seats on a number of key trusts, with the third held by a family member. On one of the biggest trusts, lawyers from the firm are the only trustees. And the fact that the large Bancroft clan is divided over whether to sell further deepens the firm’s influence.

“The vote really resides with them,” says one family member who is leaning in favor of selling the company.

Its worth reading especially to see the chart that breaks down whose trust owns what share and what it means to each beneficiary. The FPLB also has some applicable advice for Grantors and Trustees

Thanks Juan!

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