X
    Categories: 2017

Kerkorian Estate

El Paso Times (Texas)
 Tuesday


Kerkorian Estate



Eds: Attorneys Jill Basinger and Amin Al-Sarraf, for the Kerkorian

estate, can be reached at (310) 553-3000; Brendan Coughlin, for Davis, (949)

379-6500.

By BILL HETHERMAN

City News Service

LOS ANGELES (CNS) - Lawyers for Kirk Kerkorian's widow want a judge to

order the estate's executor to provide an explanation for some of the

billionaire's management decisions, including the financing of a box office

flop and the distribution of $200 million in estate assets to charities.

Una Davis was married for a brief time to Kerkorian before his June 2015

death at age 98 from age-related causes. His estate's lawyers estimated its

value at $1.8 billion at the time of Kerkorian's death, but Davis' attorneys

say increases in MGM stock value make the assets closer to $3 billion.

``This may well represent the largest probate estate in Los Angeles

County history, if not the entire state of California,'' Davis' lawyers state

in their court papers.

An attorney for the estate could not be immediately reached for comment

on the Los Angeles Superior Court petition, which is set for hearing on Sept.

13.

Davis is seeking a one-third interest in Kerkorian's estate, saying she

was pressured by those close to him into signing a waiver to any interest she

had when the two wed in 2014. Kerkorian was married three times previously.

Judge Maria Stratton previously put a stay on litigation related to

Davis' petition while she appeals the judge's March ruling allowing the

Kerkorian estate's executor, Anthony Mandekic, to oppose her petition. Davis

maintains she is an ``omitted spouse'' who is entitled to the same amount of

money she would have received had Kerkorian died without a will.

Documents filed by Kerkorian's attorneys when his estate was opened

included a copy of his will, dated July 2013. Kerkorian designated that $15

million be given to Patricia Mary Christensen, the wife of longtime Kerkorian

attorney Terry Christensen, and $7 million to Mandekic, who also served as

secretary-treasurer of Kerkorian's Beverly Hills-based Tracinda Corp.

Davis' lawyers maintain that the time is ripe for Mandekic to explain

some of his actions.

``Petitioner has become aware of a number of circumstances that should

give the court concern as to the actions of Mr. Mandekic as executor and should

lead to his being ordered to file an (account) for his actions in regard to

this multibillion-dollar estate,'' Davis' lawyers state in their court papers.

Mandekic has obtained sole control of $900 million in cash by selling

$34 million in MGM stock, according to Davis' attorneys.

``Has Mr. Mandekic been using or investing in options or other risky

investment vehicles?,'' Davis' lawyers ask in their court papers.

Davis' lawyers also cite the April premiere of ``The Promise,'' a film

about the Armenian genocide that starred Christian Bale and was directed by

Oscar winner Terry George. They state in their court papers that they believe

Mandekic was a co-manager of Survival Pictures LLC, which produced the movie.

``Despite its star power, the film was a financial failure and the

production is expected to lose as much as $80 million,'' Davis' lawyers allege

in their court papers. ``Leaving aside its historical relevance, how precisely

was the flop of a film financed? All of this concerns (Davis) as a claimant to

one-third of the estate, as it should concern the court in its supervision of

Mr. Mandekic in performance of his ... duties.''

The Davis attorneys also ask why Davis was given an executive producer

credit for the film.

In February, Stratton allowed for the distribution of $200 million to

various charities picked by Mandekic and other members of a committee.

Attorneys for the estate said in June that most of that money had been

distributed, according to Davis' attorneys' court papers.

``Which charitable organizations did the selection committee ...

choose?,''? Davis' lawyers ask in their court papers. ``What amounts were

distributed to each?''

Parkev Tvankchian:
Related Post