In a scathing 96-page ruling, Rupert and Lachlan Murdoch were found to have acted in “bad faith” in their effort to amend the family trust.
A Nevada commissioner ruled resoundingly against Rupert Murdoch’s attempt to change his family’s trust to consolidate his eldest son Lachlan’s control of his media empire and lock in Fox News’ right-wing editorial slant, according to a sealed court document obtained byThe commissioner, Edmund J.
The battle over the family trust is not about money – Rupert is not seeking to diminish any of his children’s financial stakes in the company –Rupert, now 93, has long intended to bequeath these sprawling media conglomerates to his children, much as his own father had passed on his vastly smaller media company to him and his sisters.
If Rupert and Lachlan do not succeed in court, they could pursue other means to consolidate Lachlan’s power. One way would be for Lachlan to buy out his siblings’ stake in the company.reported on the legal battle over the family trust in July, the paper, joined by several other news outlets, filed a motion to unseal the proceedings, citing the significant public interest in its outcome. That case is ongoing.
‘Today is about Dad’s wishes and confirming all of our support for him and for his wishes. It shouldn’t be difficult or controversial. Love you, Lachlan.’It was that provision that Rupert and Lachlan sought to exploit.
Rupert and Lachlan introduced their plan at a special meeting of the trust late last year. The ruling quotes a text message from Lachlan to Elisabeth on the morning of the meeting: “Today is about Dad’s wishes and confirming all of our support for him and for his wishes. It shouldn’t be difficult or controversial. Love you, Lachlan.”
James, Elisabeth and Prudence – referred to in the proceedings as the “objectors” – strenuously disagreed. They argued that they were being disenfranchised from their own family trust under what they maintained was a false presumption. They “disavowed any plan to oust their brother,” according to the decision, which also did not find “that they shared any singleness of purpose in changing the management of Fox News,” or other outlets following their father’s death.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Carefully crafted charade’: How it all fell apart for Rupert Murdoch in NevadaIn a scathing 96-page ruling, Rupert and Lachlan Murdoch were found to have acted in “bad faith” in their effort to amend the family trust.
Read more »
Rupert Murdoch fails in bid to change family trust: NYTA Nevada commissioner has reportedly ruled against Rupert Murdoch’s bid to change his family trust to consolidate control of his media empire in the hands of his son, Lachlan.
Read more »
Rupert Murdoch fails in bid to change family trust: NYTA Nevada commissioner has reportedly ruled against Rupert Murdoch’s bid to change his family trust to consolidate control of his media empire in the hands of his son, Lachlan.
Read more »
Rupert Murdoch fails in bid to change family trust, New York Times reportsA Nevada commissioner has ruled against Rupert Murdoch's bid to change his family trust to consolidate control of his media empire in the hands of his son Lachlan, the New York Times has reported, citing a sealed court document.
Read more »
Rupert Murdoch’s bid to change family trust to consolidate media empire fails7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Rupert Murdoch fails in bid to change family trust: NYTA Nevada commissioner has reportedly ruled against Rupert Murdoch’s bid to change his family trust to consolidate control of his media empire in the hands of his son, Lachlan.
Read more »