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Term Sheet

Term Sheet

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Published by: fishe5252846 on Jun 17, 2011
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06/17/2011

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9
BINDINGTERMSHEET
1DennisM.Wasser(SBN41617)BruceE.Cooperman(SBN76119)
2WASSER,COOPERMAN
&
CARTER,P.C.
2029CenturyParkEast,Suite1200
3
LosAngeles,California90067-2957TelephoneNo.:(310)277-7117
4
FacsimileNo.:(310)553-T7Q
5
MichaelJ.Kump(SBN100983)SuannC.MacIsaac(SBN205659)
6
JonathanSteinsapir(SBN226281)
KINSELLAWEITZMANISERKUMP
&
ALDISERTLLP
7808WilshireBoulevard,3rdFloorSantaMonica,California90401
8
Telephone:(310)566-9800Facsimile:(310)566-9850
n,'
Ahl(;pn::s
cc,UPERlOP.COURT
JUN17
2011
DavidBoies
(ProHacViceadmission)
10
JamesFoxMiller
(ProHacViceadmission)
BOIES,SCHILLER
&
FLEXNERLLP
11
333MainStreetArmonk,NewYork1050412Telephone:(914)749-8200Facsimile:(914)749-8300
13
14
AttorneysforPetitionerJamieMcCourt
15
SUPERIORCOURTOFTHESTATEOFCALIFORNIACOUNTYOFLOSANGELES
16
17
18
19
20
21
22
2324
2526
2728
Inre
Marriage
of
CASENO.
BD
514309
BINDINGTERMSHEET
JAMIEMcCOURT,[AssignedtoHon.ScottM.Gordon-Dept.88]Petitioner,v.FRANKH.McCOURT,JR.,Respondent.
10401.00002/60079
MARRIAGEOFMcCOURTL.A.S.C.CASENO.BD514309
 
BindingTermSheetForpurposesof.thistermsheetonly,"DodgerAssets"and."McCouttEntities?'·are:usedasthosetermshavebeenpreviouslydefined-inthislitigation,provided,h?WlWer,that"Dodg~rAssets"alsoincludes-theproposedtransactionwithFoxandequityinter~st
in
PrimeTicketForclarity,"McCourtEntities"meansanyentityinwhichFrankhasaninterest,eitherindividually.'orthroughanyentitywhichheownsorcontrolsinwholeorinpart.1.TheParties'ConsenttoProposedFoxTransaction.Uponthe.executionofthistermsheet,thepartiesconsenttotheproposedFoxtransactionandwillcooperatetosignanynecessarydocumentsinconnectiontherewithandtosecureMl.B'approvalthereof.Thistermsheetiscontingentupon
MLB
approvingtheproposedFoxtransaction,andifMLBdoesnotdoso,thenthistermsheetisnunandvoid.2.DispositionofthemoniesfromtheProposedFoxLoan.The$385millionloanfromtheproposedFoxtransaction,ifmade,shallbeusedasfollowssubjectto
MLB
approval:(a)eachpartywillreceive$5millionforattorneys'feesandcosts;(b)eachpartywillreceiveanadditional$5milliontouseassheandhedesires;(c)approximately$235millionwinbeusedfortheDodgers(includingrepaymenttoFrankmoneysadvancedtotheDodgersin2011,nottoexceed$23.5million),butnotforanypaymentstoorbetweenanyentities(otherthantheDodgers)ownedorcontrolled,directlyorindirectly,byFrank;(d)approximately$80millionwillbeusedtopayoffindebtedness;and(e)theremainingapproximately$50millionwillbeputinanaccountsubjecttotheCourt'sorders.3.TheParties'SeparateProperty:Upontheexecutionofthistermsheet,JamieandFrankshalleachownasherandhissoleandseparateproperty,allfundsandinvestmentsand/orbusinessesheldinherorhisownname,exceptfortheDodgerAssets,theMcCourtEntities,andthefollowingproperties:Malibuproperties,ChacingCrossproperties,Vail,Cotuit,Willowbend,andMontanaYellowstone.4.CureofDefaultonCotuitProperty:Jamieshall,assoonaspracticablebutnolaterthansixty(60)daysfromtheexecutionofthistermsheet,curethedefaultonthemortgageforCotuitandVailinwhatevermannershedecideswithinhersolediscretionthatisacceptabletothelender.JamiewillfullyindemnifyandholdFrankharmlessfromanyfailuretocurethedefault.
5.
ExpeditedTrialonCharacterization.TheCourtshallconductaone-daytrialonthecharacterizationoftheDodgerAssetsacquiredfromFoxin2004andanyMcCourt
entity
thatdirectlyorindirectlyholdsanyinterestinanyoftheDodgerAssetsbasedonlegalissuesregardingtheformoftitlepresumptionasraisedin
InreMarriageofValli,InreMarriageofFossum,
andrelatedauthority.Thetrialwill'bebaseduponlegalargumentsandthefactualrecordalreadydevelopedinthiscaseincludingthesworntestimonyfromtheMPAtriaLThepartieswillalsobeabletoofferreasonableadditionaltestimonytosupplementtheevidentiaryrecord;provided,however,thatsuchadditionaltestimonymayonlybeofferedtosupplementtherecordonmattersnotpreviouslytestifiedtoandneitherpartyshallbeabletorepeat,recharacterize,orcontradictpriortestimonythey~
~~~
-1-
1/1F
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f
.iJ
/".
 
havegiven.BothpartieswaiveherandhisrighttoatrialbaseduponFamilyCode
§
2640,Mix,See,Wolf
andanyothertheoriesoftracingtoaseparatepropertysource.Bothpartieswaiveherandhisappeal.rightsfromanyrulingsand/orjudgmentsenteredbytheCourt
in
connectionwiththeexpeditedtrial.Priortothetrial,eachpartymustdisclosetotheotherpartyadditionalfacts;information,andargumentsthatwillberelieduponatthetrial.jncludingtheidentityofanywitnesseswhowillbecalledattrial,andtheotherpartywillhavetheopportunitytoconductreasonablediscoverythereof,includingdepositions.6.DispositionofAssetsAfterExpeditedTrial.a.IftheDodgerAssetsarecharacterizedbytheCourtascommunityproperty:Eachpartyshallbeentitledtoandberesponsiblefor50%ofcombinedassetsandliabilitiesoftheparties,exceptfor(i)theparties'respectiveclaimsagainstBinghamandanyproceedsrelatedtheretoand(ii)theassetsreferencedatparagraph3.TheassetsshallbesoldbythepartiesinanorderlymannerundertheCourt'ssupervision,with50%ofthenetproceedsdistributedtoeachpartyassoonaspracticable.Eachpartywillberesponsiblefor50%ofanygainoranylossassociatedwiththedispositionofeachasset.Eachpartyshallbeentitledto50%ofanytaxbenefits,includingwithoutlimitation,anynetoperatinglosscarryforwards.b.IftheDodgerAssetsarecharacterizedbytheCourtasFrank'sseparateproperty:
1.
FrankshallpaytoJamietheamountof$100,000,000.Thispaymentshallbemadeincidenttodivorceandbenon-taxabletoJamie.The$100,000,000shallbepaidasfollows:(1)$5,000,000shallbepaidpursuanttoparagraph2(b)above;(2)$50,000,000shallbepaidwithinten(10)daysoftheCourt'sruling;and(3)theremaining$45,000,000shanbepaidonorbeforetwenty-four(24)monthsoftheCourt'sruling.Frank'sobligationtomakethepaymentspursuanttothisparagraphshallbesecuredby(a)Frank'sinterestinTMBLPandTMC,otherthanTMBLP'sinterestintheLosAngelesDodgersbaseballclub,and(b)bytheinterestheldinPrimeTicketbyanyentityinwhichFrankownsadirectorindirect
interest,
IntheeventFrankfails
to
timelymakeanyofthesepaymentswhendue,theentireamountshallaccrueinterestat10%untilpaidinfull.TheFamilyCourtwillretainjurisdictiontoenforcethesetermsandobligations,andJamiewillhaveallotheravailablerecourseandlegalremediesto.enforcethesetermsandobligationsagainstanyandallassetsinwhichFrankholdsanydirectorindirectinterest,includingwithoutlimitation,anyinteresthelddirectlyorindirectlyintheLosAngelesDodgersbaseballclub,andanyinterestinPrimeTicketbyanyentityinwhichFrankownsadirectorindirectinterest.
In
theeventofanydispute,theprevailingpartyshallbeabletorecoverherorhisattorneys'feesandcostsinconnectiontherewith.
n.

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