"We have to start selling our real estate. We have no choice. I don't know if we could sell that many properties that quickly. Very likely it would be at reduced prices."
Bobby Samini, one of Donald's lawyers, Saucony Vegan Shadow
LOS ANGELES Only one witness took the stand Monday in a shortened trial day in the Sterling vs. Sterling probate contest.
The other issues are whether Shelly properly complied with the trust in removing Donald as a co trustee by having two doctors certify that he is mentally incapacitated, and whether the court has the jurisdiction to issue an order that, after the trust was revoked, Shelly has the legal power to sell the team as Saucony Omni part of winding up the affairs of the trust.
focused his comments on the revocation issue and the court's jurisdiction in the matter.
"There's no trust to control as of June 9," Samini said. "Any action after June 9 is problematic . . . Because the trust has been terminated, there really is no matter for the judge to issue a ruling Reebok Classic Shoes Grey
Sterling CFO testifies Clippers sale must go through to avoid default
manages the day to day affairs of Donald and Shelly Sterling' multi billion dollar real estate empire, did nothing to slow the momentum of Shelly's attempt to get a court order validating her $2 billion sale of the Los Angeles Clippers to former Microsoft CEO Steve Ballmer.
"I think we're going to get a result in our favor," he said. "The timing is going to work. They're making every possible effort to try to block and delay. So far, we've got them on the run. I think we're going to get this sale."
Shelly is expected to be called to the stand by Donald's lawyers Tuesday. The judge has scheduled Wednesday as the final day of testimony and Monday for closing arguments.
On cross examination, Donald's lawyer Max Blecher asked Schield if the trust could raise money by taking the Sterlings' real estate business public. Schield said yes.
Then, on re direct, Shelly's lawyer Pierce O'Donnell asked Schield if he thought it might be difficult asking investors to partner with Donald, given the damage to his reputation in light of his lifetime ban from the NBA and the racist remarks he made on an audiotape released by TMZ in April.
Ballmer's lawyer, Adam Streisand, said Donald's lawyers' attempts at delaying the case won't impact the sales agreement between Shelly and Ballmer, which expires on Aug. 15.
"I warned (Donald) that the revocation of the trusts would at some point lead to the default of our loans," Schield testified. "I told him that the revocation would open up Pandora's Box and there would be severe repercussions.
Schield said the only way currently to pay off the loans would be sell a major portion of the Sterlings' property and that such a large sale would result in depressed prices.
"There's a huge reputation issue," Schield said.
But Darren Schield, the CFO who Saucony Ride 6 Mens
Schield testified that when Donald revoked the Sterling Family Trust on June 9, a move Donald hoped would block the sale, he triggered a process that could result in a default of nearly $500 million the Sterlings owe to three banks.
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