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Schield testified that he warned Sterling against revoking the family trust that owns the Clippers and other holdings as a maneuver to block the sale because it would allow banks to call its loans.
LOS ANGELES If the disputed $2 billion sale of professional basketball's Los Angeles Clippers is not completed, it could force team owner Donald Sterling to sell off some of his real estate assets Reebok Ventilator Supreme On Feet
ousting her husband and if the sale can go forward after Sterling revoked the trust.
Under cross examination by Sterling's attorney Maxwell Blecher, Schield said that if Bank of America would foreclose, no other big banks would lend to the company and its current below market interest rate would likely go up.
In April, the NBA banned 80 year old Sterling for life after racist remarks he made in private were recorded and made public. Sponsors cut ties with the team that Sterling has owned for 33 years and players considered a boycott amid general public outrage.
Darren Schield, the chief financial officer of Sterling's Beverly Hills Properties, testified that Sterling's attempts to block the NBA record sale his estranged wife brokered would open the door for banks to call the real estate billionaire's $480 million in liabilities.
"I told him this revocation would open up Pandora's Box and there would be severe consequences for us," Schield said.
Judge Michael Levanas will decide whether Shelly Sterling, 79, complied with the terms of the trust in Saucony Shadow Original Green
to pay back debt, the executive who manages his holdings told a court on Reebok Freestyle Mens
Bank of America Corp told Sterling's company it plans to issue a notice of default on the $350 million Sterling owes the lender after he moved last month to revoke trust, said Adam Streisand, the attorney for Ballmer.
Sterling selling Clippers to pay debt
Schield is a witness to Shelly Sterling's claim the deal must be completed even against her husband's wishes so debt can be paid off.
Sterling, who physicians say has early Alzheimer's disease and cannot Reebok Pump Shoes Womens handle his business affairs, contends that his wife and her lawyers misled him into submitting to the medical examinations that handed her control of the franchise.
"We would have to start selling our real estate," Schield said in Los Angeles Superior Court, adding that Sterling owns about $2.5 billion in property.
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