Loans Face Default If Clippers Sale Doesn’t Proceed, Attorneys Argue
The Sterling Family Trust could default on $480 million in loans if the sale of the Clippers doesn’t proceed, attorneys for Shelly Sterling argued in court Monday.
Darren Schield, the longtime chief financial officer and controller for Beverly Hills Properties, which runs the Sterlings’ real estate empire, testified that Donald Sterling’s revocation of the trust last month could lead to “severe consequences.”
If the Clippers’ sale isn’t completed, Schield said, the Sterlings would have to sell off almost $500 million of their properties to satisfy loans held by three banks.
“I don’t think we could sell that many properties that quickly,” Schield said.
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