Witness In Sterling Case Drops Bombshell
July 22, 2014 by staff
Witness In Sterling Case Drops Bombshell, The chief financial officer of Donald Sterling’s properties said Monday that the billionaire may be forced to sell a large portion of his real estate empire to cover $500 million in loans if he persists in refusing to sell the Los Angeles Clippers for $2 billion.
Darren Schield, who oversees the finances of The Sterling Family Trust, testified Monday that three banks are ready to recall their loans to Sterling because of his decision to dissolve the trust. His move was designed to rescind his signed agreement for the sale of the Clippers, a team he bought for $12 million.
Schield said if Sterling has to dump $500 million worth of apartment buildings he could destabilize the Los Angeles real estate market.
Sterling attorney Maxwell Blecher suggested that Sterling could take the company public in order to raise funds.
But Shelly Sterling’s lawyer, Pierce O’Donnell asked if it would be easy to go public “with Donald Sterling’s reputation.”
Schield responded: “There’s huge reputation issues. I don’t know if anyone would want to go into partnership with him.”
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