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Judge halts distribution of assets from Simon estate

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A Hamilton County judge has banned distributions from the estate of the late Melvin Simon to his widow Bren or any other beneficiary without the court's approval.

Superior Court Judge William J. Hughes entered the order on Friday afternoon. It will stand at least until the court determines whether to remove Bren Simon as trustee of the roughly $2 billion estate.

The order specifically prevents Bren from taking distributions unless all interested parties give their consent. The judge on Thursday grilled attorneys for Bren Simon about her decision as the estate's trustee to advance herself $14 million to pay her legal team.

Hughes said state law requires a trustee to get approval from a court and trust beneficiaries before a loan can be given, and “I don’t think there’s evidence" that Bren did that.

Michael Ciresi, a Minneapolis attorney who represents Bren, said he thought Indiana law gave his client the right to take the advance.

“It’s not whether it can be done,” Hughes responded, “it’s how it was done.”

Ciresi portrayed the mistake as “inadvertent" at the hearing Thursday, in which Bren's attorneys made final arguments to fend off a challenge from her stepchildren over whether she is fit to remain as trustee.

Bren did not attend the hearing in Hamilton Superior Court.

Attorneys for her stepchildren argued she is so incapable of serving as trustee of her late husband’s estate that she failed to take even the basic step of hiring a financial adviser to manage the fortune.

Specifically, attorneys for the stepchildren took aim at $500 million worth of Simon Property Group stock Bren has been trying to unload since her husband's 2009 death. The publicly traded company declined to immediately convert the ownership units into common stock that could be easily liquidated, citing a challenge to the will.

Attorneys for Melvin's daughter Deborah Simon, who attended the hearing, pointed out that the shares have increased in value by tens of millions of dollars since then.

“Ten months after Mel’s death, there’s no financial manager, no diversification [of assets],” said Barry Simon, who is not related to the Simon family.

Deborah’s attempt to get Bren removed as trustee of the estate is part of an effort to challenge her father’s will. A jury trial in the case is tentatively scheduled for September 2011.

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  • A $14 million advance?
    A $14 million advance for legal expenses? LOL That is ludicrous. Sensibility suggests it's a whale of a slush fund that is pegged for much more legal expenses. Bren sounds like she lacks basic financial savvy.
  • A $14 million advance?
    A $14 million advance for legal expenses? LOL That is ludicrous. Sensibility suggests it's a whale of a slush fund that is pegged for much more legal expenses. Bren sounds like she lacks basic financial savvy.
  • California Estate
    Bren has put her Bel Air home up for sale, price $50 million, poor Bren
  • Bren Simon cant be trust with the simon estate
    Bren Simon,
    The bank should be handle the money, not Bren.she trying to get people think that was Mr.simon ideal to change the will.
  • What does Bren live on in the meantime?
    Are there funds for her living expensives?
  • Bren Simon
    Bren Simon Videos

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  1. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

  3. Illegal aliens. Not undocumented workers (too young anyway). I note that this article never uses the word illegal and calls them immigrants. Being married to a naturalized citizen, these people are criminals and need to be deported as soon as humanly possible. The border needs to be closed NOW.

  4. Send them back NOW.

  5. deport now

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