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this is an interesting story did you see this Murdoch family in a court battle who will lead Corp and fox according do
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you think of this oh I know a lot about it let me just go through it for people currently the Family Trust gives each of
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rubert Murdoch's children four children equal votes he has two others but they have ownership but not votes uh he wants
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to change that he made this when he divorced from his wife Anna um to she this she insisted on this um that rert
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has filed a petition to amend the trust it's it's an irrevocable trust but that's what he's done to give exclusive
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control to his oldest son as reasoning he cites political differences with his other children that
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could impact editorial stance of his companies three other children have responded with a legal challenge the
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trial is expected to be September it's it's in Nevada where this is so it's one person who deals with trusts in Estates
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um you know there's one tiny little out that he's saying he's doing it for the benefit of these people and he's doing
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it for political reasons that's not the benefit of shareholders or anything else
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to let Lan who's presided over disaster after disaster of the company including the law lawsuits and behaviors and
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payoffs and everything else I mean Lin has been a terrible CEO in that regard um I don't think this helped
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shareholders um I've you know what's interesting I have a little knowledge of these these people um they were not
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together James um uh Liz and I think it's Prudence they were not aligned at all Liz moved back and forth like shiv
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on succession you know she was she's very much wanting her dad and her to get along um so so this United them which
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was of course another stupid thing laand does because he's as dumb as a box of hammers um so it's really interesting um
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you know this is a family that has huge impact on our society and he's trying to
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live beyond the grave this old crusty old Draculas trying to live beyond the grave what do you
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think there are a few companies I have difficult time thinking of a four profit company who um has a greater impact
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relative to it's market capitalization I mean I think the market cap of i f what
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the market cap is but it's essentially you know you have oh it's $33 billion which is um you know Warner is 20 which
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is unfair because has 40 billion in debts it's 60 billion in Enterprise Value but it's $33 billion which is you
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know big but this is arguably I me you can make a you could definitely make an argument this is one of the five or 10
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most influential companies in the world and a lot of people think that this company literally picks the Republican
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nominee uh for president and has a huge influence and Fox's viewership is really
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strong I mean he's actually I don't think it's fair to to say Lin's done a terrible job I I think the Dominion case
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was obviously a huge stub toe but I think that's more about the fact that well anyways I think I think it's unfair
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to say he's done a bad job what I took from this entire St oh come on the two cases are smar mtic coming Bill O'Reilly
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and other gropers at that company but go ahead go ahead let me say the HR has not
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been very good here but the company is the company is as influential as it has ever been and the Wall Street Journal is
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amazing um anyways up for debate whether you think he's done a good job or not what I took
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from this had nothing to do with business nothing and that is I'm I'm turning 50 and my sole objective right
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now all the money I'm spending almost every like my biggest thing right now my kids are about to be 14 and 17
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I'm buying homes in beautiful places I'm thinking about where we're going to live
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and making huge investments in my kids because all I want Mo first and foremost is I want to spend a ton of time with my
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boys when when they're older and this is a man who by any stretch of the imagination whether you think he's
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Satan's devil or whatever has had a remarkably successful career in terms of influence and impact and when he's
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getting married three of his four kids didn't show up I know was which in my view which in my view means you have
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failed yeah and it also reverse engineer to another thing tax policy I think we dramatically need to increase tax rates
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above say 10 million a year or on trusts because I'm telling you carara creating
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dynasties it doesn't do anyone any good do you think this has been good for their family no and I I I I think it
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it's succession is we've got succession here and he you know if he dies before this thing gets gets to trial it stays
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the same and then we'll see what happens to this um to this company because the other three I wouldn't call them United
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but now they are now they're like screw you Dad like it's really it's it is pathetic it's pathe they're against
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their dad and their dad's F this is this is like the second thing I just behind wanting to spend a lot of time with my
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boys you know what I really hope I really hope that my boys are friends when they're older and sometimes with
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the way they go at it I think there's that's not given can you imagine this a family
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where three of the siblings side go ahead yeah it was tense between Lin and the rest of
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them Liz was between Pruden as out in Australia does her own thing but it's just it's it's ridiculous it's a
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ridiculous thing to do at this moment in time because he's gonna let me just tell
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you RT moch you're going to die like you know for Moon struck no matter what you
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do rubert moch you're going to die and you don't get to decide things after you're dead that's it that's it and he's
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ruining the rest of his thing just because he has this you know some people think that llan is unduly influencing
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him he is 90 some years old that's one of the little things you know that laan's engineering this well how you
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could make the same argument on the other three no they didn't start this thing this was this has been in place
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for for decades they didn't move to change it this this rert did a little bit of background an irrevocable trust
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is basically a tax shelter and this is what I'm getting at dynasties as far as I can tell don't do anyone any good they
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remove tax dollars from the Commonwealth your kids don't end up fighting each other and not showing up at their
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father's wedding and dynastic wealth and tax policies that lead to dynasties used
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to be something that we weren't down with we used to have very high um inheritance taxes and now we have raised
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minimums from 5 million per person to 11 million and here's the thing and this is
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where I'm going and I'm becoming Bernie Sanders and Elizabeth Warren giving your
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kids Financial security fine okay but if they each get 25 million not necessarily
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Bill anything you give your kids about 10 or 20 million it doesn't make them any happier and at some point when you
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have this dynasty that has all this political influence and impact on the world it ends up separating families and
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dividing them that could be but I'm saying this thing was in place for decades he agreed to it this is what it
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is and now he's having buyer remorse it's all rer or Lin generated this is not those other kids doing this but this
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is what you have to do to put something in something that transfers to your kids
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taxfree is called a trust but the thing about the trust is it has to be irrevocable now that term irrevocable is
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really important it means that the construct and the agreements within the trust have to hold you don't get to then
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decide to change it and what he's claiming is no I want the irrevocable trust to be revocable and there's a
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loophole and the loophole is a following if you can prove you're making decisions that um help help them
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economically right but he's basically going to try and say that my view my endorsement of someone who has a
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different political complexion than the other three will help them economically and I would think legally the other
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three would be able to swap that down or just delay just take a note you know page out of the Trump lawyer handbook
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and just keep delaying this case because he's not his expiration date is about 10
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years past due oh don't no his mother lived to like way past 100 I forgot she's riding around a golf cart
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who knows in any case it's sad and pathetic and he's going right down the suar Redstone Avenue as they all I
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thought maybe they would avoid this but I don't know