A Nevada commissioner on Saturday rejected media powerhouse Rupert Murdoch's bid to change his family trust in order to give more power to his eldest son Lachlan Murdoch upon his death, the New York Times reported Monday.
Rupert Murdoch was seeking to change the trust, which was made in agreement with his second wife Anna in order to give power to her three children with Murdoch, Lachlan, Elizabeth, and James. The trust gave voting shares to the four oldest children, and equal financial stakes to all of Rupert Murdoch's children.
Commissioner Edmund Gorman ruled that the request to change the trust was not made in "good faith" and was meant to solidify Lachlan Murdoch's legacy with Fox News Media and keep the publication's right-leaning slant.
The ruling was made in a sealed court document obtained by the New York Times.
“The effort was an attempt to stack the deck in Lachlan Murdoch’s favor after Rupert Murdoch’s passing so that his succession would be immutable," Gorman reportedly wrote in his ruling. "The play might have worked; but an evidentiary hearing, like a showdown in a game of poker, is where gamesmanship collides with the facts and at its conclusion, all the bluffs are called and the cards lie face up.”
He added: “The court, after considering the facts of this case in the light of the law, sees the cards for what they are and concludes this raw deal will not, over the signature of this probate commissioner, prevail.”
A lawyer for Rupert Murdoch told the outlet they plan to appeal the ruling.
Misty Severi is an evening news reporter for Just The News. You can follow her on X for more coverage.
Source link