The messy divorce of Frank and Jamie McCourt took another turn today when a judge ruled a postnuptual paper signed by the pair is not valid, stripping Frank McCourt of sole ownership of the Los Angeles Dodgers and giving Jamie McCourt a chance to negotiate for her chunk of the team.
The agreement, which was drafted to protect Jamie’s assets from Frank’s liabilities, did give Frank sole ownership of the team. But for various reasons Superior Court Judge Scott Gordon ruled that the agreement was invalid.
The responses from the warring parties, as you might expect, differed. David Boies, representing Jamie, says she’s wiling to be bought out at a fair price — which sounds good until you realize that her legal team has valuated the Dodgers, Dodger Stadium and other assets at a cool $2 billion; her “half,” of course, would be in the neighboorhood of a billion. (Frank’s team estimated the team and physical assets to be worth between $800 million and $900 million — more in line with comparables like the Chicago Cubs, which sold in that range.)
Frank’s lawyers are expected to argue that because MLB recognizes him as the sole owner, he is the sole owner.
Look for some more legal maneuvering in the near future; we may need to see some court-appointed experts come in to establish some fair-market values in order to finally close down this divorce.
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