Kerkorian Estate

El Paso Times (Texas)
 Tuesday
Kerkorian Estate
Eds: Attorneys Jill Basinger and Amin Al-Sarraf, for the Kerkorian
estate, can be reached at (310) 553-3000; Brendan Coughlin, for Davis, (949)
379-6500.
By BILL HETHERMAN
City News Service
LOS ANGELES (CNS) - Lawyers for Kirk Kerkorian's widow want a judge to
order the estate's executor to provide an explanation for some of the
billionaire's management decisions, including the financing of a box office
flop and the distribution of $200 million in estate assets to charities.
Una Davis was married for a brief time to Kerkorian before his June 2015
death at age 98 from age-related causes. His estate's lawyers estimated its
value at $1.8 billion at the time of Kerkorian's death, but Davis' attorneys
say increases in MGM stock value make the assets closer to $3 billion.
``This may well represent the largest probate estate in Los Angeles
County history, if not the entire state of California,'' Davis' lawyers state
in their court papers.
An attorney for the estate could not be immediately reached for comment
on the Los Angeles Superior Court petition, which is set for hearing on Sept.
13.
Davis is seeking a one-third interest in Kerkorian's estate, saying she
was pressured by those close to him into signing a waiver to any interest she
had when the two wed in 2014. Kerkorian was married three times previously.
Judge Maria Stratton previously put a stay on litigation related to
Davis' petition while she appeals the judge's March ruling allowing the
Kerkorian estate's executor, Anthony Mandekic, to oppose her petition. Davis
maintains she is an ``omitted spouse'' who is entitled to the same amount of
money she would have received had Kerkorian died without a will.
Documents filed by Kerkorian's attorneys when his estate was opened
included a copy of his will, dated July 2013. Kerkorian designated that $15
million be given to Patricia Mary Christensen, the wife of longtime Kerkorian
attorney Terry Christensen, and $7 million to Mandekic, who also served as
secretary-treasurer of Kerkorian's Beverly Hills-based Tracinda Corp.
Davis' lawyers maintain that the time is ripe for Mandekic to explain
some of his actions.
``Petitioner has become aware of a number of circumstances that should
give the court concern as to the actions of Mr. Mandekic as executor and should
lead to his being ordered to file an (account) for his actions in regard to
this multibillion-dollar estate,'' Davis' lawyers state in their court papers.
Mandekic has obtained sole control of $900 million in cash by selling
$34 million in MGM stock, according to Davis' attorneys.
``Has Mr. Mandekic been using or investing in options or other risky
investment vehicles?,'' Davis' lawyers ask in their court papers.
Davis' lawyers also cite the April premiere of ``The Promise,'' a film
about the Armenian genocide that starred Christian Bale and was directed by
Oscar winner Terry George. They state in their court papers that they believe
Mandekic was a co-manager of Survival Pictures LLC, which produced the movie.
``Despite its star power, the film was a financial failure and the
production is expected to lose as much as $80 million,'' Davis' lawyers allege
in their court papers. ``Leaving aside its historical relevance, how precisely
was the flop of a film financed? All of this concerns (Davis) as a claimant to
one-third of the estate, as it should concern the court in its supervision of
Mr. Mandekic in performance of his ... duties.''
The Davis attorneys also ask why Davis was given an executive producer
credit for the film.
In February, Stratton allowed for the distribution of $200 million to
various charities picked by Mandekic and other members of a committee.
Attorneys for the estate said in June that most of that money had been
distributed, according to Davis' attorneys' court papers.
``Which charitable organizations did the selection committee ...
choose?,''? Davis' lawyers ask in their court papers. ``What amounts were
distributed to each?''