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August 2013

The Ongoing Feud of The National Enquirer Heirs

Perhaps this tale should be unsurprising considering it involves heirs of the tabloid fortune built around the concept:  ”Inquiring minds want to know!”  Two of the heirs of the tabloid founder, Generoso Pope, have engaged in dueling lawsuits for years — culminating in allegations of kidnapping, fraud, extortion, and even an arrest for criminal stalking.  All between a son and his mother.  National-enquirer

Generoso Pope was the founder of the National Enquirer.  He died in 1988, leaving behind a will and trust that called for the company to be sold. Generoso’s youngest son, Paul Pope, desperately wanted to buy and run the tabloid, but was unable to raise enough money.  Reportedly, it sold for $412.5 million, with $200 million going to Lois Pope — Generoso’s widow and Paul’s mother — and $20 million for each of the four children, including Paul.

According to Paul, about $186 million from the estate funded a marital trust created by Generoso.  As would be typical of a marital trust, Lois was to receive all of the income from the trust while she was alive, and the rest would pass onto the children when she died.

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Simpsons Co-Creator Sam Simon Teaches Lesson In Estate Planning

Sam Simon is a co-creator and executive producer of the longest running scripted primetime show ever:  The Simpsons.  Simon, however, clashed with the other Simpsons' creators and left the show in 1993, after only four seasons.  Co-creator Matt Groening called Simon and "brilliantly funny" but "unpleasant and mentally unbalanced."  D'Oh!   Sam-Simon

In hindsight, Simon should also be described as a brilliant businessman.  He negotiated to keep executive producer credits for the show and a share of The Simpson's profits each year, including the highly-lucrative home media distribution.  So despite having left the show 20 years ago, Simon is still listed as an executive producer on each episode.  And his profits keep rolling in, year after year.

Interestingly, Simon appears embarrassed by how much money he still receives -- tens of millions of dollars each year, as he's revealed in media interviews.  He's said it's far more money than he could ever need.  Because Simon is divorced, and has no children (although he is engaged), Simon says his family members are already well-taken care of and don't need his lucrative Simpsons' royalties.

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