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Simon Property settles dispute with Simon estate
Updated: Thursday, 20 Sep 2012, 10:02 AM EDT
Published : Thursday, 20 Sep 2012, 10:02 AM EDT
NOBLESVILLE, Ind. (AP) - Simon Property Group Inc. has settled a dispute with the estate of shopping mall magnate Melvin Simon that could net his trust's ultimate beneficiaries nearly $1 billion.
The Indianapolis Business Journal reports the settlement will convert Simon's founder's units in the company into common shares worth $944 million based on Wednesday's closing stock price. The deal allows Simon's trust to diversify its assets, preserving the proceeds for the trust's ultimate beneficiaries.
The agreement also extracts the publicly traded company from an ongoing battle over the late Simon Property Group founder and Indiana Pacers co-owner's more than $2 billion estate. That fight pits his widow Bren Simon against Simon's three children from an earlier marriage.
A jury trial is scheduled for July 2013 in that case.
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