Former New York Times publisher Arthur Sulzberger had $41 million worth of stock in the Old Gray Lady when he died – and his children have already made moves to sell it.
Sulzberger died on Sept. 29 at the age of 86.
Within a week, his four children – who were named executors of his will – submitted papers in Manhattan Surrogate’s Court seeking permission to sell the stock.
Three of the children have ties to the company – Arthur Jr. is the current chairman and CEO – so they are stepping aside in order to let the one that doesn’t, Karen Sulzberger, sell it.
“The other executors, who have consented to this program, are considered affiliates of a publicly held corporation, and the estate holds a large block of that corporation’s stock. If all four of the executors were empowered to act there would be significant restrictions on the sale of that stock,” the Oct. 5th filing says.
It says that could lead “to possibly adverse consequences to the estate.”
The filing says they’ll offer their father’s will for probate, and all four children as executors, after the stock is sold.
“It is anticipated that this will occur within four to six weeks,” the filing says.
The lawyer for the estate, Theodore Wagner, said the motion has yet to go before a judge, and that he’s not sure whether the family will actually sell any of the stock – but he wants them to have the option.
“This puts the family in to position to move as quickly as possible,” he said. “It’s easier if you have one person signing,” and making the move now, before Sulzberger’s will is offered for probate, should streamline the process.
While the Times stock was Sulzberger’s biggest holding, it was far from the only one. His total estate is valued at $70 million, including a $5 million Manhattan apartment and a $7 million Southhampton home. It has one major liability – a $16 million loan from Northern Trust, documents show.
Sulzberger’s 2004 will and a 2008 codicil share his wealth with family, friends and charity, with big buck donations going to the Met’s “Department of Arms and Armor,” the Fresh Air Fund and the Jewish Campus Life Fund. The former jarhead also left $500,00 to the Marine Corps Heritage Foundation.