Taxation & Estate Planning

CBGB Probate Dispute

By Joel A. Schoenmeyer

This ain't no party, this ain't no disco this ain't no fooling around This ain't no mudd club, or C. B. G. B. I ain't got time for that now

-Talking Heads, "Life During Wartime"

The famed NYC club CBGB is in the news in a probate context, according to this New York Times article. The dispute -- between the estate of Hilly Kristal and his ex-wife, Karen Kristal -- centers on rights to the club's name and property. (The club closed in 2006, but the CBGB brand does big business selling merchandise to poseurs.)

The probate issue involves lack of capacity and undue influence, but the twist is that Karen is taking these positions with respect to her own signing of a agreement with Hilly:

In court papers the estate says that Ms. Kristal voluntarily signed over ownership to her former husband in January 2005, just as CBGB was beginning to have troubles with its landlord over unpaid rent, which ultimately led to the club?s closing.

Ms. Kristal said that she had no memory of signing this document, which is also signed by Mr. Kristal, but not by any lawyers or witnesses.

Ms. Kristal suffers from hydrocephalus, according to her lawyers, which can affect short-term memory, and in an interview she repeated many of the same anecdotes numerous times.

Her lawyers argue that even if Ms. Kristal did sign the document, she had been manipulated by her daughter and former husband.

Full post as published by Death and Taxes Blog on December 04, 2008 (boomark / email).

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