ESTATE OF EDGAR M. BRONFMAN, as Donor

ESTATE OF EDGAR M. BRONFMAN, as Donor, (14/1012/C) — This is an uncontested petition for advice and direction by the trustees of a trust created by Edgar M. Bronfman, as donor, under an instrument dated December 12, 2011 (SCPA §2107). The trust ultimately devolves upon a private foundation to which Mr. Bronfman was a substantial contributor and as to which his children are "disqualified persons" within the meaning of section 4946 of the Internal Revenue Code. Petitioners ask the court to approve the purchase of a lithograph and a painting, from the trust, by two of Mr. Bronfman's children, in the amount of the art's appraised values. Such approval is among the prerequisites to excepting such a transaction from the category of "indirect self-dealing" that arises under the applicable treasury regulation (53.4941[d]-1[b] [3]). The Attorney General of the State of New York has consented to the requested relief. Petitioners have demonstrated that the proposed sale is warranted. In addition, the court is satisfied that the other prerequisites under the regulation will be satisfied, so that approval from this court will not be a merely academic exercise. Accordingly, the petition is granted.

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ESTATE OF EDGAR M. BRONFMAN, as Donor, (14/1012/C) — This is an uncontested petition for advice and direction by the trustees of a trust created by Edgar M. Bronfman, as donor, under an instrument dated December 12, 2011 (SCPA §2107). The trust ultimately devolves upon a private foundation to which Mr. Bronfman was a substantial contributor and as to which his children are “disqualified persons” within the meaning of section 4946 of the Internal Revenue Code. Petitioners ask the court to approve the purchase of a lithograph and a painting, from the trust, by two of Mr. Bronfman’s children, in the amount of the art’s appraised values. Such approval is among the prerequisites to excepting such a transaction from the category of “indirect self-dealing” that arises under the applicable treasury regulation (53.4941[d]-1[b] [3]). The Attorney General of the State of New York has consented to the requested relief. Petitioners have demonstrated that the proposed sale is warranted. In addition, the court is satisfied that the other prerequisites under the regulation will be satisfied, so that approval from this court will not be a merely academic exercise. Accordingly, the petition is granted.

ESTATE OF EDGAR M. BRONFMAN, as Donor

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