Surrogate Mella ESTATE OF ELIZABETH R. CURRY, Deceased (16-410/A) — In this uncontested proceeding, Ravenel Boykin Curry, III, as executor of the estate of Elizabeth R. Curry, seeks permission, pursuant to SCPA 2107(2), to sell decedent’s interest in Eagle Capital Management, LLC, to himself, in his individual capacity. Decedent died testate on November 16, 2015 and her will was admitted to probate on February 11, 2016. Decedent bequeathed her entire residuary estate to her husband, Ravenel Boykin Curry III, and if he did not survive her, to the Ravenel and Elizabeth Curry Foundation (“Foundation”). On July 25, 2016, petitioner renounced his right to take decedent’s shares of Eagle Capital Management, LLC, under her will. Ravenel now seeks to purchase the shares, pursuant to a provision in the Operating Agreement of Eagle Capital Management, LLC, which mandates that the surviving member (Ravenel) purchase the shares of the predeceased member (decedent), at a price equal to decedent’s initial capital contribution. However, as a contributor and officer of the Foundation, Ravenel is a disqualified person and the transaction would be subject to adverse tax consequences if considered to be indirect self-dealing (see IRC4941 [d][1][A] [26 USC 4941]). Petitioner seeks court approval of the sale in order to satisfy the requirements for excepting transactions from the category of indirect self-dealing pursuant to Treasury Regulation § 53.494[d]-l[b][3]. The Foundation as well as the New York State Attorney General have consented to the relief requested herein. After review of the record, the court is satisfied that the sale is not adverse to the interests of the estate over which it has jurisdiction. Therefore, Petitioner is authorized to sell the estate’s interest in Eagle Capital Management, LLC, to Ravenel Boykin Curry, III, pursuant to the terms of the Operating Agreement of Eagle Capital Management, LLC. This decision constitutes the order of the court. Dated: November 14, 2019.
