Opinion ID: 162075
Heading Depth: 5
Heading Rank: 4

Heading: Mr. Fogelman's ownership desire

Text: 70 The taxpayers' fourth assertion — that Mr. Fogelman's subjective desire to retain ownership of his share of the team indicates that the transaction was a loan and not a redemption — is of little relevance in light of the overwhelming evidence that the agreement provided profound disincentives to repayment. This argument is further undercut by the apparently universal view — shared even by Mr. Fogelman's own attorney 12 — that Mr. Fogelman would have been unable to find the money necessary to repay the amount of the purported loan. While Mr. Fogelman may not have wanted to give up his share of the Royals, the fact that he owed nearly $1 billion to his creditors makes his desire irrelevant to this transaction. No reasonable fact-finder could believe that Mr. Fogelman's wishes on this subject were sufficient to indicate that the transaction was a loan. 71