Opinion ID: 621200
Heading Depth: 2
Heading Rank: 1

Heading: The Trusts and the Parties

Text: Scanlan was born in 1969 and is the daughter of Martin Bucksbaum. Bucksbaum and his brother developed shopping centers eventually founding General Growth Properties, Inc. (“GGP”), one of the largest traded real estate investment trusts in the United States, with $34 billion in total market capitalization and $3 billion in annual revenues. GGP currently trades around $14 per share1 on the New York Stock Exchange under the ticker, GGP. Beginning when Scanlan was a child, her father and uncle established six trusts (the “Trusts”), naming Scanlan as the primary beneficiary. Each of the Trusts authorizes the corporate trustee, General Trust Company (the “Trustee”), to distribute “all or as much of the net income or principal, or both” of the trust to Scanlan “as the Trustee deems to be necessary for her support” or “in her best interests.” No other person is eligible to receive any distributions from the Trusts during Scanlan’s lifetime, and Scanlan’s children are contingent remaindermen. The law firm of Neal, Gerber & Eisenberg, LLP (the “Law Firm”), through two of its partners, Marshall Eisenberg 1 As of December 20, 2011, GGP closed at $14.52. No. 11-1657 3 (“Eisenberg”) and Earl Melamed (“Melamed”) generally represented Scanlan throughout her adult life when she needed legal advice. At the same time, they represented both the Trustee and GGP. In addition to his legal representation of GGP, Eisenberg also served as the Secretary of GGP from April 1993 through October 2008; Eisenberg and Melamed both own GGP stock. Eisenberg and Melamed personally control General Trust Company. For example, Eisenberg is its majority owner, its president, a member of its board of directors, and one of the three members of its Trust Committee. Melamed serves on General Trust Company’s board of directors, serves as its Secretary, and is the second member of its Trust Committee.