Minority Shareholder David Elder Heads Back to Court

Once again, the LA Superior Court is set to rule on whether or not Hotel Chelsea layabout David Elder is fit to serve as the administrator of a trust established for aging author Piri Thomas.  When David’s mother died in 1986, she left her 16% interest in the Chelsea Hotel to David and his two siblings in trust.  However, the trust stipulated that Piri Thomas, her husband and David’s stepfather, was to receive all income from the trust for as long as he lived. 
     David and his siblings didn’t care for that arrangement and have refused to hand over the 1.2 million that the trust has generated in income, forcing Piri to sue for the money.  Though the court called David and his siblings’ argument that the income was principal “absurd,” and ruled against them, they have tied it up in appeals for years.

According to the website, the case will be heard on 2/25/2008 at 1:30 p.m in Department 11 at 111 North Hill Street, Los Angeles, CA.