Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Kirby Fair is showing up early, and you can come
in here any time when you bring a sack of
biscuits like you brought it in today. Anytime. You good
to see Kirby coming up here, and just a minute
to talk a little bit more about what's going on
with Jimmy Buffett's estate or trust, if you will. His
wife and a set of lawyers are fifty to fifty
and trying to run this thing. Who didn't know that
was going to be a train wreck after Jimmy passed,
(00:22):
So more on that coming up in just a minute. Kirby,
you might be interested in this, Mackenzie. I don't know
if you saw this, but if you're a parent, you're
probably familiar with the concept of tummy time for your babies.
You lay them down on the blanket and they're in
the stomach and it gives them a chance to put
their hands on the ground and pick up and push
up and work their neck muscles, and you know, so
(00:44):
instead of landing on their back and flopping around like
a fish, they're in they're tummy. Now, they've got a
little bit more control over their body, and it's good
for their structure and growing and all that. I'm certainly
familiar with Tommy time with the kids and grandkids, you know,
landing on the stomachs, you know, while they're away so
they can strengthen in it. Right now, right, yeah, you
and I are basically we're literally on her tummy's talking
with the microphones here this morning. But listen, and Mackenzie's like,
(01:08):
why are you guys doing this? What are you doing?
To make a point? Mackenzie, all right, listen. So if
you're a TikToker, Mackenzie, here you go. You may be
familiar with the latest trend, adult tummy time. I have
not seen that. Actually, I'm so confused. Well, it's the
same thing, but for adults you ready, contest creators say
you should be on your stomach for ten or more
minutes every day, even if you're just watching TV, scrolling
(01:31):
or reading. Get on your tummy. And I got to
tell you I went and saw doctor Andy Cordover and
Andrews yesterday because this thing in my neck, right, I've
got like this neck pain, and I go to doctor Google.
Of course, you know, my mind goes into I've probably
got brain tumors everywhere, and yeah, you know, my spine's
about to snap or God forbid, I have als, but
(01:51):
it's because of how my posture is. We sit in
a studio like this and most of the time my
next leaning forward. My head's leaning forward, right because I'm
looking at copy and where we're going. Well, getting on
your tummy now, you can't do that because you know,
your head naturally wants to come up and see what's
going on around you. So you ought to be doing
(02:12):
it for ten more minutes, ten minutes or more. It's
supposed to counter you know, attack the tech neck. And
you and everybody is on their phones constantly with your
head down like this, and your neck is leaning forward,
your head is I guess that. Get that makes sense?
It would fors you to work your neck in a
different way. The effects of the hours you spend hunched
(02:32):
over computers and phones and other devices is outrageous, the
experts are saying, and it's really starting having a lot
of effect on people. Be careful. At One video warns
that if you till your head back too much during
tummy time, you're basically just bending your neck and spying
in the same way you would if you're hunched over.
So it's better to keep your neck straight, which is
easier if you're reading, if you're you know, watching TV.
(02:55):
But you know, with that phone, I guess we're gonna
have to hold it up by our foreheads now and
read it that way. Temmy Tomas just a funny thing
to call it. Like if somebody texted me and I'll
call you back it's tummy tom. I'm like, what do
you do?
Speaker 2 (03:06):
I'd be concerned.
Speaker 1 (03:07):
I'll tell you what I'm gonna do. My mother in
law has moved in with hers since Judy's dad passed
away in January, which is kind of fun really, because
you know, she's still got all of her wits about
her and she's kind of funny sometimes and a lot
of times. So I and Judy hates when I do this.
But when I get home and we're making dinner tonight
or something after dinner, I'm just gonna look at Judy
right there in front of her mother and say, hey,
(03:28):
it's time for tummy time me and you, Okay, can
we get to it. I can't wait for her mom's
response on that. Oe all right, what is going on?
There's a big scuffle in the courts now about Jimmy's
estate and trust what's his wife's name, bar Jane, where
she is the beneficiary obviously, but there's lawyers that are
(03:53):
also a part of this, that were deemed by Jimmy
to help manage this monster of an estate and trust.
So now these two are fighting. I don't think Jimmy
Buffett wanted to see this happening.
Speaker 2 (04:05):
I don't. And so we understand, like the peel little
part for yeah, the trust consists of a corpus. Corpus
is what you put into a trust for the benefit
of your children or your spouse in this case spouse.
So what's in this trust is eighty five million dollars?
Is this percentage of ownership in Margaritaville, which has like
(04:27):
twenty restaurants, thirty restaurants, twenty hotels. There's thirty four point
five million dollars in property, fifteen million dollars in airplanes,
two million dollars in musical equipment, eleven million in fine art,
and five million in vehicles. Could not as big a stake.
Speaker 1 (04:47):
So what's going on? I mean, if she is the beneficiary,
is she not the queen in charge of everything? And
the lawyers worked for her the way.
Speaker 2 (04:56):
Jimmy set this up, he set it up with some
lawyer and her as co executors. Sort of right, they're
supposed to be working together, Okay, lawyers are supposed to
be looking out for all of these assets and make
them work for.
Speaker 1 (05:11):
Her fiduciary responsibility.
Speaker 2 (05:13):
That's exactly the right work. She looks at him and says, hey,
this is two hundred and seventy five million dollars, and
y'all are generating one point seven million a year, which
is less than one percent. She could literally put it
in the bank and do better. That's her story. They
actually have filed a suit against her to have her
kicked out. Now, she'll still get the money, but she
(05:34):
won't be in charge anymore, or partially in charge. Saying that, hey,
over the last eighteen months, we've given you fourteen million
dollars and you spend it all. So they're saying you're
spending too much. She's saying, you're not generating any money
with all of this estate that we've left you in
charge of. I don't know which is true, but Joe.
Speaker 1 (05:56):
Now I understand that they're going to tell her, all right,
you're going to get two million dollars a year, and
she's saying I can't continue my lifestyle on that.
Speaker 2 (06:03):
Yes, like she's saying, y'all taking this to it Like JT,
you and I could take two hundred and seventy five
million dollars and generate more than one point seven million
with it, right, I.
Speaker 1 (06:12):
Mean return on one percent, take it in the bank,
get five from any savings. Yeah.
Speaker 2 (06:18):
So if she is right, then these guys are clearly
not doing a very good job. But if they are
right saying, look, you're just overspending and we gave you
fourteen million over eighteen months, that's problem.
Speaker 1 (06:29):
Doesn't the court look at beneficiary as the king on
a chessboard, and the guys in the law offices that
are helping run it as the queen The king has
say right, no.
Speaker 2 (06:40):
No, not really. The person who's the beneficiary of a
trust like this, they're just the person who's going to
get the benefit from the trust. They don't necessarily have authority.
So you have these people who are placed in the
trust documents in charge and in this case it was
the lawyer's and her equally in charge of what's supposed
(07:03):
to be happening with this money.
Speaker 1 (07:05):
How do you see this playing outs? I mean it's
is it clear to you as an attorney that yes,
these lawyers have responsibility to you know, you would be
better at running on a state for me than I am,
because you know all the legal ins and outs, and
my CPA would understand the tax structure on all that
better than I am, because I'm not an expert in
these fields. I understand that. But it's still my bag
(07:27):
of money, right, So if I don't think you're doing
a good job with my money, but Jimmy's let them
be in there.
Speaker 2 (07:36):
He trusted them for some reason.
Speaker 1 (07:37):
Fifty to fifty.
Speaker 2 (07:38):
Yeah, and she will never lose this money. It is her, understand,
but it depends on and you know, at some level
this becomes a big pencil math, right, I mean is
it making money or not?
Speaker 1 (07:50):
And it's almost like a conservatorship like Britney Spears. You know,
they gave the courts, gave them control over her a
state in money because she's a knucklehead.
Speaker 2 (08:01):
And I wouldn't be She's not a knucklehead though, No,
she's definitely not. And I wouldn't be surprised if there
was a trust in the Britney Spears thing, right might
have been, but here it just depends on what comes
out in court. Are they mismanaging this money? Are they
asleep at the wheel and not making this estate work
like it should they being the lawyer's or is she
(08:21):
overspending and they're giving her a bunch of money and
she's going through it.
Speaker 1 (08:24):
You gotta think that Jimmy's rolling over in his grave
right now, going, guys, I did not want this to happen. Okay,
here's the deal. If he were here, he'd say, listen, guys,
I'm kind of curious to me and my wife would
both like to know why it's one percent? Okay? And secondly,
you know what I'm charged here? You're fired. She can't
fire them, she cannot. He should have left at fifty
(08:47):
one forty nine, not fifty to fifty, right. I mean,
if you're moving forward twenty twenty hindsight on this, what
would you have done if you're Jimmy Buffett with the
potential of another person? Friend of yours said, if you
do it like this, this potential problem could exist. Would
you have changed things? Going in?
Speaker 2 (09:04):
You know, when I look at the way he set
this up, I go, wow, good idea?
Speaker 1 (09:08):
Got these the way it is? Yeah?
Speaker 2 (09:10):
I mean it's set up correctly. It's just somehow they've
they've devolved into this bad situation where they're not trusting
each other. And apparently we don't know what's happening with
the bunny, but somehow.
Speaker 1 (09:24):
I can tell you right now, some rich folks listening
are calling their attorneys right now. Hey, we got to
change a couple of things, all right, Kerby. Good to
see everybody, to see you,
Kirby Fair is showing up early, and you can come
in here any time when you bring a sack of
biscuits like you brought it in today. Anytime. You good
to see Kirby coming up here, and just a minute
to talk a little bit more about what's going on
with Jimmy Buffett's estate or trust, if you will. His
wife and a set of lawyers are fifty to fifty
and trying to run this thing. Who didn't know that
was going to be a train wreck after Jimmy passed,
(00:22):
So more on that coming up in just a minute. Kirby,
you might be interested in this, Mackenzie. I don't know
if you saw this, but if you're a parent, you're
probably familiar with the concept of tummy time for your babies.
You lay them down on the blanket and they're in
the stomach and it gives them a chance to put
their hands on the ground and pick up and push
up and work their neck muscles, and you know, so
(00:44):
instead of landing on their back and flopping around like
a fish, they're in they're tummy. Now, they've got a
little bit more control over their body, and it's good
for their structure and growing and all that. I'm certainly
familiar with Tommy time with the kids and grandkids, you know,
landing on the stomachs, you know, while they're away so
they can strengthen in it. Right now, right, yeah, you
and I are basically we're literally on her tummy's talking
with the microphones here this morning. But listen, and Mackenzie's like,
(01:08):
why are you guys doing this? What are you doing?
To make a point? Mackenzie, all right, listen. So if
you're a TikToker, Mackenzie, here you go. You may be
familiar with the latest trend, adult tummy time. I have
not seen that. Actually, I'm so confused. Well, it's the
same thing, but for adults you ready, contest creators say
you should be on your stomach for ten or more
minutes every day, even if you're just watching TV, scrolling
(01:31):
or reading. Get on your tummy. And I got to
tell you I went and saw doctor Andy Cordover and
Andrews yesterday because this thing in my neck, right, I've
got like this neck pain, and I go to doctor Google.
Of course, you know, my mind goes into I've probably
got brain tumors everywhere, and yeah, you know, my spine's
about to snap or God forbid, I have als, but
(01:51):
it's because of how my posture is. We sit in
a studio like this and most of the time my
next leaning forward. My head's leaning forward, right because I'm
looking at copy and where we're going. Well, getting on
your tummy now, you can't do that because you know,
your head naturally wants to come up and see what's
going on around you. So you ought to be doing
(02:12):
it for ten more minutes, ten minutes or more. It's
supposed to counter you know, attack the tech neck. And
you and everybody is on their phones constantly with your
head down like this, and your neck is leaning forward,
your head is I guess that. Get that makes sense?
It would fors you to work your neck in a
different way. The effects of the hours you spend hunched
(02:32):
over computers and phones and other devices is outrageous, the
experts are saying, and it's really starting having a lot
of effect on people. Be careful. At One video warns
that if you till your head back too much during
tummy time, you're basically just bending your neck and spying
in the same way you would if you're hunched over.
So it's better to keep your neck straight, which is
easier if you're reading, if you're you know, watching TV.
(02:55):
But you know, with that phone, I guess we're gonna
have to hold it up by our foreheads now and
read it that way. Temmy Tomas just a funny thing
to call it. Like if somebody texted me and I'll
call you back it's tummy tom. I'm like, what do
you do?
Speaker 2 (03:06):
I'd be concerned.
Speaker 1 (03:07):
I'll tell you what I'm gonna do. My mother in
law has moved in with hers since Judy's dad passed
away in January, which is kind of fun really, because
you know, she's still got all of her wits about
her and she's kind of funny sometimes and a lot
of times. So I and Judy hates when I do this.
But when I get home and we're making dinner tonight
or something after dinner, I'm just gonna look at Judy
right there in front of her mother and say, hey,
(03:28):
it's time for tummy time me and you, Okay, can
we get to it. I can't wait for her mom's
response on that. Oe all right, what is going on?
There's a big scuffle in the courts now about Jimmy's
estate and trust what's his wife's name, bar Jane, where
she is the beneficiary obviously, but there's lawyers that are
(03:53):
also a part of this, that were deemed by Jimmy
to help manage this monster of an estate and trust.
So now these two are fighting. I don't think Jimmy
Buffett wanted to see this happening.
Speaker 2 (04:05):
I don't. And so we understand, like the peel little
part for yeah, the trust consists of a corpus. Corpus
is what you put into a trust for the benefit
of your children or your spouse in this case spouse.
So what's in this trust is eighty five million dollars?
Is this percentage of ownership in Margaritaville, which has like
(04:27):
twenty restaurants, thirty restaurants, twenty hotels. There's thirty four point
five million dollars in property, fifteen million dollars in airplanes,
two million dollars in musical equipment, eleven million in fine art,
and five million in vehicles. Could not as big a stake.
Speaker 1 (04:47):
So what's going on? I mean, if she is the beneficiary,
is she not the queen in charge of everything? And
the lawyers worked for her the way.
Speaker 2 (04:56):
Jimmy set this up, he set it up with some
lawyer and her as co executors. Sort of right, they're
supposed to be working together, Okay, lawyers are supposed to
be looking out for all of these assets and make
them work for.
Speaker 1 (05:11):
Her fiduciary responsibility.
Speaker 2 (05:13):
That's exactly the right work. She looks at him and says, hey,
this is two hundred and seventy five million dollars, and
y'all are generating one point seven million a year, which
is less than one percent. She could literally put it
in the bank and do better. That's her story. They
actually have filed a suit against her to have her
kicked out. Now, she'll still get the money, but she
(05:34):
won't be in charge anymore, or partially in charge. Saying that, hey,
over the last eighteen months, we've given you fourteen million
dollars and you spend it all. So they're saying you're
spending too much. She's saying, you're not generating any money
with all of this estate that we've left you in
charge of. I don't know which is true, but Joe.
Speaker 1 (05:56):
Now I understand that they're going to tell her, all right,
you're going to get two million dollars a year, and
she's saying I can't continue my lifestyle on that.
Speaker 2 (06:03):
Yes, like she's saying, y'all taking this to it Like JT,
you and I could take two hundred and seventy five
million dollars and generate more than one point seven million
with it, right, I.
Speaker 1 (06:12):
Mean return on one percent, take it in the bank,
get five from any savings. Yeah.
Speaker 2 (06:18):
So if she is right, then these guys are clearly
not doing a very good job. But if they are
right saying, look, you're just overspending and we gave you
fourteen million over eighteen months, that's problem.
Speaker 1 (06:29):
Doesn't the court look at beneficiary as the king on
a chessboard, and the guys in the law offices that
are helping run it as the queen The king has
say right, no.
Speaker 2 (06:40):
No, not really. The person who's the beneficiary of a
trust like this, they're just the person who's going to
get the benefit from the trust. They don't necessarily have authority.
So you have these people who are placed in the
trust documents in charge and in this case it was
the lawyer's and her equally in charge of what's supposed
(07:03):
to be happening with this money.
Speaker 1 (07:05):
How do you see this playing outs? I mean it's
is it clear to you as an attorney that yes,
these lawyers have responsibility to you know, you would be
better at running on a state for me than I am,
because you know all the legal ins and outs, and
my CPA would understand the tax structure on all that
better than I am, because I'm not an expert in
these fields. I understand that. But it's still my bag
(07:27):
of money, right, So if I don't think you're doing
a good job with my money, but Jimmy's let them
be in there.
Speaker 2 (07:36):
He trusted them for some reason.
Speaker 1 (07:37):
Fifty to fifty.
Speaker 2 (07:38):
Yeah, and she will never lose this money. It is her, understand,
but it depends on and you know, at some level
this becomes a big pencil math, right, I mean is
it making money or not?
Speaker 1 (07:50):
And it's almost like a conservatorship like Britney Spears. You know,
they gave the courts, gave them control over her a
state in money because she's a knucklehead.
Speaker 2 (08:01):
And I wouldn't be She's not a knucklehead though, No,
she's definitely not. And I wouldn't be surprised if there
was a trust in the Britney Spears thing, right might
have been, but here it just depends on what comes
out in court. Are they mismanaging this money? Are they
asleep at the wheel and not making this estate work
like it should they being the lawyer's or is she
(08:21):
overspending and they're giving her a bunch of money and
she's going through it.
Speaker 1 (08:24):
You gotta think that Jimmy's rolling over in his grave
right now, going, guys, I did not want this to happen. Okay,
here's the deal. If he were here, he'd say, listen, guys,
I'm kind of curious to me and my wife would
both like to know why it's one percent? Okay? And secondly,
you know what I'm charged here? You're fired. She can't
fire them, she cannot. He should have left at fifty
(08:47):
one forty nine, not fifty to fifty, right. I mean,
if you're moving forward twenty twenty hindsight on this, what
would you have done if you're Jimmy Buffett with the
potential of another person? Friend of yours said, if you
do it like this, this potential problem could exist. Would
you have changed things? Going in?
Speaker 2 (09:04):
You know, when I look at the way he set
this up, I go, wow, good idea?
Speaker 1 (09:08):
Got these the way it is? Yeah?
Speaker 2 (09:10):
I mean it's set up correctly. It's just somehow they've
they've devolved into this bad situation where they're not trusting
each other. And apparently we don't know what's happening with
the bunny, but somehow.
Speaker 1 (09:24):
I can tell you right now, some rich folks listening
are calling their attorneys right now. Hey, we got to
change a couple of things, all right, Kerby. Good to
see everybody, to see you,
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