There are profits from Sumner Redstone’s competency hearings but it is not likely to be the shareholders.
The legal actions over Sumner Redstone’s competency may be the cause of Viacom’s stock prices taking a severe hit but someone is profiting as the New York Post reports in “Sumner Redstone’s legal saga has lawyers rolling in cash.”
The current fight over Sumner Redstone’s competency and his decision to oust Viacom’s CEO, Philippe Dauman, from his family’s trust and holding company is something of a media circus and a three-way battle between Redstone, Dauman, and Redstone’s daughter, Shari Redstone. The battle is not only being waged in court, but also in the media, both in the mainstream press and in the tabloids.
To the surprise of the judge in the case at a recent hearing 22 lawyers stood up to make an appearance. As costly as it is to have a lawyer appear in court, it is almost certain there is an even greater cost in paying all of the lawyers who did not appear in court but who are likely working on the case in the large law firms that represent the parties.
Public relations firms are also profiting from the situation as they have been hired to help control the narrative in the media.
Many of the difficulties presented by this case can be avoided by guidance from an estate planning attorney.