| Creative ways to split inheritance can reduce friction
The event wasn't set up by an auction house or to benefit a charity. Instead, he was bidding against his two siblings in a private, Web-based auction that they held to divvy up their late father's personal property. Distributing a family's tangible belongings — often mundane knickknacks with far more sentimental value than monetary worth — has long had the potential to ignite family feuds. Divorce and second marriages can add to the tension, as children and stepfamilies vie for valued objects. Now, families and estate planners increasingly are turning to a number of novel strategies, including family auctions and a round-robin selection strategy, to divide tangible property without splitting families apart. Recent online tools also can help family members divide up a parent's belongings.
Athletes go up for sale
A lap dance from water polo player Sean Williams is worth exactly $16 -- or at least it was last night in a fundraiser at HUB Heritage Hall. Attendees of the Penn State Marketing Association (PSMA) Date Auction watched as lacrosse player Megan McGuire "bought" Williams. Bidders on the water polo player were not only paying for a date with him, but for a lap dance Williams promised, which McGuire received on stage immediately after the bidding on Williams closed. "It was hot," McGuire said, laughing. "I didn't really expect him to do it up there, but hey, whatever." PSMA held the event as a way to raise money for Alex's Lemonade Stand, an organization that deals with pediatric cancer. "We came up with the idea because we were looking for a way to raise money, just in general, whether for an organization or for a charity," Jessica Hoffman, a member of PSMA and co-chair of the event, said.
Grey Flannel May 16 Auction Features Southerland Tobacco Ad ...
Mark Southerland's tobacco ad collection comprise about a third of the Grey Flannel Auctions sale on May 16. The auction also contains one of the earliest signed Babe Ruth baseballs. The consignor has owned the ball for more than 40 years. It's signed by Ruth and dated "10-20-1919." Other blockbuster items added late to the auction include racing suits worn by the late Dale Earnhardt and a fire opal ring given by Elvis Presley to Priscilla, then his fianc. .
Collector's Corner: Collectible Kites
April is National Kite Month. Since at least 200BC China, kites have been used in a surprising number of ways. They've been flown to commemorate special events, such as the birth of a child in certain Asian countries. They've taken prominent roles in scientific experiments (think Ben Franklin) and in testing aerodynamic theories (the Wright brothers). They've been used for aerial reconnaissance in war, peace, and at times of disaster: George Lawrence's famous 1906 aerial photograph of "San Francisco in Ruins" was achieved by attaching a camera to a kite (see link below). They've even been used as sails for carriages! Of course, most people think of kites as outdoor "toys," but there are a surprising number of individuals around the globe who take kites and kite-flying quite seriously.
Ten firms win bidding rights on Nigeria oil blocks
LONDON (Reuters) - Two Chinese energy companies were among 10 firms to win preferential rights to bid on Nigerian exploration blocks after promising to invest in the country's infrastructure, the state oil company said. China's CNOOC Ltd. was given right of first refusal on four Nigerian blocks, while the China National Petroleum Corp. obtained rights for one block. "Special preference will be given to companies investing in Nigeria's downstream through granting of the right of first refusal," Nigerian Energy Minister Edmund Daukoru said Wednesday at an oil event aimed at attracting investors. Others receiving first refusal rights for certain blocks included Spain's Repsol, UK's Centrica, India's Oil and Natural Gas Corp., Malaysia's Petronas and South Korea's Korea National Oil Corp.
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