Simple.
Drake donated 99.27% of their holding and kept the rest. 2,956,667 is their current holding according to the T20 on BBX website. Not sure how up to date this is, so it maybe already inclusive of their pro-rata participation in the CR. There is no sub-holder notice required on .73% of company holding.
It is no doubt strange they have donated so many shares if the potential that is mentioned here becomes reality. Equally strange to not wait until the maximum tax minimization advantage could have been realised - after the major moonshot everyone is talking about. However, no one here knows their financial situation so it's open to speculation isn't it.
They don't have full control of when or where the donation gets distributed, if even at all, however, they can 'influence' where it goes if it does get distributed - but this is not guaranteed either. If the said enormous gains in BBX get realised (billions?), wouldn't it seem highly risky and strange to give up full control of your investment?
Any distribution must be to a non-profit organisation to be eligible for the charitable distribution. Now we all know (some) charities are sketchy at best, but one would think it will be quite hard for them to distribute this enormous wealth they will gain (supposedly) back to themselves through a non-profit charity? And the NPT would need to oblige - would they if there was billions involved? who really knows.
Maybe Drake of that rare variety of business that aren't in the finance game to make money. Or they are desperate for the tax break this year. Who knows, it's another interesting twist to developing BBX story.
Interesting play this one.
