NOBLESVILLE – Simon Property Group Inc. settled a dispute with the estate of shopping mall magnate Melvin Simon thats netted his trusts ultimate beneficiaries nearly $1 billion.
The Indianapolis-based company disclosed Wednesday in a Securities and Exchange Commission filing that the settlement called for exchanging about 6.5 million in Simons ownership units for roughly 5.9 million common shares. That led to gross proceeds of about $943.7 million for the Melvin Simon Family Enterprises Trust.
The Indianapolis Business Journal reported Thursday that the settlement removes the publicly traded company from an ongoing legal battle in Hamilton County over Melvin Simons $2 billion-plus estate.
That fight pits Simons widow, Bren Simon, against his children from an earlier marriage.
A jury trial is scheduled for July 2013 in that case.
The conversion of Melvin Simons units – a large chunk of his estates holdings – allows his familys trust to diversify its assets, preserving the proceeds for the trusts ultimate beneficiaries.