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The Brookfield inheritance

• Message 1. 

  Posted by oldestinhabitant (U13788232) on Thursday, 4th March 2010

  Is there a site which explains what all the fuss was about when Phil retired and the farm was passed on to David? I wasn't listening to TA back then, and it seems that it might be necessary to know if inheritance questions are going to be raised.

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• Message 2

  , in reply to message 1.

  Posted by chaucergirl (U515741) on Saturday, 13th March 2010

  As no-one else has responded yet, I'll pass on what little I can remember. It was passed mainly to David as he'd always worked it with his parents, so this was really the fairest. The other siblings had some kind of share/payment (anyone else help here?) and I seem to remember Elizabeth making a huge song-and-dance about her inheritance, and her children's inheritance (seemingly forgetting the whopping pile that is LL) so she's retained some kind of percentage (voting right?) but she cannot sell that. I often wonder, if the DDs needed to raise a loan to invest in a farm project (or even to pay bills) would Elizabeth have to stump up a bit then too? No, of course not, her 'shares' have positive results, never negative!
  
  If anyone knows what the business division details actually were, I'd be interested too.

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• Message 3

  , in reply to message 2.

  Posted by Reggie Trentham (U2746099) on Saturday, 13th March 2010

  There's been lots of speculation in DTA at various times about the structure of the ownership of Brookfield. As far as I remember Phil turned it into a limited company with various kinds of share, I think it was previously a partnership. All his children have a share but the shares of the three other children's shares are such that they have no say in the running of the company and can only benefit from them if the farm is sold.
  
  All the above is subject to the vagaries of my memory.
  
  A year or two ago Elizabeth wanted a share of the proceeds of a cottage David sold but didn't get anything.
  
  I would guess that Phil will have left his interest in Brookfield plus Glebe Cottage, although that may be jointly owned, and anything else he owns to Jill. So any disputes over inheritance shouldn't arise until she pops her clogs.

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• Message 4

  , in reply to message 3.

  Posted by petal jam (U1466691) on Saturday, 13th March 2010

  Sat, 13 Mar 2010 20:00 GMT, in reply to Reggie Trentham
  
  
  Reggie I think you're right. I remember a longish thread about A and B shares in Brookfield and/or Ambridge Farmers here but no idea where to find it. It may have been in the days when threads weren't kept in perpetuity.
  
  Iirc there were four partners in Brookfield: Phil, Jill, David, Ruth, They hold A shares; they work the farm and may draw a salary or pension from the business. Kenton, Shula and Elizabeth hold B shares. The B shareholders are not entitled to any share in profits from, e.g. the sale of land or buildings, so long as the capital released is re-employed in the business. Only when and if Brookfield is sold entire, or enough of the assets are sold to mean that it is effectively no longer a going concern, will B shareholders receive their share.
  
  Apols if this is cock-eyed - can't remember whether The Word from the Production Team was A and B shares, or whether they were so designated by posters with professional expertise. Hopefully one of them will be along soon.
  
  [NB Someone, somewhere [Rosie?] mentioned that Dan had left an interest in Ambridge Farmers to Tony but whatever happened to that happened before my time.]

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• Message 5

  , in reply to message 4.

  Posted by mike (U14258103) on Sunday, 14th March 2010

  Sun, 14 Mar 2010 14:40 GMT, in reply to petal jam in message 4
  
  The above account is basically true but I can add the extra information that Glebe Cottage will go to Shula and Lizzie when Jill dies (Kenton already having received substantial financial help from his parents some years ago).
  
  Tony receiving shares in Ambridge Farmers is just another one of those things that the SWs forgot ...

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• Message 6

  , in reply to message 2.

  Posted by Leaping Badger (U3587940) on Sunday, 14th March 2010

  Ah, the Brookfield inheritance sage: one of the most fun periods in TA I can recall.
  
  I'm hazy on the details, but there were A shares (which I think went to David and Ruth alone, possibly to Phil and Jill as well) and B shares, which went to the other children. The B shares give no voting rights or no say in how farm resources are used, but would generate revenue if Brookfield were ever sold. I think. Lizzie was hilarious during all this, kept going ballistic, and tried to claim her share when Woodbine Cottage was sold (I was Woodbine, wasn't it?). However it was explained that as the profits were being ploughed back in to the business (d'you see what I did there?) she wasn't entitled to anything.
  
  That's all to the best of my memory. Cath did a fair bit of research in to this at the time, and had a good stab at costing it all out based on what little information we were given on air, so if anyone can tempt her onto this thread, she'll be able to give a more comprehensive answer.
  'Ö'

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• Message 7

  , in reply to message 6.

  Posted by Tayler Cresswell - Host (U14232848) on Sunday, 14th March 2010

  Phil Archer formed Brookfield into a limited company, so that if the farm is ever sold, Elizabeth, Shula and Kenton all get a share of the proceeds. Otherwise the farm went to David and Ruth.
  The farm paid for Glebe Cottage and after Jill's death it will be inherited jointly by Elizabeth and Shula. Kenton has already been fully subsidised by his parents, so in effect, he's had his inheritance.
  Jill gets a pension from the farm's profits.
  
  
  
  

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• Message 8

  , in reply to message 2.

  Posted by Peggy Monahan (U2254875) on Monday, 15th March 2010

  Mon, 15 Mar 2010 07:52 GMT, in reply to chaucergirl in message 2
  
  Elizabeth making a huge song-and-dance about her inheritance, and her children's inheritance (seemingly forgetting the whopping pile that is LL) 
  
  And nobody ever turned round and said that to her. Could never believe it. Also what would Nigel have thought? I do believe he would have been shocked (if he stayed in character) but he was never as far as I remember privy to any of this. Which must also lead us to imagine Elizabeth never spoke to him about it, perhaps because she knew what his reaction would be.

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• Message 9

  , in reply to message 8.

  Posted by mike (U14258103) on Monday, 15th March 2010

  Mon, 15 Mar 2010 10:13 GMT, in reply to Peggy Monahan in message 8
  
  As I recall Elizabeth's attitude was commented on by her siblings (particularly David who made the LL point). Kenton supported Lizzie and Shula didn't get involved (but made her view clear by saying: "all I want to inherit is a potted plant"). Also, Nigel did attempt to restrain Lizzie but at the end of the day Phil decided that Lizzie's case had some merit (hence the settlement).

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• Message 10

  , in reply to message 9.

  Posted by Almond_Aire (U2259917) on Monday, 15th March 2010

  I remember Kenton siding with Lizzy primarily because he hoped to get another handout, conveniently hoping everyone would forget that he'd already had his money for the antique business (and maybe other things too?) on the understanding that it was an advance on his inheritance.
  
  He used the excuse that he now had a child to support. Kenton was as appalling as Lizzy during that SL.
  
  Alma.

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• Message 11

  , in reply to message 7.

  Posted by RosieT (U2224719) on Tuesday, 16th March 2010

  
  
  No, it did not.
  
  Ruth and David _bought_ part of the farm land, which paid the £200,000 for Glebe Cottage* and are presumably still paying off the loan they took out, as well as the pension from the farm profits.
  
  *which is to be sold, and the proceeds shared by Shula and Liz, when Jill dies.

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• Message 12

  , in reply to message 9.

  Posted by Peggy Monahan (U2254875) on Tuesday, 16th March 2010

  Tue, 16 Mar 2010 18:56 GMT, in reply to mike in message 9
  
  Thanks Mike, you have a much better memory than me (or listen more assiduously).
  
  But why did Phil think Lizzie's position had any merit? Why should Freddy and Lily have TWO potential inhertitances when Daniel and in particular Pip, Josh and Ben only had one?
  
  Lizzie never said - oh Daniel will inherit XYZ from Mark's parents or Pip, Josh and Ben from the loo roll manufacturer.
  
  i would have thought she would if she could!

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• Message 13

  , in reply to message 12.

  Posted by oldestinhabitant (U13788232) on Wednesday, 17th March 2010

  Many thanks to all of you for helping me out on this one - it sounds like fun! I suspects the SWs are going to quietly forget about the details now they've got more interesting things like Helen's baby and the vicar's Lenten carrying on to care about [Joke].

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