Len Cason

Practice Areas

Corporate Law

Business and Entity Formation and Governance

Mergers and Acquisitions

Estate Planning

Administration of Trusts and Estates

Asset Protection

Wealth Transfer Planning

Tax Litigation

Trust and Estate Litigation

Tax Controversies

Career

University of Oklahoma College of Law – Adjunct Professor of Law (1981-present); courses include Partnership Tax, Corporate Tax, and Taxation of Oil and Gas Transactions, Tax Aspects of Acquisitions and Mergers

Associate with the law firm of Rain Harrell Emory Young & Doke – Dallas, Texas (1976-1979)

Captain, United States Air Force, JAGC (1972-1976)

Leimberg Financial Services – commentator

Professional Memberships

Oklahoma Bar Association: Taxation Section – former chairman

Texas Bar Association

California Bar Association

American College of Tax Counsel – fellow (1989-present)

American College of Trust and Estate Counsel – fellow (1997-present)

Publications

Numerous tax articles for Leimberg Financial Services, The Oklahoma Bar Journal, The Texas Bar Journal and Prentice Hall – Oil & Gas Taxes

Estate Planning Magazine: Maximizing Funding of Credit Shelter Trust With Non-IRA Assets, June 2002, Vol. 29, No. 6

Estate Planning Magazine: IRS Approves Poorer Spouse Funding Technique, May 2004, Vol. 31, No. 5

Estate Planning Magazine: The “Just Enough” Funding Technique: An Innovative New Strategy, June 2008, Vol. 35, No. 6

Personal

Community Involvement:

Oklahoma Medical Research Foundation: Board of Directors – Chairman (1988-present)

Oklahoma City Public Schools Foundation – former member

Camp Classen: Board of Directors – former member

Oklahoma City YMCA: Board of Directors – former member

Britton Christian Church – elder

Work Highlights

Robert Wayne Garrett dba MC Elite II, LLC - Client approached by group of LIV Golf Tour golfers and insiders to invest in a newly formed franchise and team in the Professional Bull Riding League. Golfers included Taylor Gooch of the United States, Greg Norman, Rory McIlrory, and Phil Mickelson. Their counsel was Steptoe & Johnson in the United States. They had a contract to purchase a franchise from PBR. Cost of $25,000,000 per franchise. Then the cost of assembling the team of bull riders, promotion, organization, start-up, etc., was extra. My client agreed to participate if he could own 50%. Heated negotiations ensued for an extended period of time. We negotiated the Operating Agreement. My client owns 50%. The deal closed and now franchise has a PBR team that is in competition.

Rebekah Hubbell and Jeff White - My client is an entertainment producer and has extensive contacts in the entertainment industry.

Purpose of project is to form a streaming platform to be put on the internet in direct competition with other platforms such as Hulu, Netflix, Peacock, HBO Max, etc.

Two other entertainment lawyers were initially involved. Progress broke down because the parties involved could not agree on structure, and in particular, how to minimize initial income tax consequences to our participants. Our firm was engaged to create, structure and solve income tax problems. The negotiations were with an LLC having jurisdiction in Texas but owned by Mexican nationals. The name of the LLC was SPC. The names of the nationals are confidential. We prepared Operating Agreement and Subscription Agreement which has been approved by the Mexicans. Our client will have a 50% interest in the LLC for which the client will contribute services and no capital contributions. Other persons having a promotional interest in the LLC include notables such as John Travolta, Tom Cruise, and others.

Glen Harris - Glenn Harris owned 100% of the stock of Glenn Harris Agency, Inc. (“GHA”), which sold 100% of its assets to a large national insurance company, Higginbotham, Inc. The sale price was $25,000,000, in addition, Glenn Harris received “rollover equity”, that is LLC membership interests, in Higginbotham. Our firm negotiated the terms of the sale over a period of three months. We also helped negotiate employment contracts between employees of GHA and Higginbotham. We also negotiated Glenn Harris’ employment and consulting agreement with Higginbotham along with the terms of his receipt of his private equity. GHA is entitled to further consideration based on complex “earnout” opportunities based on future sales, revenue, and income.

Rusty Shaw and Mark Coulter - Clients owned three car wash locations in the Oklahoma City metropolitan area. We entertained offers from several potential buyers and finally entered into an Asset Purchase Agreement with OlympusPines. Several years ago we represented an affiliate of the Coulters in the same of some “OnCue mega-convenient stores” these stores principally sold gasoline to retail and commercial consumers. We negotiated a relationship between the Coulter Car Washes and OnCue so that they could horizontally integrate their businesses. This made the negotiation for the sale of Coulter Car Washes more complex. The sale included car wash improvements, land, and customer contracts involving both OnCue and Coulter Car Wash. Buyer lost its financing prior to closing, and the closing has been reset five times. As of now, the deal has not closed and may be in jeopardy. The sales price was $35,000,000 cash.

Expert in these Jurisdictions

State Bar of Oklahoma

State Bar of Texas

State Bar of California

Education

Awards