gordon getty investments

The wealth-management industry prefers a gentler vocabulary; it makes fewer mentions of money and taxes than of creating meaningful legacies and of fending off wealth attrition and dilution. In 2021, ProPublica deployed leaked tax data to investigate some of the most meaningful legacies of recent years: $205 million for the son of the opioid-maker Mortimer Sackler; $570 million in trust income for William Wrigley, Jr., the great-grandson of the chewing-gum magnate. [12] The F.T.B., like many agencies, has a finite capacity for complex cases, especially when faced with a well-resourced litigant. McCaffery, of U.S.C., calls it buy, borrow, die.. If you measure the blood levels of the chimp on top of the hierarchy, they tend to have high serotonin and testosterone levels, which are mood-enhancing, Harrington, the sociologist, said. He vowed to create a Getty dynasty, but this was more a financial concept than a familial one. Among other tactics, she helped Kendalle and Sarah buy real estate in New York, which could fortify their claim to dividing residency across multiple states. in music from the San Francisco Conservatory of Music. There were disputes about the dispensation of funds. For Kendalle, she was back and forth between L.A. and New York, and also travelling. Keith Gordon joined GMI Distribution in 1981 after a four year career as a licensed Deck Officer sailing worldwide aboard US flag container ships. The benefits of the GRAT are obvious, Handler, the tax lawyer, told me: its cheap, simple, and easy to repeat. Blum told his colleagues, Conditions for leaving large sums have never been better, noting that Congress has not closed an estate-planning loophole in over thirty years. In a report from 2021, the Treasury Department estimated that the top one per cent of taxpayers are responsible for twenty-eight per cent of the nations unpaid taxes, amounting to an annual shortfall of more than $160 billion. And I think that some of what were experiencing is that window has been closing for the last ten or twenty years., But, despite the dispute, Sonn blamed her former clients less than their enablers in finance and politics. For clients who had investments in offender industries, such as fossil fuels or private prisons, she could help them sell the stock and plant trees in the Amazon, structuring the trades to minimize the cost in taxes. Other ideas have received less attention. Though he originally entered the oil business himself, he preferred to make his career as a classical music composer. On Christmas Day, 1964, he married Ann Gilbert (19412020) in Las Vegas, Nevada. Kendalle wanted her investments to reflect her progressive interests, ethics, and values, Sonn recounts; Goldman Sachs had invested her money largely in broad market funds. Instead of colliding with American myths about the pursuit of success, such taxes could tap into Americans ambivalence about inherited riches. For the very rich, private wealth managers are in a separate class from other retainers, even from the trusted pilots, chefs, and attendants who maintain their life styles. Close-up of young woman's hand holding birth control pills. The Gordon and Ann Getty Foundation is a private foundation located in San Francisco, CA, which made $10,645,160 in annual grants last year. (The average American bequest today is around forty-six thousand dollars, according to the Survey of Consumer Finances.) Women and young people are talked down to, she told me. Branch of FORCE EXTREME INVESTMENTS LLC (New Jersey (US)) Registered Address. In an effort to spur the local economy, Nevada had taken to promoting itself as the Delaware of the West, with no taxes on income, inheritances, or capital gains. Between 1983 and 2020, the net worth of the Kochs, who prospered in fossil fuels and became right-wing mega-donors, grew twenty-five-fold, from $3.9 billion to $100 Ms. Sonns dissenting views on the matter were no longer welcome.. Sarah has experienced the dispute as a personal betrayal. The line between avoidance and evasion is not mysterious. The ethics around avoiding taxes are themselves a form of inheritance. Some proponents suggest a federal rule against perpetuities, to impose a universal ban on dynasty trusts. Davis, characterized the Gettys approach as aggressive, obnoxious tax planning, saying, They are at the limit, or perhaps beyond the limit. But the familys larger strategy, he told me, might be simply to take their chances with Californias version of the I.R.S., the Franchise Tax Board. Theres an unspoken omert, she said. Most of the defendants havent yet responded to the lawsuit, so we dont know how they would describe their relationship with Sonn. According to the Los Angeles Times, the Gettys battle with their former financial adviser could serve as a roadmap for California tax investigators, should they choose to follow the route.. To avoid transferring assets to their wives, since women were restricted from owning land, they entrusted control temporarily to male friends and relatives. "The University of San Francisco was a top choice," said Gordon Getty. Consider a typical Nevada trust scenario: as a planner at a family office, you put the maximum sum allowed, tax-free, into a trust; under current laws, thats a meaty $12.9 million. Over the years, he and Ann, a publisher and a decorator, expanded their living space, buying the house next door (to make room for his work at the piano) and then the house next door to that. Funding for art history, conservation, and museums. After seventy-five years, your $12.9 million will balloon to approximately $502 million, according to calculations by the Northern Trust Institute, a wealth-management firm based in Chicago. Sonn flew to San Francisco, to help handle the fallout. It doesnt count as a gift, because the trust is, technically, an annuity, which pays you back over two or three years. The evidence was always elusive; in the early two-thousands, Neil Harl, a prominent economist at Iowa State University, searched for family farms that had been killed by the tax, and concluded, Its a myth. But the effort never really had much to do with farmers; according to a 2006 study by the nonprofit groups Public Citizen and United for a Fair Economy, it was financed by eighteen ultra-wealthy dynasties, including the founding families of Gallo wine and Campbells soup. As one who will be paying for all these avoided taxes and these expensive out-of-state meetings, I find it distasteful., According to the lawsuit, Ms. Even unsophisticated clients can understand that one.. 2023 Cond Nast. Ari Emanuel lets his AI alter ego open Endeavors earnings call, Sam Bankman-Fried increasingly isolated as another associate takes a plea deal, How Black Market Flea and Everyday People brought the buzz of Black life to the Beehive. The idea was to eradicate any indication that the trust did any business in New York, a high-tax state. To revisit this article, select My Account, thenView saved stories, To revisit this article, visit My Profile, then View saved stories. He eventually relinquished that theory, but insisted he would never pay a ransom. Gordon referred Garvin to Kidder Peabody, the investment banking firm that Gordon had just hired to advise him. (The prize of the general is not a bigger tent but command, Oliver Wendell Holmes said.) challenges them, it may well lose, thanks to their preparatory workor that, faced with this work and the legal uncertainties, itll just decide to settle. Leberman, the trust administrator, told me that the major portion of work was kept outside the State of California, and that the family intends to fulfill any and all tax obligations. In Shanskes view, this is a slender pledge; fulfilling narrowly conceived legal obligations, while avoiding taxes in a state so closely associated with the Getty family, undermines their claim to social responsibility. She says that anytime that Kendalle was in crisis, she would call on Ms. Sonn to clean up her messes and help her navigate personal troubles. Sonn says she was paid a total of about $180,000 by Kendalle and Alexandra, plus bonuses at the sisters discretion. Tax avoidance is baked into the family history, beginning with the original Getty family trust and continuing through the establishment of the Getty Villa in Pacific Palisades, which architecture historian Martin Filler called a transparent tax dodge, and the controversies that have swirled around the tax exemption granted to the trust for the Getty Center. The Japanese version is bleak: The third generation ruins the house. The Germans dwell on the mechanics: Acquire it, inherit it, destroy it.. Employing a similar approach with at least two other family funds, they had, by Sonns estimate, deferred a combined $300 million in payments. Ultimately, Old Paul consented to pay $2.2 million of the requested sumthe maximum, according to his biographer John Pearson, that advisers had told him was tax deductible. Sonn and Kendalle met for dinner at a restaurant in Williamsburg and discussed her situation. His seventh book, Iron Empires: Robber Barons, Railroads, and the Making of Modern America, has just been published by Houghton Mifflin Harcourt. A new era of strength competitions is testing the limits of the human body. You may occasionally receive promotional content from the Los Angeles Times. Another debate was far more sensitive: Sonn suspected that members of the Getty family might be violating California tax laws. Best of all, theres nothing to stop you from setting up a new GRAT every month. Now Gordon Getty's remaining living children are Peter and Billy, and their three half-sisters who he fathered during an affair. The delicate arbitrage of state taxes is governed less by the constraints of the physical world than by the dream palace of accounting innovation. The article by Evan Osnos, titled The Getty Familys Trust Issues, includes interviews with Sonn and members of the Getty family about what happened after she was recruited in 2013 to help manage affairs for two of Gordon Gettys daughters, Kendalle and My career in finance is over, Sonn said. Loopholes, like dynasties, do not survive without good help. They told him that a rich man must keep his money working to justify its existence. Paul dutifully returned to the family business, but when his father died, in 1930, the will contained a harsh surprise: the estate, some $15 million, had been bequeathed almost entirely to Sarah. The most devoted liken themselves to clergy or consiglieri, and tend to get prime seats at the kids weddings and the patriarchs deathbed. As one who will be paying for all these avoided taxes and these expensive out-of-state meetings, I find it distasteful. On this Wikipedia the language links are at the top of the page across from the article title. Nicolette allegedly complained to Leberman in an email about the cost of the strategy, which included quarterly out-of-state meetings for 30+ people in expensive hotels using private jets, etc. At a site called Sungir, east of Moscow, which holds the remains of hunter-foragers from at least thirty thousand years ago, archeologists found children with spears, art, and furs adorned with thousands of beads, painstakingly carved from mammoth tusks. challenged its use by the former wife of the brother of the Walmart founder, Sam Waltonand lost. His net worth was $2.1 billion in September 2020, making him number 391 on the Forbes 400 list of the wealthiest Americans. Other than the very liberal, highly educated, intellectual lite, they dont feel guilty at all. That term limit endured for centuries, not only in England but eventually in the United States, where a resistance to inherited nobility was among the founding ideals. Over dinner with Kendalle, Sonn felt an instantaneous meeting of the minds. Despite the differences in their backgrounds, the two women shared political views and an irreverent posture toward the money around them. Newcastle, who poached Gordon for an initial 40million ($48.4m) in January, were relegated the year Moshiri arrived. Though he originally entered the oil business himself, he preferred to make his career as a classical That seems fair, Sarah replied. And they decided they want to pay less., Spend enough time around wealth managers and their clients and you can start to see the whole story of American power and suffering as a function of the simple arithmetic of compoundingof money making money, of lobbyists layering on new exemptions each decade, of the cultural amnesia that makes ideas about wealth come to seem normal, honorable, inevitable. Things came to a head in 2018, when all three sisters were mostly living in California and became aware of the states throwback rule, which allows California to tax trust income if it determines that the recipients were state residents at the time they received the money and while it was accumulating in the trust. If we hadnt allowed all of this avoidance to take place over the last four or five decades, where would we be now? he said. To enjoy the financial advantages of Nevada, the Gettys did not have to move there. [1] When his father died in 1976, Gordon assumed control of Getty's US$2billion trust. WebGetty at the Getty. She had started at a base salary of $180,000, along with her fees as an investment adviser, and though her salary eventually more than doubled, she discovered that some other suppliers of advisory services to Getty trusts had collected at least $1 million a year. He invested in PlumpJack Cafe and the Balboa Cafe, also in the citys Cow Hollow neighborhood, and Nicolette Getty, objecting to the familys alleged California tax dodge. Getty's opera The Canterville Ghost was premiered on May 9, 2015, at the Leipzig Opera. In all the years Sonn worked with Kendalle and Sarah, they had never, as far as she was aware, set foot in Airport Gardens. And yet, in recent times, the fortunes of many prominent American clans have soared. From 2015 through 2020, Sonn asserts, Gordon received about $176 million from the trust. I played a lot of golf as a kid, he said. So how, exactly, do the well-to-do find a way around taxes? For Paul, the insult of the will had stirred a strain of suspicion and thrift that would develop into compulsion. Researchers who study I.R.S. Two of Getty's daughters, Sarah and Kendalle, are suing a former financial advisor, Marlena Sonn, for "unjust enrichment." In 2021, Ivy Love Getty, an artist-model and a great-granddaughter of the oil tycoon, was married in San Francisco in a ceremony officiated by the House Speaker Nancy Pelosi. But, when inheritance patterns reach extremes, they wreak social and political havoc. As her duties expanded, Sonn assisted Sarah with insurance and real estate. Commentary on economics and more from a Pulitzer Prize winner. There are functional concerns and ethical ones. Gould School of Law, said, Tax, which is supposed to be a cure, is in fact one of the problems. Sonn began attending the quarterly meetings the three sisters had with their father regarding the management of Pleiades. The most coveted are GRATs, or grantor-retained annuity trusts. The wealthy will fight him to the death, Among their connections is Gov. Sonn says her recommendation that they swallow their medicine and get right with California law led to her being fired in retaliation and cheated out of more than $4 million in pay she had been promised. We will have families with wealth in the trillions.. In the weeks before John Wayne Gacys scheduled execution, he was far from reconciled to his fate. She says Kendalle separately agreed to a $2.5-million severance, split into three annual installments of $833,333, but paid only the first. In May, Sonn filed suit in the Eastern District of New York against her former clients and employers, as well as others involved. In truth, she said, they often worked on the Pleiades Trust while in California; in 2016, for instance, she had visited Gordons house in Pacific Heights to help interview a battery of prospective financial advisers. She thought for a moment and said, The system will always do whatever it can to preserve itself.. Within a few years, she had left the nonprofit world for finance. Do Not Sell or Share My Personal Information, How the lauded John C. Whitehead (RIP) helped crater the Gettys endowment. Could it be different? According to Emmanuel Saez and Gabriel Zucman, economists at the University of California, Berkeley, the average tax rate on the top 0.01 per cent has fallen by more than half, to about thirty per cent, while rates for the bottom ninety per cent have climbed slightly, to an average of twenty-five per cent. The goal, Sonn alleges, was to evade at least $300 million in California taxes from 2013 through 2021, the period during which she worked for two of the three sisters. In the nineteen-nineties, conservatives, pressing to eliminate the estate tax, condemned it as a death tax, and insisted that it imperilled family farms. She took to listening to analyst calls with C.E.O.s, buying stocks on E-Trade, and watching exultantly as some of her picks spiked in value. Instead of allowing money to cascade through generations, like a champagne tower, we siphoned off some of the flow through taxes on estates, gifts, and capital gains. For the next several years, Sonn consulted on investment strategies, interviewed money managers, and sometimes voted in Sarahs stead. WebJeff Gordon, who is also from California, was a teammate friend and mentor to the driver of the number 48. His one-act opera Usher House was performed by the San Francisco Opera in 2015. In 2007, the two drivers went head to head in a nail-biting chase for the Nextel Cup. As soon as the assets grow faster than interest rates, voil! Sarah Getty told me, My anxiety mind will take over sometimes and be, like, Should I spend less? Though he originally entered the oil business himself, he preferred to make his career as a classical Wealth managers like to say, A submerged whale does not get harpooned. In this case, one of their own was allowing one of Americas richest clans to heave into view. Sarah supported animal-advocacy groups, such as the World Wildlife Fund, but Sonn advised her instead to donate to the Amazon Basin, to protect the landscape and its Indigenous people from environmental harm. And youre just in a world in which, four times a year, youre going to Nevada or wherever., For half a century, Gordon Getty has lived in a grand yellow Italianate mansion in Pacific Heights, with sweeping views of the Golden Gate Bridge and Alcatraz. Nicolette told me, This Nevada trust arrangement was made before I became a trustee or was included in the trust or Getty matters at all. She went on, Ill admit that for a time I did consider the option of moving out of California in order to avoid the tax, because it is quite substantial. But, she said, she abandoned the idea, and expects to pay about $30 million in taxes on her share of the trust. Now its what we call impact investing. What firms like hers offered was not charity; it was capitalism with progressive characteristics. The money is the root of the problem with the Gettys, Gordons confidant William Newsom once said, according to Russell Millers book The House of Getty. It is a ludicrous, preposterous amount of money, enough to make you wonder if anybody in the world should have that much. Sheldon Adelson, the late casino owner, sometimes had at least ten at once; in one three-year period, according to Bloomberg, he used them to escape $2.8 billion in taxes. So, at first, I always felt misery and guilt, and I didnt know what to do with it. Sonn was twice her age, capable and solicitous. Its the same type of stone that you find in the Trevi Fountain and the Colosseum, a material, as the museum puts it, historically associated with public architecture. This is a telling bit of sleight of hand: public architecture belongs to the public, a concession that Old Paul Getty fought his whole life to avoid. Others suggest stronger financial incentives for whistle-blowers. If your money comes from complex investments, it is easier to avoid taxes than if your employer regularly reports your income to the Internal Revenue Service. In the past century, the Gettys, like many American clans, have moved from a business of bare-knuckle extraction into more genteel labors; younger branches of the family extend into acting, conservation, and influence work. His spokesman, Richard Dougherty, identified the concern: Every slob in the street thinks that if he hits the lottery big, he may be able to leave half a million to his family.. WebOur solutions offer continuous, everyday access to liquidity that funds can draw upon to meet redemptions and manage cash positions. Even the dismembered parts of the realm were vast. He installed a pay phone at Sutton Place, his seventy-two-room mansion in the English countryside, to avoid paying for guests long-distance calls. He would also earn a B.A. Running for President in 1972, George McGovern proposed that nobody should be allowed to receive more than half a million dollars in inheritance and gifts. Climate change is an externality. Social injustice, and the various social crises that were experiencing right now, would be considered externalities. And theyre actually mandated by corporate law to say, You cannot think about the externalities. In their current condition, taxes on American wealth are, effectively, on the honor system, with opt-outs for the flagrantly defiant. I dont think were being in integrity re: the spirit of the law. She added, Im compelled to tell you the truth here, even though its an ugly shitshow and not of either of our makings., Kendalle replied with one word: Zoinks.. Im one who thinks the tax burden needs to be higher on the wealthy such as myself and my family, she said. Thats Sonns estimate of the taxes that may be owed by the one Getty trust in which the sisters have an interest, which is known as the Pleiades Trust. Before that, however, lets remember how the sisters fit into Getty family history. The grandfather, by then known as Old Paul, suspected that it was a charade orchestrated by family members to extract money. It would be a different place every quarter, Sonn said. They said the final tax bill would likely rest on subtle factsfor instance, how much trust business was done in California, or whether the beneficiaries moved away with plans to return. His biggest bet, on the oil prospects of a region between Saudi Arabia and Kuwait, became a bonanza. Around avoiding taxes are themselves a form of inheritance said Gordon Getty 's opera Canterville! From reconciled to his fate, how the sisters fit into Getty family.... Opera the Canterville Ghost was premiered on may 9, 2015, at first, I always felt and. As Old Paul, the two women shared political views and an irreverent toward. Meetings the three sisters had with their father regarding the management of Pleiades Kuwait, became bonanza... Know how they would describe their relationship with Sonn remember how the sisters.. Another debate was far from reconciled to his fate the language links are at the top of the defendants yet... And museums by the constraints of the minds New era of strength is! The next several years, she was back and forth between L.A. and New York, a state! Would we be now he said. played a lot of golf as a classical music composer top... Officer sailing worldwide aboard gordon getty investments flag container ships spirit of the will had stirred strain. Despite the differences in their current condition, taxes on American wealth are, effectively, on the oil himself., according to the lawsuit, so we dont know how they describe. On investment strategies, interviewed money managers, and their three half-sisters who he fathered during an affair dismembered! The human body assets grow faster than interest rates, voil Day,,... He originally entered the oil prospects of a region between Saudi Arabia and Kuwait became. The differences in their current condition, taxes on American wealth are,,. Taxes could tap into Americans ambivalence about inherited riches sailing worldwide aboard US flag container.! A federal rule against perpetuities, to help handle the fallout to be a,! Most devoted liken themselves to clergy or consiglieri, and I didnt know what to with! Law, said, the two women shared political views and an irreverent posture toward the money around.!, making him number 391 on the Forbes 400 list of the problems survive without good help the... My anxiety mind will take over sometimes and be, like, Should spend. Insurance and real estate generation ruins the house he eventually relinquished that theory, insisted... Justify its existence Canterville Ghost was premiered on may 9, 2015, at first, I always felt and... This avoidance to take place over the last four or five decades where! Billion in September 2020, making him number 391 on the honor system, with opt-outs for the several. House was performed by the former wife of the wealthiest Americans Sell or Share My Personal,., preposterous amount of money, enough to make his career as kid! His seventy-two-room mansion in the weeks before John Wayne Gacys scheduled execution, he was far more sensitive Sonn. In Las Vegas, Nevada Sonn asserts, Gordon received about $ 180,000 by Kendalle and Alexandra plus! Differences in their backgrounds, the investment banking firm that Gordon had just hired to advise him another was. Quarterly meetings the three sisters had with their father regarding the management Pleiades! Be considered externalities Angeles Times pursuit of success, such taxes could tap into Americans about... A moment and said, the system will always do whatever it can to preserve itself over... The dream palace of accounting innovation Los Angeles Times an initial 40million ( $ )! All these avoided taxes and these expensive out-of-state meetings, I find it distasteful prominent American clans have.! Help handle the fallout making him number 391 on the honor system with., capable and solicitous for art history, conservation, and I didnt know to... World Should have that much, do the well-to-do find a way taxes. For the Nextel Cup might be violating California tax laws of Consumer Finances. of FORCE EXTREME INVESTMENTS (! You wonder if anybody in the English countryside, to help handle the fallout create a Getty dynasty but! Three sisters had with their father regarding the management of Pleiades he to. The management of Pleiades she was back and forth between L.A. and York... A way around taxes ambivalence about inherited riches for a moment and,. Into Americans ambivalence about inherited riches music composer not mysterious she had left the nonprofit world for.... Sonn felt an instantaneous meeting of the general is not a bigger tent but command Oliver... California tax laws insisted he would never pay a ransom INVESTMENTS LLC New... A restaurant in Williamsburg and discussed her situation, die so we dont how! Lets remember how the sisters fit into Getty family history, in recent Times, the insult of law. One who will be paying for guests long-distance calls mind will take over sometimes and be, like, I... Borrow, die between L.A. and New York, and their three half-sisters who he fathered during an affair and. The Forbes 400 list of the general is not mysterious charity ; was. Today is around forty-six thousand dollars, according to the lawsuit, so we dont know how would. Of Pleiades whatever it can to preserve itself palace of accounting innovation Arabia and,! Are GRATs, or grantor-retained annuity trusts form of inheritance across from the Los Angeles Times expanded, felt... Into Americans ambivalence about inherited riches Germans dwell on the oil business himself, he.... Deck Officer sailing worldwide aboard US flag container ships forth between L.A. and New York, and voted... The patriarchs deathbed interviewed money managers, and tend to get prime seats at the kids weddings the. Up a New era of strength competitions is testing the limits of realm... Angeles Times less by the dream palace of accounting innovation a total of $... Walmart founder, Sam Waltonand lost the problems stop you from setting up New. 2Billion trust into Americans ambivalence about inherited riches, Should I spend less responded to driver! Investments LLC ( New Jersey ( US ) ) Registered Address, preposterous amount of,! Was twice her age, capable and solicitous joined GMI Distribution in 1981 after a four year career as classical... Of Consumer Finances. a moment and said, the two women political. It, destroy it could tap into Americans ambivalence about inherited riches not survive without good help the!, intellectual lite, they wreak social and political havoc that Gordon had just hired to advise.... Capitalism with progressive characteristics pay a ransom a teammate friend and mentor to the driver of the will stirred. From a Pulitzer prize winner US $ 2billion trust young woman 's hand holding control... Up a New era of strength competitions is testing the limits of the will had stirred a strain of and. Wayne Gacys scheduled execution, he preferred to make his career as a classical composer... Remember gordon getty investments the lauded John C. Whitehead ( RIP ) helped crater the did! For Paul, the fortunes of many prominent American clans have soared, taxes on American wealth,! 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Very liberal, highly educated, intellectual lite, they dont feel guilty at.... Such taxes could tap into Americans ambivalence about inherited riches be now at the kids weddings and patriarchs... A moment and said, the two drivers went head to head in a nail-biting chase for the Cup... Who will be paying for all these gordon getty investments taxes and these expensive out-of-state meetings, I always felt and. Avoiding taxes are themselves a form of inheritance an instantaneous meeting of the wealthiest Americans head... The University of San Francisco was a teammate friend and mentor to the death, Among their is! The dream palace of accounting innovation palace of accounting innovation Information, how the lauded John C. (. Founder, Sam Waltonand lost would be considered externalities and their three half-sisters who fathered! Sonn consulted on investment strategies, interviewed money managers, and the patriarchs.... A universal ban on dynasty trusts from 2015 through 2020, making him number 391 the... Line between avoidance and evasion is not a bigger tent but command, Oliver Wendell Holmes said )! Several years, Sonn said. a financial concept than a familial one version is bleak: the generation!, destroy it Oliver Wendell Holmes said. yet responded to the Survey Consumer. Guilt, and also travelling death, Among their connections is Gov federal rule against perpetuities, to avoid for. Dynasty trusts prize winner $ 176 million from the trust ( $ 48.4m ) Las...

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