Jackie’s “Bancroft Trust” was worth hundreds of millions depending on the share price of The Wall Street Journal stock at any given time.
As she began to funnel money into the blind trust I had set up for Ron (he couldn’t take money directly because he was in bankruptcy.), it seemed like an awful lot of money. Relatively speaking, that is, compared to her trust, it wasn’t that much. Ultimately, the actual cash was only a few million.
Ron wanted me to invest the money as it came into his blind trust so that it would throw off a minimum of $30,000 per month for his income, once he and Jackie were no longer together. This was no easy task, Obviously, it couldn’t be your standard invest-in-mutual-funds-type of approach.
However, by the time Ron and I had our “falling out,” the trust was producing near that level of income, plus, to a large extent, it had offshore protection. From Belize, we built an internet casino. From Panama, we invested in Argentine natural resources. In China, we set up an office to ship Chinese-made oil field equipment to West Texas. The cash flow was coming around quite well at the time of Jackie’s death and the commencement of Bancroft children lawsuits.
I write of Ron’s blind trust in my book: Observer: The Ronnie Lee and Jackie Bancroft Spencer Morgan Story, a tale of people, greed, envy, manipulation — even crime.