Walton Family Eyed Cravath Partner before Walmart stock sales
Kenneth Halcom, partner in Cravath, Swaine & Moore trusts and estates, left the Wall Street law firm to become chairman of a family trust linked to the Walton family.
Cravath, who promoted Halcom becomes a partner in late 2013, saw him leave earlier this year for the Naples, Florida-based family trust River Bend Holdings LLC. The trust is affiliated with Walton Enterprises LLC, the main investment vehicle of the Walton family, which last year transferred $ 48 billion of Walmart shares to the Walton Family Holdings Trust, an investment entity created in 2015.
It is the Walton Family Holdings Trust that unloaded approximately $ 750 million in Walmart stock in May thanks to a series of disclosed sales by the Bentonville, Ark.-based company. in securities deposits. The assignments were filed under the names S. Robson Walton, a lawyer and a member of the board of directors of Walmart, and his siblings Alice Walton and Jim Walton, who are all children of the late Helen and Sam Walton.
Cravath and Halcom did not respond to requests for comment. Halcom LinkedIn Profile, who initially revealed his internal move to River Bend, was deleted in April, shortly after Bloomberg Law first contacted him with Cravath about his new role.
The Halcom Bar Registry in New York lists an address in Naples for “RBH LLC” which is the same location for River Bend in Florida Incorporation Deposits. A profile page for Halcom on the Christ Church Greenwich website, where he is a senior director and parishioner in Greenwich, Connecticut, states that Halcom left Cravath in March to become “president of a family trust company based in Naples, Fla.”
A pair of recent job postings at River Bend refer to the company as part of Walton Enterprises. Ads for a director of taxes and tax director state that River Bend was “newly formed” for the “trusting needs of a single, multigenerational family.”
The listings for the two Naples-based jobs indicate that River Bend is a “director of a wide variety of trusts holding a wide variety of assets” with additional offices in Bentonville, Denver, Jersey City, NJ and Washington.
Richard “Rick” Chapman, a long-time investment manager for the Walton family, was a senior manager at Walton Enterprises until he resigned several years ago day-to-day operations of managing its financial affairs. Chapman’s online biographical documents cite his various positions serving the Walton family, as well as a member of the River Bend board of directors.
Sales of Walmart shares by the Waltons last month accounted for 1.5% of the family trust’s stake in the business. Walton Enterprises transferred about 14% of the family’s Walmart shares last year to the Walton Family Holdings Trust.
Walmart said in a March 2020 statement. that the Walton family’s moves were consistent with an “effort to maintain an appropriate balance between homestead and non-homestead ownership of Walmart by offsetting possible increases in its percentage of ownership over time and helping to fund charitable contributions.” .
A Walmart spokeswoman did not respond to a request for comment on recent stock sales or whether Cravath had previously done legal work for the company.