Williamsville, NY - After they are approved, the Pegulas will pay $1.4 billion to the Wilson estate in the form of a wire transfer.
Georgetown Capital's Michael Curatolo says the Pegulas will most likely use a Fedwire transfer. It is something you can do through your bank. You would be charged a $25 flat fee. Curatolo thinks that fee will likely be waived for Terry Pegula.
Curatolo adds that just like when you are buying a house, you can't get a certified check unless the money is in the account. The parties involved in this transaction have already made sure the money is in the Pegula's account. At this point in the process, they have already cleared that hurdle.
Curatolo says for security and legal reasons Terry Pegula has to sign off on the wire transfer himself. The security of the transaction is that it is signature guaranteed.
"When you and I, or a billionaire, moves $1.4 billion, and it's a Fedwire, it's immediate, and it cannot be reversed. There's no check to clear or anything like that," says Curatolo. "They go to their bank or brokerage house, sign the documents, and the Wilson family tells them this is where the bank is and this is the name of the account, and then the money electronically gets moved over, and if they do it at nine o'clock, at 9:01, it's in the account."
Curatolo says no one is going to take a check for $1.4 billion, and since this will not be a check, you can't cancel the transaction.
