I always wonder if nobody has sat these people down to explain to them that when the Trust decided to sell their father's business, that was the end. Whatever money was obtained from the sale, that was their inheritance, which would have been split between the offspring. The money would've presumably been invested, and hopefully would've earned interest up to the time when the offspring would be old enough to get their shares of the money. As far as I have read, the business was reportedly on a money-losing curve.. which prompted the sale in the first place. It likely would have been worth less if sold a year later than it was sold. They received two offers, one of which happened to be from BS, which was higher than the other offer. The other offer contained no stipulations to give anyone jobs or anything but the purchase price, etc. If stipulations were made when the company was sold to B, how can that be expected to be a forever-thing, continuing on even after a buy-out? Who would they be suing and for what, if the trust company had sold it to the lower bidder?
And what a horrible thing, to demand that no family members were allowed to adopt the orphaned children, even to the point that the mother would have preferred them to each go to four separate adoptive homes. I can't imagine that could possibly have turned out better for them, than a relative who would have had access to the family's money, on the children's behalf, for the children, presumably under the oversight of an independent body.
I disagree with this post. Imo BS co-opted (def: to take or assume for one’s own use), the Winter children’s inheritance (Empire and its successors). Imo he (at a minimum) romanced it out from under RT. I’m sure some people have wondered just how well he and Ulster knew the guys at RT.. I know I have. Whether they knew them or not though, I think it’s very possible that BS misrepresented the condition of Empire and it’s prospects to the (imo unengaged at best) executors and trustees of the Winter estate (Royal Trust). I think Barry was good at that
From KD’s book: “Three days after Beverley died, Sherman wrote a letter to Royal Trust. He had a plan.” You bet he did.
BS claimed “he was anxious to protect the value of said assets for the benefit of the children of Louis and Beverley Winter. He proposed that he would purchase all of his deceased uncle’s assets… […] Sherman gave Royal Trust a twenty four hour time limit to consider his offer.” Three days.. The children were seven, five, four, and three
That offer was rejected, but two years later, when Sherman came back to Toronto, he “had an idea”. “Sherman drove over to Empire Laboratories…”
Then, apparently just by “chatting with people at the company, asking questions about revenues, expenses, and most importantly, product line” (and I guess using his vast business knowledge, experience and acumen), Barry determined that George Wright was “absolutely incompetent when it came to business issues.” The company is on life support
He then apparently convinced Royal Trust of the same. Imo BS got RT to agree to a fire sale price, partly by using an unenforceable “sweetener”. For those who would argue that Royal Trust was not unengaged/ incompetent - using BS’s own description of GW - who put the “incompetent” George Wright in charge of Empire in the first place?
By this time the Winter children (who I guess were nine, seven, six, and five) were living it up with their new foster parents. Btw, jmo, but I don’t think the Winter children should be blamed for their mother’s decision not to allow a relative to raise them
I’m not familiar with all the details of the Winter children’s later legal action against RT, but imo it was RT’s job to protect the children’s assets (incl imo, from people like BS) and (again imo) they failed them miserably. If RT eventually fell for a “sweetener” in the second offer that later turned out to be legally unenforceable when BS left it on the table when he sold Empire (while also being disingenuous (or lying?) in the non-compete clause), they didn’t do a very good job of protecting the children’s assets to begin with. We now know the “sweetener” was worthless.
What kind of sweetener was it? Reportedly, the children were to be able purchase 5 percent of Empire in the future - but did it name a price? Just whose obligation was it to assure (for the children) that the sweetener was enforceable and not just for show?
And as for BS’s sale of Empire? It’s hard to believe BS was handcuffed and unable to protect the Winter children’s assets during the sale. And by then of course, RT was long gone. It just doesn’t seem that BS tried real hard to “protect the value of said assets for the benefit of the children of Louis and Beverley Winter.” Maybe he changed his mind, or forgot. But then again we know how BS felt about altruism. The Serengeti and all that. Every man for himself
Everybody is welcome to their own opinion, but mine is that BS absconded with part of the Winter children’s inheritance (and in the process, changed their future). Then later in life, when the cousins discovered BS’s deception, BS used money and power and lawyers and lawyers and more lawyers to keep from having to make things right (jmo). There was obviously a lot at stake - more even (imo) than the Winter children knew. I can’t think of a more despicable act. Who was it who said that BS was the one person he’d ever met who had absolutely no redeeming quality?
Re: how the Winter cousins might now feel about the Sherman children’s billions? I don’t think any Winter cousin has ever suggested that the Sherman children have stolen anything. That doesn’t mean they don’t see the Sherman children as being in possession of (some, anyway) stolen property.
All jmo