Essentially there are three types of cases: (1) The Cinderella Story; (2) Cain and Able; and (3) The Trustee who cannot be Trusted. In a current action filed before the Orange County Superior Court, you have a bit of cases 1 and 3. This case is about honoring vows made between a father and mother to provide for their four (4) children. It is about standing up for someone who cannot speak for herself. Breathing life into a written contract and enforcing a Judgment as it was intended by the parties as the final determination of their rights.
It has been 20 years since Marge passed away November 22, 1995. The mother of four died of cancer just 5 years after her divorce was final. After 31 years of marriage and four children, Marge was certainly entitled, legally and morally to one-half of everything that she and her husband, Bob, had built. While Marge raised their children, Bob built a company, and, along the way, BOB met VAL, the other woman, of his life.
VAL was pregnant at the time, an unwed expecting mother. She was just a year younger than the Bob and Marge’s oldest son, a year older than their second oldest and less than 6 years separated VALfrom the other two siblings who could have been her sisters.
In November 1985, after meeting Val, Bob entered into a Marital Settlement Agreement (MSA) with Marge that provided that during his life, Bob would receive all of the shares of stock in the family business and would provide under the terms of his WILL a bequest to their surviving children, in equal shares, Fifty Percent (50%) of Bob’s ownership in the company, or at the child’s election, (a) an amount equal to today’s value of the stock, or (b) the stock itself. That if the company, did not exist or that they were not provided the stock, that each child would have a claim against BOB’s estate for the transformed value of the stock on the date of BOB’S death, or the stock, at their election.
A Judgment for Legal Separation was entered in March 1986 by the Honorable Richard Luesebrink, Judge of the Superior Court, which Judgment merged and incorporated the MSA into its terms. Included therein was Section 22 that “this Agreement shall inure to the benefit of and be binding on the Parties hereto and their respective heirs, executors, administrators, successors, assigns and personal representatives.” At the signing of the MSA all of the shares of stock in the family business, were in the trust that Marge and Bob as Trustors had formed for the benefit of their family, in 1976, for which Bob was trustee.
A year after the separation in November 1987, the Securities and Exchange Commission approved a transaction, where the company business merged with a wholly owned subsidiary of San Diego Gas and Electric. The transaction resulted in the transformation of shares of stock in the family business being replaced with shares of publicly traded Stock in SDG&E. The deal was valued at $57,750,000.00.
The MERGER was structured and there was no gain that would be recognized in the stock transaction as the company, was being morphed into an entity whose shares were publicly traded. Forty Million Dollars ($40,000,000.00) of SDG&E stock would be purchased in phases in exchange for the shares of stock in the family business, and then a cash payment would also be made. The amount of the cash payment varied depending upon certain factors in the merger, but ultimately was determined to be $10,750,000.
The initial $20,000,000 of SDG&E shares of stock were purchased up front and received by BOB at the closing in November 1987 and the subsequent $20,000,000 of shares were purchased thereafter. During her life time, Marge did not receive any of the money from the MERGER nor any of the transformed stock. Marge died with the assurance and understanding that the vow BOB made to her, a vow for their children, incorporated into the Judgment would be fulfilled upon his death as promised, agreed and determined.
BOB died in July 2014. Like so many promises before, Bob broke his vow to Marge. His WILL did not provide the transfer of Marge’s half of the company nor her half of the money to his children. Instead the Estate was empty and the Will and their Trust from 1976, was changed less than 60 days prior to his death. This change gave everything to a successor, a trust controlled by and for the benefit of another, the other woman.
The other woman, in Bob’s life, Val, is the estranged “sibling aged step-mother” who as trustee has taken scores of millions under the terms of the trust knowing that the MSA and Judgment required that 50% of such company, now trading at $107 a share be turned over to her step-children.
Hense, a Cinderella Story.
Cinderella Story, estranged step mother, same ages as her children in charge of ex-wife’s portion of fortune obligated under an Orange County Superior Court Judgment refuses to turn over to her husbands children that which was rightfully their own mothers.
I f you suffer from a fairy tail turned nighmare, we can help. Contact the Daily Law Group (949) 261-1616.