Nearly half of that ($164,778,931) is . This week, Berberian also agreed to allow the NFL to arbitrate a settlement in the case. Berberian, co-owner of The Spanos Corporation since 1994, serves as its executive vice president, director and secretary. Rather than seeking to monetize illiquid assets in order to pay debts and liabilities, and make distributions to beneficiaries, the Co-Trustees have principally been borrowing, including borrowing money from one bank to pay another, the petition said. In addition, according. Beyond the 36% owned by the trust, Spanos, Berberian and their siblings, Michael and Alexis , each own 15% of the Chargers, with the remaining 4% belonging to non-family members. And if it were accepted that the team must be sold to take advantage of favorable tax treatment under current law, selling a controlling stake would fetch the highest price and would align with fiduciary responsibility. Yet none of those probably best describe what the son of Greek immigrants would use to describe himself: husband, father, grandfather and friend. The Chargers . It claims the only solution for the finances is to sell the NFL . This year, Berberian has filed a lawsuit seeking control over the trust . Nearly four decades ago, the family patriarch, Alex Spanos, purchased a majority interest in the San Diego Chargers for $40 million. One proposed change would be a drop in the estate-tax exemption to $3.5 million from $11.7 million. None of the Children ever had to work for a dime of their wealth. The club began playing in 1960 as a member of the AFL (American Football League), under the name "Los Angeles Chargers. CNN Los Angeles Chargers owner and chairman Dean Spanos is being sued by his sister and team co-owner Dea Spanos Berberian, who's accusing him of "misogynistic" behavior and repeated. All Rights Reserved. Is hard reset only way to salvage Jets QB dilemma? The lawsuit also lists multiple allegations of "breaches of fiduciary duty" by Dean Spanos, who is accused of diverting $105 million from the trust to various debts. Excel Known Addresses for Dea Spanos Berberian, 10100 Trinity Pkwy Stockton, CA 95219 Advertisements Source California Secretary of State Data last refreshed on Monday, April 4, 2022 What next? Here's everything we know, QB Young 5-10 1/8, 204 pounds at NFL combine, Sources: Patriots tell QB Hoyer he's being cut, Horns' Robinson: Versatility worthy of early pick, Jones: Not fixated on Cowboys' drought, just '23, Sources: Raiders plan franchise tag for Jacobs, WR Addison to Steelers' Pickett: 'Come get me', Wolverines' Turner wows with 4.26 40 at combine, Top QB prospect Levis eager to unleash 'cannon', Everything you need to know about Geno Smith's contract negotiations. He also has support from other family members and beneficiaries (though not all).. Spanos took over daily operations from his father in 1994, becoming president and CEO, until he passed operations to his own sons in 2015. "Throughout this entire ordeal that was instigated without justification by my sister Dea Berberian, my brother Dean has been unfailingly respectful of me and of my wishes. The value of the trusts assets would seem to far exceed the debt. Rich people and their perceived reputations. Spanos and Berberian were left as co-trustees of the trust following the deaths of their parents, Alex and Faye, in 2018. Spanos will win again if the National Football League successfully maneuvers to push the case outside a courtroom altogether. breach of fiduciary duty and surcharge against dean spanos; 2. suspension and removal of dean spanos as co-trustee; 3. aiding and abetting breaches of fiduciary duty against michael spanos and steven cohen; 4. disqualification of michael spanos as successor co-trustee; and 5. an order instructing dea to refuse to agree to letters of intent. However, theres still reason to believe this could become a sticky situation for the Spanoses. Early life and education [ edit] But the whole is very attractive. "The three of us and our children, representing more than 75% of the family and its ownership of its businesses, stand united in support of our parents' and grandparents' wishes, including as to the continued ownership and operation of the Chargers.". Regarding the breaches of fiduciary duty, Berberians petition contends that Spanos repeatedly manipulated the trusts financials for his personal gain. Alex Spanos bought the San Diego Chargers in 1984, and Dean Spanos took over managing the franchise in 1994. Los Angeles Chargers owner Dean Spanos is being sued by his sister Dea Spanos Berberian. This site uses Akismet to reduce spam. In addition, according to the filing, the trust doesnt have a plan to pay more than $22 million it has pledged to charities. Spanos Berberian Wine Company | Visit A Winery NFL: Chargers ownership fight get ugly between Spanos siblings - Yahoo! To characterize Dean as somehow being less than fully respectful of the women in our family is just not right.". Get the latest on L.A.'s teams in the daily Sports Report newsletter. The legal conflict came into public view in April 2021, when Berberian petitioned the Los Angeles County Superior Court to put the trust up for sale. With the NFL combine starting Tuesday in Indianapolis, here are five positions the Los Angeles Chargers might focus on during this offseason. Chargers owner Dean Spanos sued by sister Dea Spanos Berberian - Deadspin Busy times are ahead, for lawyers representing the Spanos family. And that ultimately may be why this lawsuit was filed. Dean's sister Dea Spanos Berberian filed a lawsuit last week in San Joaquin County Superior Court seeking full control of the Spanos Family Trust, which has a 36 percent stake in the Chargers. For the three of us, the Chargers is one of our familys most important legacies, just as it was for our parents, the statement said. "The three of us and our children, representing more than 75% of the family and its ownership of its businesses, stand united in support of our parents' and grandparents' wishes, including as to the continued ownership and operation of the Chargers.". Berberian contends that the Spanos family trust and subtrusts are all but insolvent, that Spanos' decision to move the Chargers to Los Angeles has proved financially ruinous and that the family has no option but to sell the team to satisfy the trust's debt obligations, which she says are currently in excess of $358 million. In a November 2019 letter included with the court filing, Dean Spanos vowed to his three siblings that he would retain an investment bank at the end of the 2024 season in an effort to find a new owner. Streisand previously represented Steve Ballmer in his purchase of the Clippers and Jeanie Buss in the legal fight that cemented her as controlling owner of the Lakers. Neither Berberian nor Streisand responded to ESPN's requests for comment. The debt includes $164 million associated with the Trusts Interest in the Chargers and at least $75 million in estate tax. The Spanoses reside in Stockton, California.Spanos also owns property in Las Vegas, Nevada. You must be logged in to leave a comment. Tom Eddy Wines Spanos-Berberian Vineyard Cabernet Sauvignon Napa Valley, USA Avg Price (ex-tax) $ 452 / 750ml Red - Bold and Structured 3 from 1 User Rating 89 / 100 from 2 Critic Reviews Only a couple of critics have rated this Napa Valley wine so far. CNN Sans & 2016 Cable News Network. In both attack and defense, they have no real weaknesses. And he has been fighting, along with my brother Michael . Dean Spanos Sued by Sister Amid Legal Battle for Control of Chargers Its sad they they will tarnish all the wealth that was handed to them since birth. -> Created for Dea Berberian, Ron Berberian. They now have an emerging superstar at quarterback in Justin Herbert and share the $5-billion SoFi Stadium with the Rams. And he has been fighting, along with my brother Michael and me, to fulfill the wishes of our mother, Faye, relating to our family and our businesses. The petition was filed by Dea Spanos Berberian, who serves a co-trustee of the family trust with Chargers owner Dean Spanos. That is the precedent Berberian argues the court should follow. Faye Papafaklis Spanos (1926-2018) - Find a Grave Memorial I firmly believe Dea retained a lawyer right after The Chargers went for it on 4th down at their own 18 in that critical game against the Raiders that they lost. The lawyer went on to say that Berberian's three siblings, Dean, Michael and Alexis, have stood firmly in opposing her in the past and that "today's lawsuit will receive the same reaction.". The suit also asks the court to suspend and remove Spanos as a co-trustee and seeks unspecified financial damages awarded to Berberian. He also served as the Angels beat writer for The Times and the Register. section: | slug: chargers-owner-dean-spanos-sued-by-sister-for-financially-ruinous-business-family-rebuts-false-charges | sport: football | route: article_single.us | Chargers Owner Dean Spanos in Legal Fight with Nephews Over Family Dea Spanos Berberian has filed another lawsuit aimed at wresting control of the NFL franchise the family owns. Berberian filed a lawsuit looking to gain full control of the Spanos family trust, which would remove Spanos as co-trustee, along with financial damages. Most of the debt is money the Chargers loaned the family trust, a common practice because the team can get a lower interest rate. The three of us and our children, representing more than 75% of the family and its ownership of its businesses, stand united in support of our parents and grandparents wishes, including as to the continued ownership and operation of the Chargers.. Chargers owner Dean Spanos accused by sister of fiduciary mismanagement The Chargers won one AFL title in 1963 and reached the playoffs five times in the AFL and the AFL Championship four times before joining the NFL when the AFL-NFL merger. Provided it is not disturbed by problems outside the sport, since he is suspected of beating his girlfriend. Published Meet the Spanos Clan | America's Finest Sports Forum Chargers' Dean Spanos Sued by Sister for Alleged Misogyny, Fiduciary Alex Spanos, longtime Chargers owner, dies at 95 15 Alex and Faye Spanos Family Trust, PETITION FOR ORDERS (Photo by John McCoy/Getty Images). Dean Spanos sued by sister, accused of 'misogynistic' behavior as legal The San Diego Chargers are a professional club Footballs based in San Diego, California. The lawsuit was filed Thursday in San Joaquin County Superior Court by attorneys representing Dea Spanos Berberian, who is seeking sole control of a family trust that constitutes more than one-third of the Chargers' ownership. Berberian is reportedly seeking sole control of a family trust that accounts for more than one third of Chargers ownership. The petition by Dea Spanos Berberian, who serves as co-trustee of the family trust along with her brother, alleges the trust's debts and expenses exceed $353 million. Register now! Spanos and Berberian were left as co-trustees of the trust after the deaths of Alex and Faye Spanos in 2018. Her lawsuit, filed Thursday in San Joaquin County Superior Court, also. Berberian accuses brothers Dean and Michael of repeatedly acting "out of their deeply-held misogynistic attitudes and sense of entitlement as the men in the family and to rationalize their pitiable behavior which she believes is intended to teach her that a woman has no rights, no matter what any trust instrument might say."

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