Lawsuit was filed today in California and calls for Dean Spanos to be removed as a co-trustee. 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." The current political climate may be creating a potential for tax and legal exposure to the Spanos family trustees, absent a sale, that its caretakers would do well to consider. Sister of Dean Spanos Accuses Chargers Owner of Fiduciary Mismanagement Alex Spanos bought the San Diego Chargers in 1984 and Dean Spanos took over . Spanos also allegedly manipulated the trust to borrow over $60 million "for the wasteful purchase of an airplane for Dean's and Michael's use that has no legitimate business justification.". CBS Sports is a registered trademark of CBS Broadcasting Inc. Commissioner.com is a registered trademark of CBS Interactive Inc. site: media | arena: nfl | pageType: stories | That's mostly because of a longstanding legal dispute that continued this week, when the sister of current Chargers owner Dean Spanos filed a lawsuit accusing her brother of "misogynistic" and "financially ruinous" business practices, arguing that the Spanos family has no choice but to sell the team in order to pay off its debts. 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. Dea Spanos Berberian filed a petition Thursday in Los Angeles County Superior Court contending that mounting debt from the franchise is creating an estimated yearly loss of at least $11 million for the family trust. John oversees the teams football operations and A.G. heads the business side. 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. Dean Spanos Sued by Sister Amid Legal Battle for Control of Chargers Reviews (209) 473-6827. (Late billionaire Alex Spanos purchased the team in 1984, and his four children, including Dean and Dea, each own 15 percent of the club, while the family trust owns 36 percent.) 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. Alexander Gus Spanos (September 28, 1923 - October 9, 2018) was an American billionaire real estate developer, founder of the A. G. Spanos Companies, and the majority owner of the San Diego / Los Angeles Chargers of the National Football League (NFL). "The statements made in today's court filing about my brother Dean Spanos are outrageously untrue," the statement read. Berberian, co-owner of The Spanos Corporation since 1994, serves as its executive vice president, director and secretary. Ron Berberian - This house will exist If Dea no longer wishes to be part of this family legacy, the three of us stand ready to purchase her share of the franchise, as our agreements give us the right to do, they stated. They are the sons of one of Spanos' sisters, Dea Spanos Berberian. Tim will still work its launch. He was 95.. The nephews claim that Dean Spanos, with the aid of Michael, altered the trust in February 2018 to divert money to themselves personally.. The debt includes $164 million associated with the Trusts Interest in the Chargers and at least $75 million in estate tax. 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. Tim Tebow can not do everything alone. Meet Dea Spanos Berberian, a sister to Chargers controlling owner Dean Spanos. Chargers owner Dean Spanos accused of fiduciary mismanagement - Los Dean and Michael Spanos along with their sister Ruhl released a joint statement Friday, denouncing the actions of Berberian. 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. Berberian seeks sole control of the family trust that owns the largest share of the franchise, according to a petition filed in San Joaquin County Superior Court. Fifteen percent apiece belongs to four siblings: Dean, Dea, Chargers Vice Chairman Michael Spanos and Alexis Spanos Ruhl. Dean Spanos' sister petitions court to force sale of NFL's - CNBC they can afford. The Spanos brothers, her lawsuit argues, "believe to their cores that, regardless of what their parents intended and their wills specified, men are in charge and women should shut up. More:Faye Spanos: A wonderful person, a wonderful life, More:Whos who of civic, sports leaders bid farewell to Alex Spanos, Photos: Remembering the life, legacy of Alex Spanos. In addition, according. He died on October 9, 2018. Los Angeles Chargers controlling owner Dean Spanos has already earned one victory this summer by getting his legal dispute with his sister, Dea Spanos Berberian, moved out of Los Angeles. 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The San Diego Chargers are a professional club Footballs based in San Diego, California. Order Online Tickets Tickets See Availability Directions . The trust's beneficiaries are the four Spanos siblings: Dea, Dean, Michael Spanos and Alexis Spanos Ruhl. San Diego is now one of the better off. In the context of very weak AFC West, San Diego has no right to miss the playoffs. She also alleges that Dean diverted $105 million from the trust to various debts, claiming he manipulated the trust to borrow over $60 million "for the wasteful purchase" of a private plane "that has no legitimate business justification." Los Angeles Chargers owner Dean Spanos has been accused of "misogynistic" behavior, "self-dealing" and repeated "breaches of fiduciary duty" by his sister in a lawsuit that escalates the siblings' ongoing legal battle over control of the team. At the end of the 1994 season, the Chargers faced the San Francisco 49ers in Super Bowl XXIX and lost 49-26. Jesus, who are these people?! Dean Spanos has controlled the teams day-to-day management since 1994. Leadership - A. G. Spanos Companies His sister has petitioned in an existing probate case to remove him as co-trustee of the team. Adam Schefter on Twitter: "Dea Spanos Berberian claims in her lawsuit Her lawsuit also requests the court suspend and remove Dean Spanos as a co-trustee, accusing both he and brother Michael, the team's vice chairman, of operating "out of their deeply held misogynistic attitudes and sense of entitlement as the men in the family." Vertalingen van het woord BERBERIAN van engels naar nederlands en voorbeelden van het gebruik van "BERBERIAN" in een zin met hun vertalingen: .from the legendary mezzosoprano Cathy Berberian .. Menu & Reservations Make Reservations . But the whole is very attractive. Dea Spanos Berberian Petition | PDF | Trust Law | Fiduciary - Scribd As it relates to capital gains tax on inherited assets, another potential change would be significantly costly. The NFL declined to comment on the situation. Dea Spanos Berberian filed a petition Thursday in Los Angeles County Superior Court contending that mounting debt from the franchise is creating an estimated yearly loss of at least $11 million . Alex Spanos was an American billionaire who primarily worked as a real-estate developer and founded 'A.G. Spanos Companies.'. Spanos Berberian seeks a California state court ruling on how to manage the 36 percent share owned by the trust. 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. Dea Spanos Berberian filed the suit Thursday in San Joaquin County Superior Court, as ESPN reported, seeking sole control of the Spanos Family Trust that constitutes more than one-third of. Berberian contends the situation is too dire to wait. After Alex Spanos and his wife, Faye, died in Stockton in 2018, Dean Spanos, the oldest of the four children, and Berberian were left as the sole co-trustees. Si vous ne souhaitez pas que nos partenaires et nousmmes utilisions des cookies et vos donnes personnelles pour ces motifs supplmentaires, cliquez sur Refuser tout. Regarding the "breaches of fiduciary duty," Berberian's petition contends that. It probably wasnt a coincidence the legal action came in the wake of two industry developments, both favorable to fetching a higher price. Spanos earned varsity letters in running and diving at the University of the Pacific in Stockton and later distinguished . They added that in no circumstances will this situation impact control of the franchise.. The Chargers have six players and a coach entered the Pro Football Hall of Fame: The wide receiver Lance Alworth (1962-1970), the defensive end Fred Dean (1975-1981), quarterback Dan Fouts on (1973-1987), head coach / general manager Sid Gillman (1960-1969, 1971), wide receiver Charlie Joiner (1976-1986), offensive lineman Ron Mix (1960-1969) and the tight end Kellen Winslow (1979-1987). To characterize Dean as somehow being less than fully respectful of the women in our family is just not right.. Meanwhile, the trust is so heavily concentrated in owning a minority stake in a professional football team that beneficiaries have no choice but to depend almost solely on the rise or fall of the Team.. Los Angeles Chargers co-owner claims move to LA has been 'financially 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. Thursday in a Los Angeles court, Deas lawyer made a bid to force the sale of the Chargers. Chargers owner Alex Spanos, a plain-spoken, self-made billionaire from Stockton who bought a majority stake in the NFL football club in 1984, died Tuesday morning, the team announced. Berberian points to one instance where she said financials were manipulated to borrow more than $60 million for the wasteful purchase of an airplane for Deans and Michaels use that has no legitimate business justification, according to the lawsuit. In the suit, Berberian also accuses both her brothers, Dean and Michael Spanos, of 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., She also claimed her brothers believe regardless of what their parents intended and their wills specified, men are in charge and women should shut up.. Multiple outlets reported the lawsuit claims . Dean Spanos sued by sister, accused of 'misogynistic' behavior as legal Berberian is trying to make the case that Dean has put the family trust in such deep . No doubt that Tebow had better be ready for next season opposing defensive coordinators will certainly have adjusted their defensive tactics to counter it. "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 is reportedly seeking sole control of a family trust that accounts for more than one third of Chargers ownership. Spanos and Berberian were left as co-trustees of the trust following the deaths of Alex and Faye Spanos in 2018. That may be a blessing in disguise because Denver will have the first pick in the draft next April. The filing. Berberian is being represented by Adam Streisand, who also represented Jeanie Buss when she wrested control of the Los Angeles Lakers from her brothers and Steve Ballmer in the trial to force Donald Sterling to sell the LA Clippers. CNN Sans & 2016 Cable News Network. Former US AG Eric Holder tabbed to arbitrate Chargers ownership dispute 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. Berberian, therefore, is looking to control a total of 51 percent of the team, making her majority owner. 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. He still almost lost two balls. 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., In a separate statement, Ruhl said her brother Dean has been unfailingly respectful of me and of my wishes.. 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. They stated Spanos Berberian seems to have a different and misguided personal agenda from their own plan to keep the NFL club in the family for generations to come. Lawsuit That Could Force Spanos Family to Sell Chargers - NBC 7 San Diego For some, they have even the most talented team in the NFL. Dea and Dean Spanos, as co-trustees, have a common goal of wanting to be on solid legal ground. But it is the life of the Chargers in January next will determine the success or otherwise of their season. All Rights Reserved. Alex Spanos | American Football Wiki | Fandom The Spanos family owns 96 percent of the Chargers franchise, and a four percent stake belongs to holdovers from the Eugene Klein ownsership group. Chargers' owner Dean Spanos is being sued by his sister, Dea Spanos Berberian, for alleged misogynistic behavior and repeated breaches of fiduciary duty, per me and @ByKimberleyA. No, the Spanos family won't be forced to sell the Chargers to Jeff With her attempt to force the trust to sell the team heading to arbitration, she perhaps can get to the same place if she seizes control of the trust and thus can in her capacity as the sole trustee bundle the 36 percent plus the 15-percent chunk she individually owns and sell controlling interest to someone like Josh Harris, who was ready to bid $5 billion for 100 percent of the Broncos equity. I see another great franchise going down in flames due to greed of the already wealthy. Berberian also accuses her brothers of conspiring with Steven Cohen, the executive vice president and COO of The Spanos Corporation, to undermine Berberian by "deliberately" damaging her relationship with the pastor of her Greek Orthodox church, Father Alex Karloutsos. She knew right then, the team needed new ownership. 2023 Cable News Network. "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. Recipients? 8 Attorneys for Dea Spanos Berberian, Co- Trustee of the Alex and Faye Spanos Family 9 Trust, dated January 27, 1998, as amended and restated on June 28, 2007 10 11 SUPERIOR COURT OF THE STATE OF CALIFORNIA 12 COUNTY OF LOS ANGELES 13 14 In re the Case No. Her siblings say they love owning the football team. Alex Spanos bought the San Diego Chargers in 1984, and Dean Spanos took over managing the franchise in 1994. He had a very difficult first season. The Chargers are the only team to have reached the playoffs having started the season at 0-4 (1992), and the only team to have reached the playoffs having started the season 4-8 (2008). On the surface, Spanos Berberians claim of debt as a driving force to sell the team doesnt seem convincing. Family feud over Chargers' ownership lands in court - Yahoo Dea Spanos Berberian . Rams decide to part ways with linebacker Bobby Wagner, who tallied a team-high 140 tackles, six sacks and two interceptions in the 2022-23 season. Chargers co-owner wants team to be sold to relieve family debt - USA Today