The suit also asks the court to suspend and remove Spanos as a co-trustee and seeks unspecified financial damages awarded to Berberian. 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. Berberian argues that her brothers have pursued a campaign to punish, belittle and humiliate her in retaliation for speaking against their management of the family 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. at 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. Alexis Spanos Ruhl also released an additional statement defending Dean. Chargers not for sale, Dean Spanos and siblings say Wait a minute. She is represented by Adam Streisand, the same attorney who helped Jeanie Buss take control of the Los Angeles Lakers in the NBA. As debt mounts, Spanos heirs in heated battle over Chargers ownership STOCKTON - Chargers controlling owner Dean Spanos faces several allegations in a new lawsuit. NFL: Chargers ownership fight get ugly between Spanos siblings - Yahoo! Alex Spanos bought the San Diego Chargers in 1984 and Dean Spanos took over . The petition was filed by Dea Spanos Berberian, who serves a co-trustee of the family trust with Chargers owner Dean Spanos. Conceivably if a judge agrees with Spanos Berberian, the possibility could arise, however fraught with large obstacles, of the franchise being sold. Turn on desktop notifications for breaking stories about interest? However, it still takes large risks on an entire season and he can not keep this pace. The lawsuit also states that Dean and Michael "believe to their cores that, regardless of what their parents intended and their wills specified, men are in charge and women should shut up.". As noted by Daniel Kaplan of TheAthletic.com, Berberian agreed earlier this week that her 2021 lawsuit, aimed at forcing the sale of the 36-percent interest held by the familys trust, should go to the NFLs secret, rigged kangaroo court (i.e., arbitration). Spanos, Berberian and their siblings Michael Spanos and Alexandra Spanos Ruhl each own 15% of the Chargers franchise, with 36% managed by the family trust and the remaining 4% owned by non-family members. Lawsuit was filed today in California and calls for Dean Spanos to be removed as a co-trustee. 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. Spanos Berberian seeks a California state court ruling on how to manage the 36 percent share owned by the trust. Nearly four decades ago, the family patriarch, Alex Spanos, purchased a majority interest in the San Diego Chargers for $40 million. 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. 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." Tim will still work its launch. sadly, The Chargers are like the Commanders, I want to root for the team but their ownerships are too awful to root for. His other stops include the Palm Beach Post and the South Florida Sun-Sentinel. -> Created for Dea Berberian, Ron Berberian. 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.. 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. The lawsuit also states that Dean and Michael "believe to their cores that, regardless of what their parents intended and their wills specified, men are in charge and women should shut up.". Despite rumors to contrary and salary-cap concerns, Chargers general manager Tom Telesco declared star receiver Keenan Allen isnt going anywhere.. Aztecs assistant coach Ron Gould hired by NFLs Rams less than a month into role at SDSU, NASCAR star Elliott has leg surgery after snowboard accident, Fernando Tatis Jr. disciplined at the top of Padres stacked lineup and still learning in right field, Quinn scores in 2nd period as Sabres beat Lightning 5-3, Grizzlies Clarke out indefinitely with torn Achilles, Anders Lee scores twice as Islanders beat Red Wings 4-1, Ducks assistant coach Stothers to be treated for melanoma, Oakland As calling Vegas home, only this weekend for now, Southampton off bottom of EPL by beating Leicester 1-0. 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. Per ESPN's Adam Schefter and Kimberley A. Martin, Berberian filed a lawsuit in California on Friday for . Dean Spanos' sister asks court to force sale of Chargers - Sports That was four years after Alex ceded. 24/7 coverage of breaking news and live events. 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 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. He had a very difficult first season. 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. Not until next season after a draft that the Broncos can not afford to squander. Changes to the tax code being considered by President Joe Bidens administration could have a huge effect on wealthy individuals and families in the U.S., writes Barrons Abby Schultz. Spanos and Berberian were left as co-trustees of the trust after the deaths of Alex and Faye Spanos in 2018. Regarding the "breaches of fiduciary duty," Berberian's petition contends that. Meet the Spanos Clan | America's Finest Sports Forum "It is unfortunate that our sister Dea, who clearly has no interest in continuing to participate in the family's businesses, has resorted to leveling false and provocative charges in an attempt to impose her will on the rest of the family," the statement read. She knew right then, the team needed new ownership. The Chargers have emerged 33-28. 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. Smart girl. You may occasionally receive promotional content from the Los Angeles Times. All Rights Reserved. Do Not Sell or Share My Personal Information, Document: Dea Spanos petition for breach of fiduciary duty, Fate of Chargers ownership at stake as Dean Spanos sister asks court to force sale, Chargers chairman Dean Spanos sued by two nephews, Desperate mountain residents trapped by snow beg for help; We are coming, sheriff says, Hidden, illegal casinos are booming in L.A., with organized crime reaping big profits, Look up: The 32 most spectacular ceilings in Los Angeles, 19 cafes that make L.A. a world-class coffee destination, This fabled orchid breeder loves to chat just not about Trader Joes orchids, High school baseball and softball: Fridays scores, With Marcus Morris sidelined, Clippers look to stabilize lineup and rotations, With their playoff lives at stake, Darvin Ham challenges Lakers effort and urgency, Lakers playoff hopes take another hit after comeback fades vs. Minnesota, Ducks strike with a pair of late power-play goals to defeat Canadiens. Disputed loan at center of Commanders probe. Los Angeles Chargers owner Dean Spanos at a game in 2019. 1:57 AM EDT, Sat June 11, 2022, Dean Spanos, seen here in 2021, is being sued by his sister who co-owns the Chargers franchise, CARSON, CA - NOVEMBER 03: Philip Rivers #17 of the Los Angeles Chargers passes the ball in the first half against the Green Bay Packers at Dignity Health Sports Park on November 3, 2019 in Carson, California. Many very important planning techniques and structures will not be possible after enactment, warns Alan Gassman of Forbes. A trust established by the late Alex and Faye Spanos, the family patriarch and matriarch, who both died in 2018, accounts for 36 percent of ownership effectively giving each of their children another nine percent ownership share. Chargers fans of the world, rejoice Dean Spanos, the widely hated part-owner of the L.A. Chargers, is being sued by his sister, Dea Spanos Berberian, for repeated misogynistic behavior. --- Sister of Dean Spanos Accuses Chargers Owner of Fiduciary Mismanagement Berberian, therefore, is looking to control a total of 51 percent of the team, making her majority owner. Together, Ron and Dea, are dedicated to enhancing the experience of visiting Bell Wines and offering the best quality of their award-winning wines. As proof, it took the Chargers to make a record of 8-8 last year to win their division, when New England, with 11 victories, has not even played in the playoffs Californians are still likely to dominate their three rivals this season. 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. Philip Rivers, the wand is constantly growing. 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. 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 | Dean has failed to present any plan to address the Trusts bleak financial picture, because there is no other plan than the one urged by [Berberian]. The filing was made this week in San Joaquin County Super Court by Dea Spanos Berberian, Dean's sister. Two months after a sister of Chargers controlling owner Dean Spanos filed a court petition to try to force the sale of the team, a dispute has emerged over whether the matter should be resolved. "The statements made in today's court filing about my brother Dean Spanos are outrageously untrue," the statement read. Our View: Family was always first for Alex Spanos ", The families of Dean, Michael and Alexis Spanos Ruhl have since rebutted Berberian's claims in a statement issued to CBS Sports via Mark Fabiani, special counsel for the Chargers: "It is unfortunate that our sister Dea, who clearly has no interest in continuing to participate in the family's businesses, has resorted to leveling false and provocative charges in an attempt to impose her will on the rest of the family. Spanos earned varsity letters in running and diving at the University of the Pacific in Stockton and later distinguished . They are the sons of one of Spanos' sisters, Dea Spanos Berberian. Chargers co-owner Dea Spanos Berberian is headed to court in an attempt to force the team to be sold, according to the Los Angeles Times . 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. Dean Spanos took over as managing owner of the Chargers in 1994, 10 years after his father bought the franchise. Ron is husband of Dea Berberian (daughter of Alexander Spanos - real estate developer, owns the San Diego Chargers) Sorry for my poor english translation. Early life and education [ edit] Before the Chargers moved to L.A. the relocation led one columnist to brand Dean Spanos as the most hated man in San Diego he kept a copy of his fathers autobiography in his office. Faye and Alex Spanos married in 1948 and would have marked their 70th wedding anniversary on Aug. 21. The . Ron Berberian - This house will exist 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. It is not ca. Dean Spanos and Berberian are the sole co-trustees. XFL Week 3 preview: Can AJ McCarron, Battlehawks continue their fourth-quarter heroics? Dean Spanos' Sister Petitions Court To Force Chargers' Sale What? Spanos and Berberian were left as co-trustees of the trust after the deaths of Alex and Faye Spanos in 2018. "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.". LOS ANGELES - The sister of Los Angeles Chargers controlling owner Dean Spanos is petitioning a California court to put one-third of the team's ownership stake up for sale. In March 2021, she filed a petition to Los Angeles Superior Court asking the franchise be sold due to mounting trust debts. She also is in charge of community relations. Berberian claims that Dean's decision to relocate the Chargers from San Diego back to Los Angeles in 2017 has put the trust more than $358 million in debt. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy, The Breer Report: Los Angeles Chargers Training Camp Takeaways, ESPNs Adam Schefter and Kimberley Martin reported. A solid family foundation: This is the basis of everything, the essential passage said. Lawsuit That Could Force Spanos Family to Sell Chargers - NBC 7 San Diego In addition, according. The four siblings are equal beneficiaries of the family trust, according to court documents. It probably wasnt a coincidence the legal action came in the wake of two industry developments, both favorable to fetching a higher price. Dea Spanos Berberian, sister of Dean Spanos, has filed a petition in Los Angeles County Superior Court in an attempt to force the Spanos family to sell the Chargers. 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.". A legal filing by Dea Spanos Berberian seeking to force the sale of the Chargers cites $353 million in family trust debt. His sons have key roles, too. Spanos and Berberian were left as co-trustees of the trust following the deaths of their parents, Alex and Faye, in 2018. Her siblings say they love owning the football team. In January, Dean Spanos was sued by two of his nephews Berberians sons, Dimitri and Lex Economou who allege that he secretly diverted money from the family trust. Learn how your comment data is processed. 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. The Chargers play their home games at Qualcomm Stadium. The couple raised four children. 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. Alex Spanos bought the San Diego Chargers in 1984, and Dean Spanos took over managing the franchise in 1994. The racing game, LaDainian Tomlinson with the tandem-Darren Sproles, is frightening, especially as LT intends to rediscover the form that had him a star. He died on October 9, 2018. STOCKTON Faye Spanos, the wife of Stockton developer Alex Spanos and the bedrock of her family as her husband once called her, died Tuesday night at age 92 of undisclosed causes. The league is just four months into its first full year of a collective bargaining agreement that runs 10 years and will allow for a 17-game season and expanded postseason in 2021. Unfortunately, our sister Dea seems to have a different and misguided personal agenda., They said operations of the Chargers will be entirely unaffected by this matter.. That may be a blessing in disguise because Denver will have the first pick in the draft next April. One proposed change would be a drop in the estate-tax exemption to $3.5 million from $11.7 million. Spanos, Berberian and their siblings Michael Spanos and Alexandra Spanos Ruhl each own 15% of the Chargers franchise, with 36% managed by the family trust and the remaining 4% owned by non-family members. Discovery Company. Busy times are ahead, for lawyers representing the Spanos family. Los Angeles Chargers co-owner claims move to LA has been 'financially SPORTS ILLUSTRATED is a registered trademark of ABG-SI LLC. Everyone feels entitled to everything. Neither Berberian nor Streisand responded to ESPN's requests for comment. Lula 2019 Pinot Noir (Anderson Valley) - Wine Enthusiast In 1948, Spanos married Faye Papafaklis. Tom Eddy Wines Spanos-Berberian Vineyard Cabernet Sauvignon - Wine-Searcher Alexander Spanos Net Worth 2023 Not a member? The claims include a charge that Spanos borrowed in excess of $60 million for the wasteful purchase of an airplane for Deans and Michaels use that has no legitimate business justification.. A Warner Bros. Chargers owner Dean Spanos accused of fiduciary mismanagement - Los A lawyer familiar with the matter told ESPN that Berberian's motive for filing the suit is to embarrass Spanos publicly. 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 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. Chargers' Dean Spanos Sued by Sister for Alleged Misogyny, Fiduciary
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