Monday, September 9, 2013
The children of the late real-estate mogul Louis Feil are currently locked in a fight over power and money.
Jeffrey Feil, 66, is now in charge of the Feil Organization, but ownership is split evenly between him and his three sisters. Marilyn Barry, Judith Jaffe, and Carole Feil are now accusing their brother of withholding money from them so he can later buy them out at a discount.
Jeffrey contends he gives them plenty of cash and is just running the family business how his father would have wanted. The property at stake is worth over $7 billion and includes Manhattan properties such as the Fred F. French Building on Fifth Avenue and the General Electric Building on Lexington Avenue.
See Sarah Rose & Peter Grant, Real-Estate Family Wars With Itself, The Wall Street Journal, Sept. 2, 2013.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.