Thursday, September 7, 2006
Earlier on this blog, I reported on allegations that Anthony Marshall has been mistreating his mother, Brooke Astor, his response to those allegations, and an editorial regarding the "Brooke Astor Effect."
The details of the alleged breach of duty by Mr. Marshall continue to be uncovered as reported in Serge F. Kovaleski, Mrs. Astor's Son Is Accused of Mishandling Millions, NY Times, Sept. 7, 2006. Here are a few excerpts from this report:
J. P. Morgan Chase, the court-appointed temporary guardian of Brooke Astor’s assets, says in court papers that it is investigating whether her son improperly obtained about $14 million in cash, property and stocks from his ailing mother while managing her finances. The filing suggested that the bank might pursue litigation against the son, Anthony D. Marshall, to get some of the money and property back.
The papers also raise questions about Mrs. Astor’s mental competency in 2003, when she signed documents transferring $3.4 million of her securities and her seaside estate in Maine, valued at $5.5 million, to Mr. Marshall. * * *
The papers * * * lay out in great detail a blueprint that could form the basis of a court battle over the fortunes of New York’s grande dame of society and philanthropy. The bank’s documents also represent the first substantial examination in the case of how Mr. Marshall has tended to the finances of his 104-year-old mother.
Mr. Marshall’s son Philip has accused his father in a court petition of neglecting Mrs. Astor by cutting back on her medications and living expenses and subjecting her to deplorable conditions in her Park Avenue duplex while enriching himself with her wealth.
Special thanks to Prof. Joel C. Dobris of the University of California-- Davis for bringing this report to my attention.