Sunday, June 30, 2019
W. Marvin Rush II died at the age of 79 back in May of last year, but the battle over his estate is far from over, considering that he was the founder of one of the largest commercial truck dealership chains in North America. Rush Enterprises currently has a market cap of $1.32 billion. W.M. "Rusty" Rush III and his step-mother, Barbara, continue to take the fight to the Texas courts.
Rusty, 61, is the current chairman, current chief executive and president of Rush Enterprises, and began working for his father at the company in 1974. Barbara was Marvin's third wife and previously his secretary, and Rusty claims that his father insisted that she sign a marital agreement before the marriage occurred in 1991. The document stated that she "gave up any rights she might otherwise have, then or in the future, to claim any interest in any of Marvin's separate property or what might otherwise be community property," including any interest or title in Rush Enterprises, according to an amended lawsuit filed in Bexar County district court. However, the lawsuit also says that Marvin signed a durable power of attorney in 2013 that gave Barbara "unilateral control" over all of his assets. Rusty claims this is a clear sign that his father did not have the mental capacity to sign the document, because he did not disclose it to either of his sons, and prior to this Marvin had also been adamant about his wife staying out of the business decisions.
Barbara created the Rush Living Trust in 2017, transferring most of Marvin's assets into it, according to the lawsuit, including real estate, cash, automobiles, and stock to Rush Enterprises. The beneficiaries of the trust, valued at more than $44 million, are Barbara and her daughters. Barbara has also presented two 2013 wills that supposedly revoke the 2006 will Rusty filed.
See Family Feud Continues over Estate Left by the Founder of Rush Enterprises, MSN, June 26, 2019.
Special thanks to Laura Galvan (Attorney, San Antonio, Texas) for bringing this article to my attention.