She claims her father who controlled substantial wealth and whose family controlled substantial wealth excluded her from benefiting from his estate, unless his widow Vicki Smorgon died before him. David Smorgon also operated DBR Investments and DBR Corporation with his brothers Barry and Rodney which passively invested in equities, property, venture capital and offshore funds. The family raised $35.7 million from share sales in 2002 which appears to have been to pay out Marco. Edwards, then 25 years old, and Victor, aged 82, became the managing director and executive chairman respectively; a pairing that Edwards says worked because of their dual fixation on the familys longevity. He skipped university, finished an apprenticeship and began managing factories in Sydney, Melbourne and Tasmania. RELATED: Surprise Christmas tax cut in Budget, RELATED: Australian economy rebounds with retail spending boost. We run it very formally, Edwards says. They are hugely successful in their business, but behind closed doors, they have the same issues, concerns and fears as the rest of us, he says. In the 2013 list, the Smorgon family headed the list with estimated wealth of A$ 2.64 billion. The family wealth began with a butcher in North Carlton founded by Naum Smorgon in 1928 to become Australia's biggest privately owned institution. This years Rich List includes eight people in their 90s whose fortunes total $26 billion, and 32 in their 80s, worth $81 billion. Victor is one of the smartest people that Ive ever seen, says one adviser. But the family remained tied together by steel: its stake in Smorgon Steel Group Australias second-largest steel producer and listed on the ASX in 1999 was transferred to a newly created family office, the Victor Smorgon Group. [19] For this Jewish community of up to 15 000 people, there were only 2 butcher shops in Melbourne supplying kosher meat. Carlo Salteri (left) and Franco Belgiorno-Nettis at an early Tenix function. The family settled. hard rock disneyland paris. The 51-year-old chief executive of Victor Smorgon Group a family office was ready to start making serious crypto investments. One of Australias richest families wants to keep its wealth a secret from a stepchild wanting to know about her late fathers assets. How do you make it work? Meanwhile, Franks nephew, Elliott Rusanow, has just been appointed CEO of Scentre. It wasnt the only courtroom drama. They then built a tissue plant alongside this factory. If we dont deal with this topic, whats going to happen? [4] Contents 1 List of individuals 2 List of families Their last abattoir, located in Melbourne, closed after workers went on strike 24 times in its 64-day operating period. Buckeridge family, $2.5 billion 5. [4] Contents 1 List of individuals 2 List of families Each defendant maintains that the plaintiff is not entitled to require that defendant to provide to her copies of the relevant documents, Mr Meehan states in the affidavit, obtained by news.com.au. Its never about the money, its about the egos., A senior family adviser describes a client, who has built a large company, who is constantly approached by other people for guidance and counsel. [3][23][28] By August 1995, the meat, plastic containers, paper mills and recycling businesses were sold. Victor Smorgon in 1993 outside the butcher shop his family founded in 1927. In essence, we have our business board and our family board.. Families in the past were inured to the disparity between the eldest childs share of the inheritance and the others. [3][28], "Loti Smorgon dies after lifetime of philanthropy", "Sandra Bardas gave time and took the trouble to change the world", "BARDAS, Sandra | Death Notices | Melbourne", "CASTAN, Noel Isaiah | Death Notices | Melbourne", "SMORGON, George | Death Notices | Melbourne", "Samuel Smorgon AO Death Notice - Melbourne, Victoria | The Age", "Minnie Smorgon: Gold Coast penthouse owned by one of Australia's richest families hits the market - realestate.com.au", "Russian Revolution | Definition, Causes, Summary, History, & Facts", "Safe haven: Records of the Jewish experience in Australia", "Victor Smorgon: the great industrialist", "Smorgon Steel, OneSteel and Bluescope Steel Finalise Agreement", "Smorgon family artificial insemination claim heads to court", "Vale Loti Smorgon Philanthropy Australia", "The Trustee For The Victor Smorgon Charitable Fund", "Philanthropic Family Tops Rich List | PBA", https://en.wikipedia.org/w/index.php?title=Smorgon_family&oldid=1089408530, Norman (Naum) Smorgon (17 December 1884 1956), Eric (Isiat) Smorgon (1911 1999) m. Anne Smorgon nee Bernstein (1910 1996), Vicki Vidor nee Smorgon m. (1) Raymond Vidor; (2) Peter Avery, Bindy Koadlow nee Smorgon m. (1) Colin Edwards; (2) David Koadlow, Sandra Bardas nee Smorgon OAM (1941 2007), Belinda, Robyn, Anna, Elli, Morris and Ben, Anna / Annia / Anne Castan nee Smorgon (1909 2000), Noel Isiah Castan (1942 1998) m. Anita Castan nee Dundas, Clara Orloff nee Smorgon (1916 1946) and Joseph (Joe) Orloff (1912 1977), Paulette Orloff m. (1) Peter Terracall; (2) Alex Steinlouf, Moses Smorgon (1892 1954) m. Luba Smorgon nee. Samantha Jane Smorgon is suing the rest of the family for access to financial records from 18 trust accounts in a legal fight over her late father Robert's will. The butcher shop in Lygon Street proved the breeding ground for Victors entrepreneurial spirit. Except they have one flaw. [16][20], Smorgon Consolidated Industries competed against the paper monopoly, Australian Paper Manufacturers (AMP). Sans. In 1967, the Smorgons exited the fruit cannery business due to cheap South African products lowering the cost of goods in the UK. Ms Smorgon declined to speak to The Age and The Sydney Morning Herald when contacted this week. In 2001, Smorgon Steel purchased Palmer Tube Mills and joined OneSteel in a partnership to acquire Email Ltd. I have been told that my brother Stephen Smorgon was conceived in the same manner as me.. The money involved today is so much greater. Even after I was told [of my conception method] my father continued to behave as if he was my natural father and treat me as if I was his child.. More than $2 billion would be. [3], From 1988 to 1989 AMP (known as Amcor from 1986) drastically lowered box prices and raised charges for feedstock paper to capture more of the market. Pictured: Vicki and Robert Smorgon. To do this we will link your MailOnline account with your Facebook account. Novic (1887 1988), George Smorgon (1921 2004) m. Gita Smorgon nee Fetter, Dean (196970), Ricky (197172), and Dale (197475), Barry Smorgon m. Sandra Smorgon nee Horin, Rodney Smorgon m. Ann Smorgon nee Jackman, Barbara Smorgon m. (1) Phil Krasonstein; (2) Barry Landau, This page was last edited on 23 May 2022, at 16:34. In 2003, Smorgon Steel acquired a 50% stake in the Hong Kong company, Hartwell Pacific Ltd, to export steel to foreign markets. [23][29] Victor Smorgon became executive chairman with Peter Edwards as managing director and Victors four daughters, Ginny, Vicki, Bindy and Sandra, as directors. June 16, 2022. When it comes to succession, all unhappy families have one key thing in common. Charles 'will NEVER build real relationship with Archie and Lili unless Harry and Meghan get new royal 'Putin has STOLEN our Ukrainian children': Distraught parents tell how THOUSANDS of youngsters never EMILY PRESCOTT: Sarah Ferguson 'confused' after seeing photos from goddaughter's wedding she thought she was Joe Biden is 'unlikely' to attend King Charles' coronation due to Ireland trip - despite promising to A 14-year-old autistic boy's naive prank. [3], In 1995, Smorgon Consolidated Industries divested itself of all assets except for their steel business. There are qualitative issues they have resentments and jealousies that all families have. Five years before, she had dumped him from the board; now he was out of the family business altogether. . Wilson family, $2.6 billion 3. Ruperts own heirs are unlikely to be as accommodating with each other. There's a Smorgon Family nursing home, and a $30,000 bequest each year towards the Premier's Award for Research. How did it come to this? Its the fear of losing it. She claims she has not received any income or distributions from the trusts. Throughout my childhood, I was brought up believing that I was a child of my father. Picture: Supplied Victor Smorgon passed away in 2009, while Krasnostein's grandfather, Sam Smorgon, died in 2020. One of the Salteri daughters, Victoria, married UBS star David Di Pilla, who helped the family sell Tenix Defence to BAE Systems in 2008 for $775 million, and the rest of the Tenix assets to Downer EDI in 2014 for $300 million. Gina Rineharts three older children won a victory in 2015, when Bianca replaced her mother as trustee of the Hope Margaret Hancock Trust, which owns a sizable part of Hancock Prospecting. 0 Comments Elsewhere, he has described the sell-off process as the worst time of his life, though in the end he supported the decision. They added machinery to their existing Brooklyn factory and produced paper and carton materials. [3] Norman recognised the high demand for kosher meat and went into business with his brothers, Abram and Moses. But can they start the conversation? Humes Ltd was a client of the Smorgons and ran a steel product production and distribution operation under the name ARC. [3], The family got into a legal dispute with APM as both businesses sought to purchase shares in the public packaging company, Fibre Containers Ltd. Scotland, China and Japan have similar sayings (Rice paddies to rice paddies in three generations). So much is riding on this for many Rich List families. The Smorgon family originates from the small town of Heidelberg (now known as Pryshyb), in eastern Ukraine. It was the second time Gina had fired John, her eldest child. The Smorgon family travelled from Mariupol to Marseilles where they boarded a converted French cattle ship taking passengers to Australia.The Smorgons arrived in Melbourne, Australia in 1927 and settled in the suburb of Carlton. [3], In 1946, Victor and Sam Smorgon started exporting rabbit meat to England after Victor noticed a demand for rabbit exports at Londons Smithfield Market. Theres also the One Wedding Too Many problem. [27], In December 1994, Victor Smorgon stepped down as chairman of Smorgon Consolidated Industries[16][22] along with Sam and Eric Smorgon and Charlie Holckner. Samantha Jane Smorgon (pictured) is suing her famous and wealthy Melbourne family, The 44-year-old wants access to 18 trust accounts managed by brother Stephen Smorgon (pictured with his wife Kelly). Then there is the prestige of the family name. Victor and young Edwards always had a close relationship, and the patriarch drove him to and from the office during the school holidays. . Through these, the Smorgons provide funding to aid chronic illness, homelessness, refugees, child abuse and medical research. Today, James and Gretels fortunes total $7.9 billion, which means that for all James recent stumbles with Crown, the Packer succession has been a success. And just like that, the future of the largest family fortune in the country was swinging in the breeze. [1] He married Tzippa Mejov at Blumental in 1908. The Smorgon family topped the BRW Rich Families list for seven years running until 2015 with a fortune of more than $2.7 billion, amassed from interests in property, meat, paper, chemicals, plastics, electronics and steel. A second conclusion is more upbeat. accident in union, nj today; kutchi language translator; razer deathadder v2 best settings; katie vinten linkedin; . Clockwise from top left: Harry Triguboff; the Rineharts; the Smorgons; the Murdochs. You havent ever run anything, and youre 50 or 60, and suddenly, youve got the business. Out on May 27: The definitive list of Australias wealthiest people, now in its 40th year. shadwell, london crime; lord capulet character traits; creflo dollar plane crash; Think about it this way, Ive got three kids, Edwards says. [3], In 1982, David Smorgon purchased the Australian subsidiary of a Canadian packaging company, Glass Containers, which made glass and plastic packaging. No family member could purchase the company assets for sale with the exception of Victor Smorgon who retained a small plastic recycling plant. The truth is, youve got access to an ear that others dont, he says. [3][17] Carlton was the centre of a Yiddish community[18] that was growing with influxes of Jewish immigrants from Eastern Europe. Was it worth it? The BRW Rich List is all about who gets the most . [3] The Smorgon families headed the families list in every year of its publication. The die was cast. Here, Norman and his brothers re-established their flour mill. Besen family,. But its just amazing what happens if you get everyone in the same room talking . Ms Smorgon claims she is one of the discretionary beneficiaries in all of the trusts including as a general beneficiary, primary beneficiary or a relative of one, being her father. [31] The Smorgon family has a wing named after them in the Peter MacCallum Cancer Centre and the Royal Victorian Eye and Ear Hospital. Her submission also claims that she believes her brother Stephen Smorgon was conceived by the same method. Each of the defendants objects to disclosure of the documents to the plaintiff on this basis also.. [3] In 1948, Sam Smorgon and Jack Morris began to use the Smorgon canning facilities to sell canned fruit. Its expected that his daughters, Orna, 61, and Sharon, 59, will inherit the shares in Meriton, which are now all held by Harry. [3][22] For 12 years, Victor and Loti Smorgon spent 6 months in the United States[3] to head this operation where they invested in more than 25 properties. This led to a takeover by Ben Grays BGH Capital from which, remarkably, Robert Kirby and his son Clark have emerged as chairman and CEO, respectively. While he loved to wander on to the shop floor and talk to workers, in the new system he was told that if he wanted to go to a factory, he would need permission from four levels of managers. stepping down, giving responsibility to their kids or a family member,'' he says. . [3], Due to the continuing violence and anti-Semitism of the Russian Civil War, the Smorgon family then moved to Mariupol. 'The business activities of the active trusts include, but are not limited to, investments in equity managed funds, private equity, private equity funds, property and property development and property managed funds,' he wrote in an affidavit filed in the Supreme Court. [3], In 1918 the Smorgons moved to Bolshov Tokmak[3] to escape the violence of the Russian Revolution of 1917. The Smorgons are one of the wealthiest families in Australia. As a result, the Smorgon paper industry started making losses. The Smorgon family have an estimated worth of more than $2.7billion through investments in property, plastics, steel, electronics, chemicals, and meat. This is the Pratt familys great triumph with Fiona and Heloise and the billion-dollar in-laws. [16] Victor Smorgon partnered with David Holckner and began researching this new manufacturing method by visiting steel mills in the US. The list goes on. It is estimated that the family is worth $2.7 billion and all of it emanates from a kosher butcher shop in Carlton. Three years ago, Meriton announced Sharons sons Daniel, 31, and Ariel, 29, were being groomed to succeed Harry. They havent ever been tested.. It broke his heart to do that, I think, Edwards says. And given the Smorgons had been with the ANZ Banking Group for more than 100 years, the bankers were only too eager to help. 'Throughout my childhood, I was brought up believing that I was a child of my father,' Ms Smorgon said in an affidavit. The couple opened a mixed goods store the following year (1909). This isnt quite the full PCG. Court and company documents reveal that Stephen is a director of a number of the family trusts including the Escor Group, which his grandfather Eric Smorgon founded with his father Robert and uncle Jack, in 1995. The Smorgons purchased the company shares, having spent $53 million to complete this vertical integration of their paper business. I believed my father was my biological father until my early teenage years. Sam Bennett. Frank Lowy made the inheritance simple: he stepped down as executive chairman of Westfield Group in 2011, with sons Steven and Peter becoming joint CEOs, while providing seed capital for the Lowy Family Group, an investment arm founded by David Lowy. [3], While exporting meat, Norman Smorgon rented a factory near the Melbourne Meat Market where he canned the cuts of meat that werent fit to be sold to England raw. When he floated the business in 2013 as Pact Group Holdings, Fiona and Raphael picked up $709 million in share sales and a special dividend, while retaining shares worth $445 million, pushing their return over the $1.15 billion mark. Its where the patriarch or matriarch decides their designated heir is not the best option. [3] In 1948, the Smorgons began to supply rabbit meat to the US. The late Robert Smorgon, Samantha's father, with step-mother Vicky.Credit:Facebook. Ms Smorgon, 44, was conceived by artificial insemination and believes that is why she was denied access to the benefits of the trusts after Robert's death in 2019. But to get Australian dollars into the crypto ecosystem, he would have to buy US dollars, then buy a US stablecoin (a cryptocurrency pegged one-to-one with the greenback), and then transfer it into whatever crypto investment he was keen on. Others and they include the Packers have found that many disagreements can be resolved with a little understanding and communication, and a rather large bank transfer. In many cases, they are more likely to want to see wealth from the older generation invested and preserved.. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. The trusts are controlled by her relatives including her brother Stephen Smorgon. Three box plants were purchased by Amcor and Richard Pratt, another market competitor, purchased two. It was an unseasonably cool day in Melbourne early last December when a group of ANZ bankers filed into the art-filled boardroom at the Victor Smorgon Group in South Yarra. Together they established a new wholesale meat business, Norman Smorgon and Sons, separate from the butcheries. He doesnt understand why his children, in contrast, never want his advice, that they just want to be left alone. The Melbourne-based Smorgon family tops . The Smorgons abattoir in Mareeba, Queensland was absorbed into a joint venture called Australian Meat Holdings. . Sam Bennett. Watching his grandfather work, he absorbed the ways businesses need to evolve and change with the times, and how technology can unlock new opportunities and growth. It prevents resentments from breeding if some know, but others dont, that in itself can be a source of destabilisation. Narmada Kidney Foundation > Uncategorized > smorgon family rich list. [3][16], By 1956, the Smorgons had expanded into a new meat works in Dinmore, Queensland and had a large stake of the Australian export market. The couple opened a mixed goods store the following year (1909). Well ask you to confirm this for your first post to Facebook. Springing from a single North Carlton butcher shop founded by great grandfather Naum (Norman) Smorgon in 1928, the Smorgon family companies grew under four brothers including Eric and Victor Smorgon into Australias largest privately owned entity. [40] The families list has not been published in hard copy or online since 2015. The mini-mill used electricity to melt scrap metals into steel billets. typically you need someone to facilitate the conversation. But there is talking and theres talking. The company was renamed Smorgon Steel. The sell-down refocused this. In every year of its publication the Smorgon family has headed the list, with estimated wealth of A$2.74 billion in 2015 spread across seven branches of the family. But when he turned up to a meeting, he was told: Get out, youre management., Ultimately, Edwards says, being from the family mattered to some people and not to others. Family is so personal. Follow the topics, people and companies that matter to you. The exponential growth in wealth means the cost in pain and money of getting succession planning wrong can be so much greater. It looks like a textbook case for succession, but it wasnt easy. The split has been good for the Salteris, who are backing further Di Pilla ventures. [28], The Smorgon family has various philanthropic foundations including the Victor Smorgon Foundation,[30] Victor Smorgon Scholarship Fund, the Sandra and Barry Smorgon Family Charitable Trust, and the Jack and Robert Smorgon Families Foundation. by ; in british black male singers 2020; on June 29, 2022; 0 . [3] In 1925, Norman divorced Tzippa and married the familys governess, Vera Naumovna Feldman,[1] so that she could obtain a travel permit too. Samantha Smorgon as a child with her father, Robert Smorgon. Court documents filed this week lay bare the incredibly sensitive and complex family dispute. The families list was last published in 2015. [39] In 2015 the list comprised fifty families with an entry point of A$302 million. overnight kayak camping; the wharf amphitheater capacity. [3], In 1927, Norman Smorgon opened a kosher butcher shop[16] in Melbourne on 366 Lygon Street, Carlton. And if youre not that person, you cant push your weight around because you didnt create everything. yogi honey lavender stress relief tea while breastfeeding; twin flames photography nft Mr Meehan further claims Ms Smorgons request for documents to be produced relating to the administration and management of the trusts is broad and uncertain. [1] Their brothers, Abram and Moisey, worked in the meat trade supplying cattle for the Red Army. In 1991, Dick Pratt famously handed Alex Waislitz a $1 million share portfolio as seed capital to invest, before he married Pratts daughter Heloise in 1994. Ms Smorgon said she only found out she wasn't her father's biological daughter until her teenage years and was told her brother Stephen was conceived the same way. [3], In February 1995, the new board decided to divest the Smorgon family of their conglomerate, Smorgon Consolidated Industries. The sole agenda item was cryptocurrency and how the Smorgons could get into this explosive new sector. Victor Smorgon and other senior family members were replaced by a new generation on the SCI board, to be headed by Graham Smorgon, to oversee the sales. how many kids does james brown have; broad college of business acceptance rate +91 99252 51980. edgewood ky soccer league. The case is expected to return to court in February next year. They are life trustees at the Mount Scopus Memorial College and donate $30 000 annually to the Premiers Award for Health and Medical Research. According to Mr Meehan, the deeds on 16 trusts contain a clause restricting disclosure to a beneficiary or any other person of documents regarding trustee deliberations on the exercise of power, discretion or authority, adding to the objections from those he represents. A member of one of Australias richest families who claims she was left out of her fathers will because she was conceived via artificial insemination is being blocked from accessing documents which would unveil his wealth, court documents reveal. Indeed, my father treated me as if he was my natural father and I his child. However, MsSmorgon claims this is incorrect as MrSmorgon was listed as her father on her birth certificate, and she his daughter on his death certificate. [3][16] This process increased product quality and factory productivity[26] compared to traditional blast furnace production methods. He has written that four of the families supported the move, while three were opposed. As CEO of the family office, Edwards manages business interests including hedge funds, steel manufacturing, DVine Ripe tomatoes and teenage fashion at General Pants. Find out more about our policy and your choices, including how to opt-out. For Francos family? . Smorgon Steel sold for $2.5billion to OneSteel in 2005 allowing brothers Victor and Eric to start the Victor Smorgon group and Escor Group respectively. David Smorgon, who had run the meat division, declined to talk about it. At the same time, the family rose to prominence in Melbourne as major benefactors across the arts, civics and cultural institutions, including the National Gallery of Victoria where a portrait of Victors wife Loti by Andy Warhol is now one of the best-known works in the collection. my childhood dream to be a doctor Plstico Elstico. [16] After the company went public in 1999 the family still retained 67% but, over time, family members have sold their shares. My advice almost always is sell it before youre gone or arrange for a process of sale. John Hancocks feuding with Gina Rinehart is one example. smorgon family rich list. BHP controlled Australias steel market in the 1980s. Graham Smorgon became the new chairman. [1][3] During their time in Heidelberg they had four children; Annia (1909), Eric (Ishay) (1911), Victor (Abrasha) (1913) and Clara (1914). It sparked a feud which led the families to split the $720 million Transfield empire in two. Its always a failure of not talking, says Naphtali. I just would like my dad to acknowledge me, to say well done, I just want to have a meaningful connection with my parents., Clockwise from top left: The Morans; the Pratts; the Belgiorno-Nettis family; the Packers. Melbourne's wealthy Smorgon family is heading for a Supreme Court showdown with a family member who claims she has been excluded from the multi-billion-dollar estate because she was conceived by artificial insemination and therefore considered a step-child. Samantha Smorgon as a child with her father, Robert Smorgon. Edwards says his proximity to his grandfather has instilled an appreciation for the work ethic and a firm eye on the future. Indeed, my father treated me as if he was my natural father and I was his child. The Smorgon family were named the BRW richest family in Australia for seven consecutive years up to 2015, with a wealth of some $2.7 billion. [3] In 1988, the Smorgons then purchased Humes Ltd outright[16] for $2.90 a share, paying approximately $375 million. Its the moment the Hancock Prospecting succession went awry that morning in 2003 when Gina Rinehart called her son, John, into her office to tell him he no longer had a job. The steel products distributor, Albion Steel Group, was purchased by Smorgon Steel in 2002. Those car rides were the best part of the day, he says. Although the same information is presented to both groups, the types of conversations that stem from the meetings vary, and the family strictly adheres to long-term decisions that will maintain and increase the wealth. Justify Text Get Wikiwand Note: preferences and languages are saved separately in https mode {{::langAbbreviation}} {{::lang.langAbbreviation}}{{::lang.NameEnglish . In 1995, Michael Naphtali, who has worked with several wealthy families, warned: There is only one rule. [1] He married Tzippa Mejov at Blumental in 1908. The Smorgons are one of the great dynasties in Australia. After decades of speculation about who would succeed him, in 2016 Rupert Murdoch stepped back to let Lachlan and James run the Fox side of the empire only to change his mind 12 months later and begin talks to sell off 80 per cent of Fox to Disney, turning his childrens inheritance into an $18 billion trust fund. [16] Since 1930, BHP had been Australias largest industrial company[24] and by the 1980s, it was producing 2% of Australias GDP and 9% of its exports. [3], After this period of sales, the family was left with their steel business, Smorgon Steel. The Smorgon family and associated investment group are looking for able-pocketed residential renters as they work on redevelopment plans for the circa-1865 Poolman House at 253-257 . In time, a family council emerged a model that still operates today. At the other end of the spectrum is the Family Buyout. Sam Bennett, In Melbourne, Leibler sees a growing emphasis on preservation of wealth rather than continuing the family business. It was opened by Victors father, Naum, who fled the last years of Russian tsarist rule. But happy families achieve happiness in their own distinctive way. Vicki Smorgon is the executor of Robert Smorgon's estate and is a joint proprietor in three of his four properties, according to his daughter's affidavit. They challenged the likes of public companies such as Australian Paper Manufacturers (now Amcor), BHP and ACI, often buying a minor player and investing in technology and processes to undermine the monopolies and duopolies that were ubiquitous in the 1970s, 1980s and 1990s. [16] During this time, members of the Smorgon family began to sell their shares in the company, reducing the familys shareholding position. You get further and further away from the first-generation entrepreneur. To combat this, management meetings are held in the evenings, so younger family members can join in and listen. When will the Beast from the East be at YOUR door? Not so much. James inherited a $6.5 billion fortune and within 10 months had sold the Nine Network and Australian Consolidated Press to private equity group PVC for what eventually totalled $5 billion superb timing with a bigger payout than his father ever made. For the remaining trusts in respect of which the plaintiff (Samantha Smorgon) seeks orders, the relevant documents sought by the plaintiff contain confidential and commercially sensitive information, he states.