John Angelos and mother ‘plundered’ tens of millions from ailing Orioles owner Peter Angelos – Baltimore Sun

An explosive new court docket submitting alleges Orioles chairman and CEO John Angelos and his mother “plundered” tens of millions of {dollars} from ailing workforce owner Peter Angelos, purchased a larger share of the franchise and shielded belongings from potential collectors.

The allegations had been made by Peter Angelos’ youthful son, Louis Angelos, in an up to date lawsuit towards his brother and mother. They depict an alleged scheme that, within the 5 years for the reason that patriarch fell unwell and grew to become incapacitated, John and Georgia Angelos “systematically drained” a checking account that held greater than $65 million, leaving about $400,000 as of a number of months in the past.

“Peter’s spouse, Georgia, and his son, John, have failed him, shirked their obligations and breached their authorized duties, in a number of, catastrophic methods,” in accordance with the amended criticism Louis Angelos filed Monday in Baltimore County Circuit Court.

The submitting says mother and son secretly purchased further shares of the workforce from one other member of the Baltimore Orioles Limited Partnership that, with Peter Angelos as the bulk investor, owns the workforce.

Neither the quantity of the shares nor the vendor is recognized, though it’s apparently a girl. The present partnership consists of two ladies by identify, Wanda King, the primary spouse of the late creator Tom Clancy, and Pam Shriver, the previous tennis star. It additionally consists of estates and a basis that would embrace or be represented by ladies.

The investor “expressed an curiosity in promoting a portion of her possession within the Orioles,” in accordance with the submitting, and in December 2021, Georgia Angelos and John Angelos “accepted the acquisition of her inventory.” The submitting goes on to say Louis Angelos, 53, believes his father’s belongings “had been used to borrow funds for the acquisition.

“Peter acquired no profit from this transaction, however was pressured to incur the debt,” the submitting states.

Steven D. Silverman, who represents John Angelos, responded Tuesday in an electronic mail, saying: “Defense counsel will reply to the newest spherical of falsehoods and fabrications sooner or later.” A request for remark from former state Attorney General Doug Gansler, who represents Georgia Angelos, was not instantly returned. Louis Angelos’ lawyer, Jeffrey E. Nusinov, declined to remark.

The household’s authorized battle is escalating at a time when workforce management faces a number of main selections, from whether or not to increase its lease to proceed enjoying at Camden Yards to boosting its ranks of largely younger gamers with higher-priced expertise to develop into extra aggressive on the sphere.

Earlier this month, John Angelos deflected questions in regards to the impression of the household authorized battle on the long run of the workforce and its possession, promising to offer solutions at a gathering with the media that has but to be held.

The new submitting additionally alleges that John Angelos, 55, and Georgia Angelos, 81, transferred belongings from Peter Angelos, 93, to protect them from potential collectors that would embrace former purchasers of his legislation agency. Peter Angelos’ decades-old Baltimore legislation agency received lots of of millions of {dollars} through the years on behalf of steelworkers and others harmed by asbestos.

Of the $65 million that was in a Wells Fargo account in Peter Angelos’ identify, the most important single switch, $26.75 million, went to a checking account held by his spouse, the submitting mentioned. Of that, “the majority” was transferred instantly after a bunch of purchasers filed a malpractice swimsuit towards Peter Angelos and his legislation agency in 2021, to protect belongings from a possible judgment, the submitting alleges.

The criticism depicts John Angelos as an aggrieved son who felt underappreciated and underpaid by his father. It quotes from so-called manifestoes that John Angelos wrote, together with one from March 3, 2015, by which he says he is created lots of of millions of {dollars} of money circulation and wealth for household’s corporations but his wage by no means exceeded $175,000 on the Orioles or $225,000 at Mid-Atlantic Sports Network, also referred to as MASN.

He wrote he was “severely” underpaid, “regardless of my huge expertise in managing workforce operations and my range of in depth and arms on expertise in sports activities and in media enterprise experience and a mixed talent set unparalleled amongst any Mlb [Major League Baseball] chief executives.”

Peter Angelos’ incapacity offered, the submitting mentioned, “a gap to acquire the popularity, energy and compensation that he believed was his due.”

With his mother, who serves as Peter Angelos’ attorney-in-fact, rubber-stamping and typically even signing paperwork with out studying them, John Angelos was capable of take away his brother and one other official from positions that carried out oversight of the Orioles operations, the submitting mentioned. It added that John Angelos elevated his wage, though the quantities had been redacted from the submitting, and amended the Orioles partnership settlement to provide the “management particular person” designated by MLB veto energy over any votes. That management particular person is John Angelos.

The submitting claims on Jan. 25, 2021, $1.7 million was transferred from Peter Angelos’ Wells Fargo account to an actual property lawyer in Saratoga Springs, New York, “to allow John to purchase a home there.” According to the submitting, on April 7, 2021, one other $2.5 million was wired to John Angelos.

The new submitting provides appreciable hearth to what was already a scorched-earth authorized battle inside one of the state’s most distinguished households.

The battle has revealed that the household, Georgia Angelos, specifically, has been planning to promote the Orioles. According to Louis Angelos’ lawsuit, although, his brother has resisted such efforts, together with turning away what the swimsuit characterizes as a “credible” group of patrons in 2020. Sources have advised The Baltimore Sun that John Angelos desires the household to maintain a majority management of the workforce.

The litigation additionally revealed that Georgia Angelos and John Angelos have wished to wind down or promote the legislation agency, plans which have been resisted by Louis Angelos, who has been managing it since his father’s incapacitation.

Judge Keith Truffer has scheduled a trial for July on each Louis Angelos’ swimsuit and one filed in August by Georgia Angelos. She sued her youthful son, saying he offered his father’s legislation agency to himself, characterizing it as monetary elder abuse. Louis Angelos claimed the transfer was essential as a result of of the legislation requiring the agency to be transferred to a different lawyer after Peter Angelos was disabled.

The new submitting counters that it’s Peter Angelos’ spouse and older son who’ve financially exploited him.

“The defendants abused their positions of belief and confidence … realizing that Peter, by advantage of his incapacity, shouldn’t be conscious of these acts and unable to register any protest or take any corrective motion to guard his rights.”

Leave a Comment