PHOTO BY RICK EGLINTON/GETTY IMAGES
With the lawsuit filed by Frank and the countersuit from his daughter Belinda, it is clear that not all family businesses are guaranteed success
Stakes), Baltimore, Frank’s racing and gaming assets now count as one of the Stronach Group’s (TSG) core businesses. From day one, Frank’s pre-eminent philosophy has always been “family first.” Under his oversight, the 445327 Trust (known as the Stronach 445 Family Trust) was established for his daughter Belinda and her two children, Nicole (Nikki) and Frank (Frankie) Walker (Belinda 445 Trust); Belinda’s brother Andrew and his daughter, Selena (Andrew 445 Trust); and Frank’s wife, Elfriede (beneficiary of the 445327 Trust). In 2013, when Stronach ran for government in Austria, he resigned as trustee of the 445 Trust, appointing Belinda’s two children as temporary trustees in his absence. In the 73-page lawsuit filed in court on Oct. 1, 2018, Frank and Elfriede are suing Belinda (who is the current chairman and president of TSG), grandchildren Nicole and Frankie, as well as Alon Ossip, CEO of TSG, demanding $520 million 38
CITY LIFE MAGAZINE
Feb/Mar 2019
in damages and a full accounting of attributable monies. The lawsuit claims that Frank’s resignation was contingent upon each of the defendants honouring set-out commitments, and, most importantly, that Frank would retain de facto control of TSG. The lawsuit also posits that it was always clearly understood that Frank would resume his leadership role as super trustee (with Nicole and Frankie resigning) upon demand. In true Shakespearean form (with a dash of Freud stirred in), what began as a father/daughter champion/ hero relationship has flamed out spectacularly over power and money. Frank’s “family first” mantra has devolved into a dictionary of language that is at the complete opposite spectrum of support and nurture. Phrases and accusations contained in the father-against-daughter (not to mention grandchildren and Ossip) lawsuit include: willfully, covertly, oppressively, dismantled, prejudicially, unlawfully, abused www.mycitylife.ca