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John Angelos and mom ‘plundered’ tens of hundreds of thousands from ailing Orioles proprietor Peter Angelos – The Mercury Information


An explosive new court docket submitting alleges Orioles chairman and CEO John Angelos and his mom “plundered” tens of hundreds of thousands of {dollars} from ailing crew proprietor Peter Angelos, purchased a better share of the franchise and shielded property from potential collectors.

The allegations have been made by Peter Angelos’ youthful son, Louis Angelos, in an up to date lawsuit towards his brother and mom. They depict an alleged scheme that, within the 5 years for the reason that patriarch fell unwell and have 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 tasks and breached their authorized duties, in a number of, catastrophic methods,” in line with the amended criticism Louis Angelos filed Monday in Baltimore County Circuit Court docket.

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

Neither the quantity of the shares nor the vendor is recognized, though it’s apparently a lady. The present partnership consists of two girls 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 girls.

The investor “expressed an curiosity in promoting a portion of her possession within the Orioles,” in line 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 property “have been used to borrow funds for the acquisition.

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

Steven D. Silverman, who represents John Angelos, responded Tuesday in an electronic mail, saying: “Protection counsel will reply to the newest spherical of falsehoods and fabrications in the end.” A request for remark from former state Legal professional Common 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 crew management faces a number of main choices, from whether or not to increase its lease to proceed taking part in at Camden Yards to boosting its ranks of largely younger gamers with higher-priced expertise to turn into extra aggressive on the sphere.

Earlier this month, John Angelos deflected questions in regards to the influence of the household authorized battle on the way forward for the crew and its possession, promising to supply solutions at a gathering with the media that has but to be held.

The brand new submitting additionally alleges that John Angelos, 55, and Georgia Angelos, 81, transferred property from Peter Angelos, 93, to protect them from potential collectors that would embrace former purchasers of his regulation agency. Peter Angelos’ decades-old Baltimore regulation agency received a whole lot of hundreds of thousands of {dollars} over time 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 biggest single switch, $26.75 million, went to a checking account held by his spouse, the submitting stated. Of that, “the majority” was transferred instantly after a gaggle of purchasers filed a malpractice swimsuit towards Peter Angelos and his regulation agency in 2021, to protect property 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, wherein he says he’s created a whole lot of hundreds of thousands of {dollars} of money circulation and wealth for household’s firms but his wage by no means exceeded $175,000 on the Orioles or $225,000 at Mid-Atlantic Sports activities Community, also called MASN.

He wrote he was “severely” underpaid, “however my huge expertise in managing crew operations and my variety of in depth and palms on expertise in sports activities and in media enterprise experience and a mixed ability set unparalleled amongst any Mlb [Major League Baseball] chief executives.”

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

Along with his mom, 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 performed oversight of the Orioles operations, the submitting stated. It added that John Angelos elevated his wage, though the quantities have been redacted from the submitting, and amended the Orioles partnership settlement to present 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.” In line with the submitting, on April 7, 2021, one other $2.5 million was wired to John Angelos.

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

The struggle has revealed that the household, Georgia Angelos, particularly, has been planning to promote the Orioles. In line with 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 informed The Baltimore Solar that John Angelos needs the household to maintain a majority management of the crew.

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

Choose 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 regulation agency to himself, characterizing it monetary elder abuse. Louis Angelos claimed the transfer was mandatory due to the regulation required the agency to be transferred to a different lawyer after Peter Angelos was disabled.

The brand 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 … figuring out that Peter, by advantage of his incapacity, isn’t conscious of those acts and unable to register any protest or take any corrective motion to guard his rights.”

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JessicaGG

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