But his political largesse landed him in hot water in 2010. Paterakis was fined $25,000 and banned from making political contributions until 2012. Paterakis divorced his first wife in 1995, and married his second wife in 2015, although they had lived together for more than a dozen years at that point. Subscribers to Maryland Family Law Update can access the digital edition archive. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. The Herald said that made him the 39th richest Greek-American in the country. Is your client emotionally ready for retirement? "A billionaire could die with much of his income sheltered.". 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Unfortunately, and for personal reasons that I have not been authorized to share with you, Mrs. Paterakis determined that she should settle this matter as she has done and withdraw her action, her attorney, Arnold M. Weiner, said Wednesday. Tax breaks for developers economic development or corporate welfare? And if there's a lot of money that's at stake, to mix metaphors, that's almost strike three. October 27, 2021, This law suit (sic) appears to be no more than a desperate attempt by Roula to obtain more money than she was left in JPs Will, William Paterakis, chairman of H&S Bakery, wrote in a signed letter to employees soon after his stepmothers complaint was filed. Three others are also named in the suit. When questioned yesterday by The Brew, Cole explained the citys reasoning this way: When it [the PILOT] was approved, it was never anticipated that the city would see any real profit-sharing. As John Paterakis health began failing, the suit charges, she became concerned not with his well-being but with ensuring that she got as much of his fortune as possible. In the following six years until now, the citys PILOT agreement has (depending on your point of view) saved a prominent family $24 million or deprived the city now facing the layoff of hundreds of school teachers because of a looming $130 million budget deficit of the same amount. Taking into account various assets, Stephen's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. Shunning the thought of retirement despite poor health, Paterakis was involved in the expansion of his domain to the east side of Central Avenue with the proposed $170 million "Liberty Harbor East" project. John Paterakis, like many wealthy people, kept many of his assets in trusts. If the Circuit Court reassessed and found Roula Paterakis was indeed entitled to those funds her share would amount to about 30% of the total after-estate expenses, such as legal fees. She alleged she was deprived of her rightful inheritance by sham trust transactions perpetrated by her stepchildren. "They almost always settle," Tanouye said. She alleges that her husband's cash, assets and "controlling interest in the H&S Bakery enterprise" are worth more than $1 billion and should be part of his estate. Subscribers to Maryland Family Law Update can access the digital edition archive. The total estate came to $155,354.. These cookies do not store any personal information. It is mandatory to procure user consent prior to running these cookies on your website. Nusinov said Roula Paterakis was not left empty-handed: her husband left her $250,000, a retirement account worth more than $650,000 and the home they shared in Baltimore County. Any cash a person keeps around must be reported in an estate inventory, she said. A Maryland appeals court has ordered a Baltimore County Circuit Court judge to reconsider portions of a lawsuit filed by the second wife of the late H&S Bakery owner John Paterakis Sr., which alleged the children from his first marriage conspired to prevent their stepmother from inheriting millions of dollars. By some estimates, Paterakis owned assets valued at more than $1 billion. The trust is not public. To purchase a reprint of this article, contact [emailprotected]. Ohio had the highest population of Paterakis families in 1920. His actual net worth at the time of his death was unclear, but Roula Paterakis claimed she was supposed to inherit one-third of it. June 28, 2018. Here was a power player who had gotten what he wanted from City Hall for decades. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. John Paterakis Sr.s involvement in politics wasnt without controversy. But William Paterakis and Venice Smith say in their newly filed complaint that their fathers estate planning was lawful, and took place before he married his second wife. [Paterakis pleads guilty, will pay $26,000 in fines]. (Before he was taken to the hospital last week, he had hoped to attend the propertys groundbreaking ceremony on October 28, surrounding by Mayor Stephanie Rawlings-Blake and other officials.). [John Paterakis, multimillionaire baker and Baltimore developer, dies]. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. Weiner is with Rifkin Weiner Livingston LLC in Baltimore. We express no view as to whether it does or does not, the special appeals court opinion said. The appeals court also found Cavanaugh erred when she dismissed a claim for declaratory relief without declaring the rights of the parties. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. By clicking Accept, you consent to the use of ALL the cookies. During the course of the bitter battle, she also accused her stepchildren of depleting their fathers cash assets during his final illness, while they accused her of greed and material excess. He pleaded guilty to violating state campaign finance law after paying in excess of state contribution limits for a poll for former Baltimore Councilwoman Helen Holton in 2007. (You Tube), There was, however, a proviso in the PILOT agreement that said the city would receive 25% of excess net proceeds after the developer achieves a 15% cumulative return on equity.. FROM THE BREW ARCHIVES: Developer Paterakis orchestrates $130,000 in campaign contributions to Sheila Dixon (3/29/16), Tax breaks for developers economic development or corporate welfare? Subscribers to The Daily Record can access the digital edition archive. Roula seeks to undermine John Paterakis's careful, legitimate estate and business succession planning. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. According to his wife Roula, with whom he was in a relationship since 2001 whom he married about a year before his death, he also kept millions of dollars in cash in safes located on his real estate properties. Roula Paterakis is gratified that she will now have her day in court so that she can pursue this substantial cause of action the interference with the $20 million promise, said her attorney, Arnold M. Weiner. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Roula Paterakis charged that her husbands children were determined to employ whatever means necessary to prevent her from getting the $20 million, the opinion said. Subscribers to The Daily Record can access the digital edition archive. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. A judge dismissed much of Roula Paterakis 's original. The transfer of assets into trusts was not a sham, as she argued, and they are not part of his probate estate. By: Special to The Daily Record All such claims were outright rejected, affirming the trial Courts well-reasoned ruling two years ago. But in Baltimore County's Orphans' Court, Paterakis' will and other documents filed after his death on Oct. 16, 2016 depict someone whose assets were largely held in trusts rather than easily accessed cash. View FREE Public Profile & Reputation for Charles Paterakis in Baltimore, MD - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $30 - $39,999 Income & Net Worth . (UPDATE: A private service will be held on Thursday, October 20.). Manage Settings Are the children willing to give that up to avoid the fight? He turned the family business, H&S Bakery Inc., into one of the city's most. In that action, the widow alleged that her husbands children concealed millions of dollars of what she said is a $1 billion fortune to deny her a rightful share of it. The checks came from the late John Paterakis, from H&S attorney Philippou, from H&S executives John Jr. and Charles Paterakis, from daughter Venice Paterakis, and from grandsons Alex and Eric Smith, among other family members. Her lawsuit alleges that the defendants -- the six Paterakis siblings, a son-in-law, a grandson and a business associate -- transferred assets into trusts to keep them out of the estate. Those efforts failed in this last extortionate attempt, but only because of Johns age and ill health, according to the complaint. August 21, 2020, John Paterakis Sr. took a successful family baking business and expanded it into lucrative real estate holdings and political clout. "There must be some basis for personal representatives to take the position it's not the property of the estate.". Necessary cookies are absolutely essential for the website to function properly. Smith said their father had instructed them to do that if he ever became seriously ill because it was intended for them. News of the bread mans death is making the rounds in political circles, Above: John Paterakis in an undated photograph at a family reception. He donated the $6,000 maximum to the 2016 mayoral campaigns of both former Mayor Sheila Dixon and Mayor Catherine Pugh. "The Paterakis family is determined to resist her effort, to establish the truth about what occurred and to vindicate the family's good name." . He bought a largely industrial swath of land on the east side of the Inner Harbor, close to the H&S Bakery in Fells Point, and developed it into the glitzy Harbor East neighborhood. But opting out of some of these cookies may have an effect on your browsing experience. But the siblings suit casts doubt on that document, saying it is not signed or witnessed. Jeffrey E. Nusinov, the attorney representing the family, said the matters the trial court must reconsider will not substantially change the trial courts previous ruling in favor of his clients more than two years ago. A subsidiary, Northeast Foods Inc., is the largest source of hamburger buns for McDonald's, the obituary said. Paterakis took his fathers bakery, located in their East Baltimore rowhouse, and built it into a what its website touts as Americas largest family-owned variety baker, with one of its plants making two million buns a day for McDonalds. Nusinov called the handwritten document suspect at best, characterizing it as illegible and having no legal validity.. He turned the family business, H&S Bakery Inc., into one of the citys most prominent businesses. But his political largesse landed him in hot water in 2010. We intend to vigorously defend our familys good name and the legacy of our father.. All that remains of the lawsuit are defamation and false light claims, according to Jeffrey E. Nusinov, a lawyer for the family. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. John Paterakis Sr., who died in 2016 at age 87, was an iconic Baltimore businessman and political player. To purchase a reprint of this article, contact [emailprotected]. Daily Record Legal Affairs Writer The Met Life stock was sold for a more than $2,700 profit, for example, and there were six state income tax refunds from 2012 to 2015,that totaled almost $36,000. But in an opinion filed Thursday, Marylands Court of Special Appeals revived some of Roula Paterakis claims, including one that her husbands children had wrongly interfered with her expected inheritance specifically, a promise he had made to leave her $20 million. The widow of John Paterakis, the bakery magnate and Harbor East developer, has withdrawn her claim to a greater share of what she said was his $1 billion fortune, leaving the bulk of it in the hands of the children from his first marriage. His six children from his first marriage were the main beneficiaries of his non-probate assets; two of them, his son William Paterakis and his daughter Venice Paterakis Smith, were also the personal representatives of the estate. What is ESG investing and why do some hate it so much? Washington, District of Columbia 20015. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. He and Roula Passon began dating in 1997, she moved in with him in 2001 and they married in 2015, according to her lawsuit. Documents filed in Orphans' Court show trouble brewing between Roula Paterakis and her husband's children by his first wife over the past year. 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