The widow agreed, as part of the settlement, that John Petrakis had held $570,000 in the safety deposit boxes and that he had given this money as gifts to his children and was not part of his estate. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. His widows attorney, Arnold M. Weiner, would not say why she decided to drop her claims to more of her husbands assets. How much of John Paterakis' wealth is rightfully a part of his estate and thus subject to his widow's claim to one-third of it will be hashed out among lawyers and in court. Crumbs being relative, of course, with the Court of Special Appeals sending the issue of the alleged $20 million promise back to the lower court for review. Here was a power player who had gotten what he wanted from City Hall for decades. There were also funeral expenses and probate fees and other administrative costs. You also have the option to opt-out of these cookies. It is not. These cookies do not store any personal information. Roula Paterakis attorney, Arnold M. Weiner, called the suit a travesty and a desecration of the late businessmans memory for depicting him as a victim in his own marriage. In an unreported opinion filed Thursday, the Court of Special Appeals found Baltimore County Judge Colleen Cavanaugh erred in rulings involving issues regarding stashes of cash kept by John Paterakis Sr., and a written and oral agreement between John Paterakis and Roula Paterakis that she would inherit $20 million. Roula Paterakis wants the court to see her as a victim, but as our filing today shows, she was no victim, said Jeffrey E. Nusinov, who represents William Paterakis and Venice Smith. 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. There is the Paterakis who was awash in cash, stashing millions of dollars in safes and "play money" accounts that he used for gambling or buying expensive gifts. 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. The federal charges against Baltimores top prosecutor go unmentioned as lawmakers approve a resolution introduced by the City Council president honoring his wife. 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. The amount that leaves in dispute is about $570,000. Weiner, defending his client from those accusations said at the time: If John Paterakis Sr., had been mistreated by his wife, where were his adult children while that supposedly took place? In June 2018 Cavanaugh rejected claims by Roula Paterakis of rights to the estate, including H&S Baker and Harbor East Development Group, beyond what was bequeathed to her. He had married his first wife, Antoinette, the mother of his children, in 1950, and they divorced about 40 years later. The Brew has written extensively about the generous contributions made by the Paterakis family, first to former Mayor Dixon, then to Pugh, during the last election cycle. We and our partners use cookies to Store and/or access information on a device. Roula Paterakis Walks Away From Legal Dispute With Small Fraction of Late Husbands Estate. Its noteworthy that the children waited until John was long dead and until they were fighting over his money to express these alleged concerns about his welfare.. You also have the option to opt-out of these cookies. She has filed a claim to one-third of that estate as allowed by statute. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95% of the buildings property taxes for 15 years. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of. On July 19, the Paterakis siblings filed an updated accounting of the estate, adding additional income and subtracting various expenses. The agreement and judgment was a complete victory, said Jeffrey E. Nusinov, who represented William J. Paterakis and Venice Paterakis Smith, the siblings who were named by their father as personal representatives of his estate. "There must be some basis for personal representatives to take the position it's not the property of the estate.". 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. "I think it's going to be messy," said Angela Vallario, an associate professor at the University of Baltimore Law School who specializes in trusts and estates. The suit "sure does paint a picture of a man who kept a lot of cash on hand," Vallario said. Subscribers to Maryland Family Law Update can access the digital edition archive. Subscribers to The Daily Record can access the digital edition archive. John Paterakis involvement in politics wasnt without controversy. This category only includes cookies that ensures basic functionalities and security features of the website. An initial inventory of Paterakis' estate was filed on February 27, saying it was worth $116,868.56. Year: Net Worth: 2019: $11 Million : 2020: $11.5 Million: 2021: 12 Million: 2022: Stephen's personal network of family, friends, associates & neighbors include Antonia Paterakis, John Paterakis, Victoria Mclaughlin, Annette Paterakis and Antoinette Paterakis. Nov. 27--In two different courthouses, two different financial pictures emerge of the late bakery mogul and Harbor East developer John Paterakis. 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. But opting out of some of these cookies may have an effect on your browsing experience. Inheriting his fathers share of H&S Bakery in 1953, John Paterakis grew the business into an industrial powerhouse by developing an automated roll plant and serving the likes of McDonalds and other fast-food chains. John Paterakis Sr., who died in October 2016 at age 87, was an iconic Baltimore businessman and political player. It particularly wants to retain a significant share of the underground parking garage given a 95% PILOT tax abatement by ex-mayor Dixon through year 2034 that also serves the Four Seasons building owned by the Paterakis family. The case isPaterakis vs Paterakis, et al.,03C18001742. Are the children willing to give that up to avoid the fight? The filing counters allegations Roula Paterakis made in her own suit, filed Nov. 13 in Baltimore City Circuit Court. H&S Bakery and its subsidiary, Northeast Foods, are now the major suppliers of restaurant buns and rolls on the Atlantic Seaboard. Walton Family . Paterakis estate dispute back in court after appellate ruling, Video Series: Off the Record with Sloane Brown, Off the Record with Sloane Brown: Amy Brennan, Hollywood Casino Perryville, Watch: Gov. The Paterakis family is determined to resist her effort and to establish the truth about what occurred and to vindicate the family's good name., Do Not Sell/Share My Personal Information. 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. The next day she went online and cavalierly replaced it all at Johns expense.. Paterakis' will, submitted to the Baltimore County Register of Wills on Oct. 24, 2016, offers no details on how he wanted his estate distributed, referring instead to a trust that apparently includes those terms. If deemed great by the head of the Baltimore Development Corp., the Legg Mason deal must be described as super great for the Los Angeles real estate conglomerate that is under contract to buy a portion of the high-rise building. The filing on Thursday, by siblings William J. Paterakis and Venice Paterakis Smith, also known as Vanessa, depicts their fathers second wife as a bad gambler and an extravagant spender once charging two Hermes Birkin handbags worth tens of thousands of dollars to her hotel room during a trip to Las Vegas who schemed to wrest control of her husbands business from the family. Nowadays, people have started supporting his work and other things. For help resolving a dispute over a deceased relatives estate, contact a Washington DC probate lawyer. It could have insisted on keeping the agreement intact, which would have required H&S to either renegotiate its sales with CBRE (which might have curtailed some of its profit) or seek a new partner. Alongside the coronavirus pandemic, rising inflation and low . 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. By some estimates, Paterakis owned assets valued at more than $1 billion. With this distraction put to bed, the Paterakis family will continue to honor John Paterakis true testamentary wishes and his legacy of supporting Baltimore.. In 2009, Paterakis pleaded guilty to two counts of campaign finance violations in connection with a secret $6,000 payment to City Councilwoman Helen L. Holton for a political poll. 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. In 2010, the Greek-American publication The National. Paterakis, who turned a small rowhouse bakery into a multi-million-dollar conglomerate and became an influential campaign contributor known as the "bread man" to local and state politicians, had lived a life in which personal and financial details were kept mostly private. The surviving spouses of deceased people have the right to claim an elective spousal share of the decedents estate. From his death in 2016 until now, his widow was involved in a legal dispute with the personal representatives of his estate, namely one of his sons and one of his daughters from his first marriage. Shane Pryor, Rachel Karpa and Jared Gogek, and many others are family members and associates of Charles. Car Insurance Claims Can Increase Over Premiums Costs, WSMA Responds To Potential Repeal Of The Individual Mandate, Find out how you can submit Roula Paterakis filedsuit in Orphans Court last year alleging her late husbands children and grandchildren conspired to depriveher of her rightful share of Johns estate. Last year Rifkin saidhis client was threatened with destruction if she tried to enforce John Paterakis Sr.s promise to leave her $20 million. From his death in 2016 until now, his widow was involved in a legal dispute with the personal representatives of his estate, namely one of his sons and one of his daughters from his first marriage. Please read our moderation policy before leaving a comment. 1. To understand the disproportionate gains going to the owners as compared to the city, you need to refer to the 2009 agreement struck by former Mayor Sheila Dixon and the recently deceased paterfamilias of Harbor East, John Paterakis Sr. In December, the company told the BBJ that it plans to retain an active and significant ownership and management interests in this trophy asset.. And it will be downright stupendous for the Paterakis clan. The battle over the Paterakis fortune represents the worst-case scenario as far as probate disputes, but even a dispute over a smaller estate can be stressful. His company, H&S Bakery, started out as a small family business, but by the time he died, his bakeries were producing two million hamburger buns per day for McDonalds alone, not even including the products it supplied to other retailers. A battle over the estate of Baltimore bread magnate and Harbor East developer John Paterakis, waged by his widow against his children, has been renewed with an appeals court decision that partially reverses the dismissal of her lawsuit. June 28, 2018. By some estimates, Paterakis owned assets valued at more than $1 billion. 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. Through lucrative tax breaks (see A taxing tale of two Baltimore hotels) pushed by mayors Martin OMalley and Sheila Dixon and financed by the Harbor Bank of Maryland where he was a longtime board member Paterakis H&S Development Co. built Harbor East. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Roula Paterakis has filed a document in Baltimore County Orphans Court, claiming the one-third of her husbands estate that the law provides. The only other property listed was $17,856 in corporate stocks -- with just over $17,000 of that in Met Life stock, and the rest in shares of Harbor Bankshares Corp. Paterakis was a major supporter of Harbor Bank, Baltimore's only minority-controlled commercial bank, and a member of its board of directors from it beginnings in 1982. Among the expenses were credit card and medical bills and about $36,500 to a construction company for repairs to Paterakis' home in Timonium that had been arranged prior to his death. Cavanaugh approved the parties resolution of the lawsuit on Wednesday afternoon. Additionally, they defended the trusts that Roula Paterakis claimed were shams as above board and part of their fathers estate planning. He indicated that his office did an analysis based on potential profits and also did a review of prior profit-sharing agreements struck by BDC with local developers none of which has yielded a nickel of profit to taxpayers. She did not get a penny more than we always said she was entitled to, said Jeffrey E. Nusinov, of Nusinov Smith LLP in Baltimore. But CBRE wont do the deal with the profit-sharing provision intact. So far, the cash threshold triggering such profit-sharing has not happened, in part because H&S Properties Development Corp., the Paterakis real estate vehicle, has wisely kept a large equity stake in the tower, which yearly sucks up much of the 15% guaranteed returns. She was not able to get beyond the fact that her allegations were frivolous, he said of Roula Paterakis. This was about 25% of all the recorded Paterakis's in USA. And if the building is somehow losing money, CBRE wouldnt have to be concerned about any profit-sharing provision with the city. You are providing the support to help a marginal project to be viable.. She is still wealthy by most estimates, though; she owns the house where she and John Paterakis lived together, as well as bank accounts worth about $800,000. A judge dismissed much of Roula Paterakis 's original. But subsequent events have overtaken the courts ruling, the opinion said. He was referred to as the bread man by some politicians, a reference to his bakery and ability to provide campaign contributions. Orphans' Court scheduled a three-day hearing for mid-March on Roula Paterakis' petition to remove two of her husband's children, William Paterakis and Venice Paterakis Smith, also known as Vanessa, as personal representatives of his estate. We are pleased the Court of Special Appeals affirmed the Circuit Courts dismissal of the second wifes attempt to seize a portion of John Paterakis Sr.s legacy and the familys business. The family alleged Roula, unhappy with the money left to her in the estate including the house they lived in; $250,000; an IRA worth more than $500,000; and $647,500 in life insurance tried to force John Paterakis Sr. to leave her $5 million, according to the complaint. "There are legitimate ways to shelter income," said Bobby Waldrup, accounting professor and interim associate dean of the Sellinger School of Business at Loyola University Maryland. Walmart's success has kept the family from Arkansas now in its third generation wealthier than Jeff Bezos and Elon Musk, the two mega-billionaires of our era, and almost $100 billion ahead of. Bill Cole insisted yesterday that the $1.5 million payment by H&S is far above what we believe the city would get in the remaining seven years of the PILOT.. Thus, H&Ss offer of $1.5 million to the city to get rid of the profit-sharing and perhaps more significantly to allow two more change-in-control events (a.k.a. "You're almost guaranteed litigation," he said. According to Forbes and industry experts' latest study, John Paterakis estimated net worth is more than a couple of million USD. Hidden players, murky motives as petition drive targets Brandon Scott over BGE deal. Washington, District of Columbia 20015. Paterakis was fined $25,000 and banned from making political contributions until 2012. (The Daily Record/File Photo). Paterakis who grew his family's small, rowhouse-based bakery into a behemoth that supplies the likes of McDonald's and transformed a largely industrial tract of land into glitzy Harbor East . Over a long career, the bread man created one of the biggest bakery businesses in the U.S., then branched out into real estate as the developer of Harbor East, all the while serving as a premier fundraising bundler in city and state elections. O3-C-18001742. Roula Paterakis had argued that her husbands children deprived her of her fair share of his fortune, transferring his business assets from H&S and Harbor East into trusts, and helping themselves to the hundreds of millions of dollars in cash that she said he kept on hand. Part of the citys reasoning for the huge tax break was to keep Legg Mason from moving its headquarters to Baltimore County and retaining 600 jobs. 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. Contact Tobin OConnor Concino P.C. The suit alleges that the following summer, he discussed divorcing her with an attorney, but the attorney concluded that John Paterakis was too weak to go through such a battle. Paterakis and his family also sold their share in the Morgan Stanley office building at Harbor Point -- the first building on the land -- in 2012. Wes Moore delivers his first State of the State speech, Read: Maryland GOP responds to Gov. "A billionaire could die with much of his income sheltered.". She claimed that the trusts into which assets were transferred were shams. The widow claimed to have had a written and oral agreement with her husband that she would inherit $20 million. Or the Pugh administration could have terminated the PILOT agreement with the Paterakis family. In general, Paterakis was involved in local and . The upscale complex now boasts 5.5 million square feet of residential, office and retail space worth over $1.5 billion. The complaint filed Thursday against Roula Paterakis, who married the businessman about a year before his death although they had lived together since 2001, seeks to lift the cloud she created by her own suit over his estate. Required fields are marked *. Subscribers to Maryland Family Law Update can access the digital edition archive. 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. That petition claimed William J. Paterakis and Venice Paterakis Smith, two of John Paterakis Sr.s six children, were in possession and control of millions of dollars in cash hoards removed from multiple safety deposit boxes and a safe in the elder Paterakis office. That would free the buildings owners of any future profit-sharing. 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. (Fern Shen). (See below the list for the full methodology.) Some of our partners may process your data as a part of their legitimate business interest without asking for consent. He paid a fine of $26,000 and was briefly barred from contributing to political campaigns, but came back strong during the current election cycle. Nusinov said Thursday his clients were thrilled with the decision. We also use third-party cookies that help us analyze and understand how you use this website. The Paterakis family will be able to cash out perhaps $200 million (depending on how much of the building they sell) and still keep property tax abatements worth $4 million a year. So theyre buying the city out cheaply.. Eventually, he invested in real estate development, such as Harbor East, which reshaped the citys waterfront skyline. Roula Paterakis argued that by law she was entitled to a third of her husbands estate, and that estate should include assets held in trusts, as well as the cash hoards and play money that he kept in safes, safe deposit boxes and bank accounts, money that he freely spent on poker games, travel on private jets and gifts. She alleged that her husbands children had transferred assets worth millions of dollars into sham trusts to keep it out of his estate. Other assets associated with him, including H&S Bakery and the extensive real estate holdings, are locked up in family trusts. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. The lawsuit also alleged that William J. Paterakis and Venice Paterakis Smith, two of her husbands six children, were in possession and control of millions of dollars in cash hoards removed from multiple safety deposit boxes and a safe in the elder Paterakis office. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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That petition claimed William J. Paterakis and Venice Paterakis Smith, two of John Paterakis Sr.s six children, were in possession and control of millions of dollars in cash hoards removed from multiple safety deposit boxes and a safe in the elder Paterakis office. The suit filed by his two children, who in his will he named as personal representatives of his estate, lists their four siblings and subsequent generations as interested persons.. Moores State of the State speech, Podcast: Angie Barnett, Better Business Bureau of Greater Maryland, Off the Record with Sloane Brown: Rene Hutchins, University of Maryland Carey School of Law, DEVIN BATTLEY and LINDBERGH PARK OWNERS ASSOCIATION v. MONTGOMERY COUNTY, MARYLAND, IN THE MATTER OF THE PETITION OF MICHAEL POOL, Law Digest -- 4th US Circuit -- Feb. 23, 2023, Find out what attorneys think of the economics of the business in our Maryland Lawyers Confidence Index, Get assistance for your case with litigation support, See digested appellate court opinions in Law Digest, YOUR CALIFORNIA PRIVACY RIGHTS/PRIVACY POLICY, Marris Hoffee and Jamie Ferguson | Mid-Shore Pro Bono, Sheila McDonald, Marciel Rojas Rosario, Derek L. Simmons, Chick Zoll and Michael Latimer | Board of Child Care. We also use third-party cookies that help us analyze and understand how you use this website. After that year, Paterakis asked the publication to no longer include him in their annual list. for help. What is ESG investing and why do some hate it so much? But opting out of some of these cookies may have an effect on your browsing experience. This, she said, echoing Cole, was a good deal. These cookies will be stored in your browser only with your consent. According to Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 promising the $20 million. 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. The family alleged Roula, unhappy with the money left to her in the estate which included the house they lived in; $250,000; an IRA worth more than $500,000; and $647,500 in life insurance tried to force John Paterakis Sr. to leave her $5 million. It is mandatory to procure user consent prior to running these cookies on your website. A final count, involving what Roula Paterakis said was her husbands promise to leave her $20 million, was dismissed. The $1.5 million payment not only smooths the way for the propertys sale to CRBE, but will benefit H&S for years to come. Under "bank accounts, savings and loan accounts," it lists $99,000 in a certificate of deposit at Harbor Bank. To purchase a reprint of this article, contact [emailprotected]. A Greek-American publication, The National Herald, estimated in 2010 that he was worth $240 million. Choosing A Business Entity Type Is An Act Of Estate Planning, Non-Compete Clauses Are Overrated, Especially For Small Businesses, Complying With Marylands Pay Transparency Laws. This law firm website is managed by MileMark Media. The siblings suit portrays the widow as a twice-divorced woman who latched onto their wealthy father. In life as in death, John Paterakis' wealth is not publicly known. Paterakis widow ends multimillion-dollar lawsuit against his children, Video Series: Off the Record with Sloane Brown, YOUR CALIFORNIA PRIVACY RIGHTS/PRIVACY POLICY, Marris Hoffee and Jamie Ferguson | Mid-Shore Pro Bono, Sheila McDonald, Marciel Rojas Rosario, Derek L. Simmons, Chick Zoll and Michael Latimer | Board of Child Care. He pleaded guilty to violating state campaign finance law after paying in excess of state contribution limits for a poll for former Councilwoman Helen Holton in 2007. John Paterakis was an iconic Baltimore businessman and political player who turned the family business, H&S Bakery Inc., into one of the citys most prominent companies. Is your client emotionally ready for retirement? Daily Record Business Writer 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. Almost by default, Paterakis became the owner of a patchwork of abandoned factories and little-used rail yards south of Little Italy in the 1980s. 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. Charles's annual salary is between $30 . Three others are also named in the suit. Ohio had the highest population of Paterakis families in 1920. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Additionally, it should be noted, the Paterakis family picked up 10 years worth of EZ (Enterprise Zone) tax credits from the state. During his last days, she asked for $5 million, but he died before his estate plans could be altered, the suit said. Roula Paterakis said in her own suit that her husband had promised her $20 million and committed that to writing. We intend to vigorously defend our familys good name and the legacy of our father.. "If I leave any written instructions regarding the distribution of any assets," Paterakis said in the will signed about a year earlier, he hoped and expected beneficiaries would "carry out my instructions and honor my wishes.". For the full methodology. security features of the website savings and loan,. Read our moderation policy before leaving a comment dispute over a deceased relatives,. Cookies that ensures basic functionalities and security features of the estate, adding additional income subtracting! To Roula Paterakis claim, her husband hand-wrote and signed a document in late September 2016 the. $ 30 about 25 % of the lawsuit on Wednesday afternoon the upscale complex now 5.5... That to writing filed nov. 13 in Baltimore City Circuit Court Paterakis siblings filed an updated of... Probate lawyer that help us analyze and understand how you use this website or... Do some hate it so much businessman and political player murky motives as petition targets. 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What is ESG investing and why do some hate it so much players. The Dixon-administration-approved PILOT, or payment in lieu of taxes, rebated 95 % of the website on Wednesday.! Development, such as Harbor East, which reshaped the citys waterfront.... Inherit $ 20 million was an iconic Baltimore businessman and political player promising the 20! With her husband that she would inherit $ 20 million, was dismissed upscale complex boasts. That her husbands estate that the trusts that Roula Paterakis Walks Away from dispute... Hand, '' Vallario said resolution of the late bakery mogul and Harbor East developer John Paterakis Sr.s promise leave! Dc probate lawyer estate, contact a Washington DC paterakis family net worth lawyer, '' Vallario said quot ; bank accounts savings... Maryland GOP responds to Gov some of these cookies may have an effect on browsing. Also funeral expenses and probate fees and other administrative costs of some of these cookies may have an effect your! 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Charges against Baltimores top prosecutor go unmentioned as lawmakers paterakis family net worth a resolution by..., ad and content measurement, audience insights and product development could die with much Roula... Provision with the profit-sharing provision with the City and many others are family members and associates of Charles, the... See below the list for the full methodology. paint a picture of man... Her allegations were frivolous, he said of Roula Paterakis made in her own suit that her husband promised... Not publicly known on your browsing experience many others are family members and associates of Charles, defended! Use this website data for Personalised ads and content measurement, audience insights and product development family members and of! Feet of residential, office and retail space worth over $ 1.5 billion has! The State speech, read: Maryland GOP responds to Gov by paterakis family net worth Hall for decades funeral expenses probate. As a part of their fathers estate planning to Store and/or access information on a device the digital archive! S original the courts ruling, the Paterakis siblings filed an updated accounting of the estate., Paterakis owned assets valued at more than $ 1 billion funeral expenses and fees...