Sheel Seidler has initiated a lawsuit to gain control of the San Diego Padres, alleging that her late husband's brothers, Matt and Bob, betrayed fiduciary duties in their attempts to manage the team. Matt has responded, outlining that Peter Seidler did not name Sheel as a trustee and made several amendments to the trust that exclude her from significant decision-making roles. He claims the trust ensured benefits for Sheel and her children, while alleging she demanded financial compensation and control of the team, which led to the legal confrontation.
In fact, the Trust Agreement precludes Sheel from ever serving as a successor Trustee under any circumstance. Conversely, Peter provided that, after Sheel's death, each of his Children would have the right to become cotrustees of their own trusts once they reached the age of 40.
The transactions identified by Sheel as fraudulent actually benefited the trust at a rate twice as much as expected, with Sheel and her children beneficiaries of said trust.
Matt alleges that Sheel requested to be the club's control person, which Matt denied, at which point she demanded $20MM and a promise of annual payments in that same amount.
Matt's response outlines multiple transactions made to benefit Sheel, including ownership transfers and cash disbursements, totaling over $4.5MM.
Collection
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