Dea Spanos vs. Dean Spanos

[Trumpet Man]

Dea doesn't want out of the Trust. She wants the Chargers out in order to make the Trust solvent. This is the heart of the matter.
The Chargers by far being the biggest Asset in the Trust.

I just got through reading the 324 pages yesterday. This is way juicy stuff in the link.

Without question Dea wants the F out as in 100% the F out.

Dea is moving to have Michael Spanos & Dean removed as a trustees for trust fraud. The COO of the Spanos company "Cohen" is being accused of cooking the books for the purchase of the private jet. The IRS and Dea caught it. Michael is signing docs as the Spanos Trustee when Dea and Dean only have that authority.

Spanos land listings for their Crystal Bay project was found out by sister Dea via "tips" ....

Dea or her family is not invited to sit in the family luxury boxes anymore per an email attached in the lawsuit. You can not make this shit up.

There is way more involving the Greek Orthodox churches leader's son involved in a $9 million criminal case and his "checkered" past. The church is one of the charitable organizations that just got a $2 million check from the Spanos. What does have to do with anything ? Dean flew to Greece to meet with the church and Dea wanted to know the purpose since the trust may be involved. All hell broke loose. You should read the excuse for the church leader son's vetting process and it involves a former president.

This is the type of shit the NFL will have to sort through in the arbitration of the Spanos trust.

Chargering at its finest.

[charger1_sj]

I just got through reading the 324 pages yesterday. This is way juicy stuff in the link.

Without question Dea wants the F out as in 100% the F out.

Dea is moving to have Michael Spanos & Dean removed as a trustees for trust fraud. The COO of the Spanos company "Cohen" is being accused of cooking the books for the purchase of the private jet. The IRS and Dea caught it. Michael is signing docs as the Spanos Trustee when Dea and Dean only have that authority.

Spanos land listings for their Crystal Bay project was found out by sister Dea via "tips" ....

Dea or her family is not invited to sit in the family luxury boxes anymore per an email attached in the lawsuit. You can not make this shit up.

There is way more involving the Greek Orthodox churches leader's son involved in a $9 million criminal case and his "checkered" past. The church is one of the charitable organizations that just got a $2 million check from the Spanos. What does have to do with anything ? Dean flew to Greece to meet with the church and Dea wanted to know the purpose since the trust may be involved. All hell broke loose. You should read the excuse for the church leader son's vetting process and it involves a former president.

This is the type of shit the NFL will have to sort through in the arbitration of the Spanos trust.

Chargering at its finest.

I'm reading your post which states that Dea wants Michael and Dean out. Other posts clearly states that Dean is mis-using trust funds on behalf of the
Chargers. So her problem is with Dean, Michael and Chargers. She runs some kind of organization which is in the trust. I don't think she want out of the
trust, she wants her brothers and the Chargers out presumably for cash to make the trust solvent. Without getting into too much detail that's the way I
read it.

[Trumpet Man]

I'm reading your post which states that Dea wants Michael and Dean out. Other posts clearly states that Dean is mis-using trust funds on behalf of the
Chargers. So her problem is with Dean, Michael and Chargers. She runs some kind of organization which is in the trust. I don't think she want out of the
trust, she wants her brothers and the Chargers out presumably for cash to make the trust solvent. Without getting into too much detail that's the way I
read it.

Good catches and yes misusing trust funds is illegal.

By my reads there is no single Trust organization Dea controls except the trust itself.

All family members share equal responsibility for everything in the trust. The only way to make the trust solvent is to sell all or part of the trust. Additionally due to all of the fraud fully expect Dea to sell her 15% stake. That chick is done with the family drama and cooking of the books imho.

Dean Spanos can retain controlling interest if the family holds 30% ownership - however - Come to think of it, I stated Dea did not have the leverage to have the entire team sold. I take that back now after reading the entire lawsuit. I suspect the NFL has seen the 324 pages and massive trust fraud and will come to the conclusion the whole team needs to be sold. IMHO .... This is way out of control for the NFL to reign in at this point.

[21&500]

All a bit over my head, I admit.
Just hoping for new ownership at some point, OR the Spanos family to successfully bring the fans a championship.
Championships are all that really matter end of day, I don't care who owns the chargers.

[charger1_sj]

Good catches and yes misusing trust funds is illegal.

By my reads there is no single Trust organization Dea controls except the trust itself.

All family members share equal responsibility for everything in the trust. The only way to make the trust solvent is to sell all or part of the trust. Additionally due to all of the fraud fully expect Dea to sell her 15% stake. That chick is done with the family drama and cooking of the books imho.

Dean Spanos can retain controlling interest if the family holds 30% ownership - however - Come to think of it, I stated Dea did not have the leverage to have the entire team sold. I take that back now after reading the entire lawsuit. I suspect the NFL has seen the 324 pages and massive trust fraud and will come to the conclusion the whole team needs to be sold. IMHO .... This is way out of control for the NFL to reign in at this point.

Agreed with you. But the trust has other holding besides the Chargers. Alex and his wife held properties and other assets including some charity stuff. That's all in the trust.
I suppose they can buy her out but the Charger portion alone would cost the rest of the trustees $600M give or take. No way to do that without selling part or all of the Chargers org.
But also not sure she would give up her dad/moms properties and other assets for money. The Chargers for sure.

[Trumpet Man]

Agreed with you. But the trust has other holding besides the Chargers. Alex and his wife held properties and other assets including some charity stuff. That's all in the trust.
I suppose they can buy her out but the Charger portion alone would cost the rest of the trustees $600M give or take. No way to do that without selling part or all of the Chargers org.
But also not sure she would give up her dad/moms properties and other assets for money. The Chargers for sure.

Her brother Michael is shopping the Crystal Bay project for $20 million and Dea found out about it on a "Tip". This is part of the Spanos property at the Spanos Park master planned community in Stockton. Dea was rushed into signing a listing agreement for the Spanos property which is held in the trust.

Michael rejected an offer on the property as being "too low".... Herein lies one of the problems. Michael is NOT a "CO-Trustee." As such he had no legal authority to sign or reject anything as a "Trustee" of the Spanos trust. That is trust fraud. That little tidbit is in the lawsuit. When I read that I said "holy shit". And then again I said .... "holy shit".

Spanos properties right now are being actively marketed. I did not see an objection by Dea to the sale of the Crystal Bay property. Her complaint was the fraud involved in the process. Dea (and Dean) as CO-Trustees and not Michael are empowered to make those land sale decisions. I strongly suspect Dea is on-board with selling Spanos real estate holdings because that helps stem the bleeding in the trust and just makes sense.

[Trumpet Man]

All a bit over my head, I admit.
Just hoping for new ownership at some point, OR the Spanos family to successfully bring the fans a championship.
Championships are all that really matter end of day, I don't care who owns the chargers.

Trusts can get complicated but think of a trust as a company. The company or trust pays taxes and has expenses and brings in income.

The Trustee and Co-Trustee are the equivalent of being the owners of the company. Dean and Dea

If an owner (Trustee or Co-Trustee) dies or quits someone is named to take their place. That person is called a "successor trustee" or Michael Spanos.

A "successor trustee" has NO POWER to engage in contracts or represent himself as a Trustee. That is trust fraud and part of what MIchael is being accused of in the lawsuit.

If Dea wins in NFL arbitration, she will have complete control of 51% of the team.

[charger1_sj]

Her brother Michael is shopping the Crystal Bay project for $20 million and Dea found out about it on a "Tip". This is part of the Spanos property at the Spanos Park master planned community in Stockton. Dea was rushed into signing a listing agreement for the Spanos property which is held in the trust.

Michael rejected an offer on the property as being "too low".... Herein lies one of the problems. Michael is NOT a "CO-Trustee." As such he had no legal authority to sign or reject anything as a "Trustee" of the Spanos trust. That is trust fraud. That little tidbit is in the lawsuit. When I read that I said "holy shit". And then again I said .... "holy shit".

Spanos properties right now are being actively marketed. I did not see an objection by Dea to the sale of the Crystal Bay property. Her complaint was the fraud involved in the process. Dea (and Dean) as CO-Trustees and not Michael are empowered to make those land sale decisions. I strongly suspect Dea is on-board with selling Spanos real estate holdings because that helps stem the bleeding in the trust and just makes sense.

Based on the Chargers being worth $2.6B (older article) the non-Charger assets held in trust at the time were worth about $350M. The $20M property is just one of the assets held in trust. Alex and his wife also had a charity organization in the trust and Dee claims the legacy of the family is being left in tatters. .Only 36% of the Chargers org is held in the trust. 60% (15% by each of the 4 offspring) is held as personnel property. The remaining 4% is held by individuals that are not family members. Lots of moving parts. Interesting to see how this ends up. Dee is causing a lot of headaches for Dean and Co.

[Trumpet Man]

Based on the Chargers being worth $2.6B (older article) the non-Charger assets held in trust at the time were worth about $350M. The $20M property is just one of the assets held in trust. Alex and his wife also had a charity organization in the trust and Dee claims the legacy of the family is being left in tatters. .Only 36% of the Chargers org is held in the trust. 60% (15% by each of the 4 offspring) is held as personnel property. The remaining 4% is held by individuals that are not family members. Lots of moving parts. Interesting to see how this ends up. Dee is causing a lot of headaches for Dean and Co.

Agreed on everything except this....

The only time I have seen a number close to $350 million was in reference to the debt not assets held by the Spanos trust. That number was $353 million in debt. I could be wrong but I have not seen any appraisals whatsoever to substantiate how much value there is in "non-chargers related assets". That asset number may be in the 2nd lawsuit Dea filed which is titled as "non chargers related assets." I read an article describing that 2nd lawsuit as pure "non chargers related assets." The NFL has no jurisdiction over those assets which may be entangled in the trust. 36% of the Chargers ownership is in the trust that much we know.

[charger1_sj]

Agreed on everything except this....

The only time I have seen a number close to $350 million was in reference to the debt not assets held by the Spanos trust. That number was $353 million in debt. I could be wrong but I have not seen any appraisals whatsoever to substantiate how much value there is in "non-chargers related assets". That asset number may be in the 2nd lawsuit Dea filed which is titled as "non chargers related assets." I read an article describing that 2nd lawsuit as pure "non chargers related assets." The NFL has no jurisdiction over those assets which may be entangled in the trust. 36% of the Chargers ownership is in the trust that much we know.

Amended from below. Since the trust only owns 36% of the Chargers, then the non Charger assets in the trust were worth $140M at the time not
$390M. Sorry for the mistake.

I got the number from the following. "The Chargers represent 85% of the assets in the trust" (per the article). . As mentioned at the time of that article the Chargers were worth $2.6B. 15% of $2.6B is actually $390M, so my estimate was a little low. I cannot attest to the accuracy of the article. I do know that Alex was into real estate development and at one time banking in the Stockton area where the family is from. Alex paid $40M for the Chargers a long time ago. So take the number with a grain of salt.

[Trumpet Man]

Based on the Chargers being worth $2.6B (older article) the non-Charger assets held in trust at the time were worth about $350M. The $20M property is just one of the assets held in trust. Alex and his wife also had a charity organization in the trust and Dee claims the legacy of the family is being left in tatters. .Only 36% of the Chargers org is held in the trust. 60% (15% by each of the 4 offspring) is held as personnel property. The remaining 4% is held by individuals that are not family members. Lots of moving parts. Interesting to see how this ends up. Dee is causing a lot of headaches for Dean and Co.

Latest number I saw the Chargers are worth $3.85 billion with a year-over-year increase of 33%.

I did some quick math ($3.85 billion x 33%) = $1.2705 billion

Next year (given 33% increase) the Chargers will be worth $5.12 billion

Next year (given 15% increase) the Chargers will be worth $4.42 billion

The longer the Spanos clan can drag their feet .... see estimates above.

[charger1_sj]

Latest number I saw the Chargers are worth $3.85 billion with a year-over-year increase of 33%.

I did some quick math ($3.85 billion x 33%) = $1.2705 billion

Next year (given 33% increase) the Chargers will be worth $5.12 billion

Next year (given 15% increase) the Chargers will be worth $4.42 billion

The longer the Spanos clan can drag their feet .... see estimates above.

Makes sense. I read somewhere the TV contracts are worth $10B/yr. That's 312M per team. Of course don't know how
much the NFL org gets from that. But pretty sure it's a hefty percentage.