- 4 -
The estate also held 50-percent stock ownership4 in a close
corporation, which owned parcels of real estate. In September of
1986, the executors advised petitioner that the corporate stock
would be "transferred". In late December of 1986, there was a
disposition of the stock by the executors. As a result of this
disposition, certain assets of the corporation were acquired by
Nationwide Properties Ltd., a close corporation owned or
controlled by children5 of co-executor, Hyland.
Petitioner's lawsuits
On or about November 1, 1986, the beneficiaries of the
estate of M. Doris Casey filed a "PETITION FOR REMOVAL OF
EXECUTORS AND TRUSTEES" in the Surrogate's Court of the State of
New York, in Westchester County.6 Following a statement of
facts, the State court petition for removal contains seven
allegations, six of which assert that the executors engaged in
self-dealing and paid excessive fees out of the estate. One of
the seven allegations is that the sale of the Chicago property
was mismanaged, resulting in a lawsuit against the estate's
4At her death, decedent owned two of the four outstanding
shares of Huber-Kettell Corporation. The two other shares were
owned by Mark W. Hyland and Sharon Hyland.
5In State Court documents stipulated by the parties, Mark W.
Hyland and Sharon A. Hyland are identified as owning or
controlling Nationwide Properties, Ltd.
6Estate of M. Doris Casey, Surrogate's Court File No. 816-
1982.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011