The founder of the SlimFast dieting empire wants his wife to lose control over part of his fortune after accusing her of money-grabbing.
S Daniel Abraham, 91, has launched a legal battle to remove his ex-wife Estanne from the board of trustees, Page Six reported.
He says Estanne and her new husband, accountant Martin Fawer, have mismanaged trust funds containing $1 billion collectively, meant for Abraham and Estanne’s four daughters.
Unilever bought SlimFast from Abraham in 2000 for $2.3 billion. Abraham placed $1 billion into his children’s trust funds. Estanne, who got divorced from Abraham in 1993, was still a trustee at the time.
SlimFast founder S Daniel Abraham (pictured), 91, has launched a legal battle to remove his ex-wife Estanne from the board of trustees after accusing her of mismanaging part of his fortune
The four daughters have now teamed up with their father to have their mother removed as a trustee.
Abraham has accused Estanne of ‘greed and selfishness’ and ‘naked money-grabbing’, a source told Page Six.
He and his daughters want her to be replaced by Mark D Harris, a litigator at New York law firm Proskauer Rose.
Abraham and his daughters want Estanne replaced by Mark D Harris, a litigator at Proskauer Rose
This could be done in an impending settlement to avoid a public battle in court, according to Page Six.
Interlaken Management, the company set up by Estanne to manager her daughter’s trust fund, is reportedly preparing to cease its activities.
‘Dan Abraham has succeeded in lining up the daughters against their own mother over their trusts, and persuaded them to remove their mother as trustee,’ the source told Page Six.
‘There was a lot of money at stake, and Abraham was not happy that his ex-wife had a new husband who potentially had influence over his money. They are negotiating a settlement with Estanne for her to step down.’
Estanne’s lawyers say she did not mismanage her daughter’s trust funds and paid them more than $774 million over the past 11 years.
They also say three of Abraham and Estanne’s daughters owe their trusts close to $35 million. According to Page Six, Estanne thinks her family’s bid to remove her from the board of trustees is a way to get out of debt.
A lawyer for Estanne told Page Six she was still a trustee and discussions about the settlement were still ongoing.