Canada - Barry, 75, & Honey Sherman, 70, found dead, Toronto, 15 Dec 2017 #13

[MistyWaters]

IMO so many unverified stories from anonymous sources have woven their way into the media that I really can’t blame either the family or those closest to the Shermans for rarely attempting to correct them even if they’re totally false. It would be like herding cats and anyway, none of them are required to answer to the general public through the media, anymore than you or I.

This is a good example -

Dec 21, 2017, not much more than a week after the murders -
Succession doubts cloud Apotex future after billionaire owner's death
“Canadian pharmaceuticals billionaire Barry Sherman failed to implement a succession plan at his Apotex business before his death last week, two business associates told Reuters, potentially leaving it vulnerable to takeover approaches.”

Clarification from Apotex -
Succession plan for Apotex's Barry Sherman was in place 5 years ago - BNN Bloomberg
“An Apotex spokesman -- who had declined to discuss specific details prior to their funeral, out of respect for the Shermans -- said Friday that he wanted to set the record straight.

"Barry had developed a robust succession plan which he began implementing five years ago when he stepped down as CEO. From that point on until his tragic death, Dr. Sherman was no longer involved in day-to-day operations at Apotex rather, focused on some specific aspects of the business," Apotex spokesman Jordan Berman said in an email Friday...”

 

[casesensitive]

I have no problem posting links. I'm happy to comply with any rules, and I'm certainly happy to become a verified insider.

rsbm
Providing links are welcomed and appreciated, but a verified insider is not limited to mass media reports. If you are happy to become a VI I am sure our thread's moderator, or WS owner Tricia can direct you in this regard. I just checked the VI page, and it doesn't appear that it has been updated for some time. You could post your intention to become a VI on this thread, and then self-report the post so that a mod is alerted to it. Someone else might know a better way to do this.

 

[dotr]

O/t, just noting an incident that occurred this afternoon near the former Sherman home, fwiw.
No one injured after shooting in the Bridle Path, Toronto police say | The Star
''Police were called to Timberglade Court and the Bridle Path, just east of Bayview Avenue in North York shortly before 2:45 p.m. for reports of sounds of gunshots heard.
When they arrived, they located a vehicle that was shot at twice. Police say there were two kids in the car at the time of the shooting.
A Toronto police spokesperson said they were unable to locate a suspect.''
Timberglade Court and the Bridle Path to 50 old colony road - بحث Google

7 min (3.4 km) via Bayview Ave

 

[ldlager]

JK was the solution to stability IMO.

According to media reports, JK retired as CEO in 2014 after a long career at Apotex including a very close working relationship with Barry. As the time of the murders JK’s capacity was Vice-Chairman of the Board. He would not have had an active day-to-day role in running Apotex and neither did Barry. That’s the role of CEO and President.

But after the murders, almost immediately, JD resigned and then JK stepped out of retirement to take on the CEO role and he did so for an entire year. By all accounts, Apotex had a succession plan in place and perhaps JK played a role in it. Considering he was 77 years old and had already retired, I really doubt he intended to permanently resume his prior career leading Apotex. Therefore I also won’t believe the water-cooler “kicked-out by JS” story until it’s confirmed by at least one of two. While the story does make for sensationalism, that JK agreed to take over the role of CEO at Apotex for a year-long transition period is far more logical to me by representing a great example of corporate succession planning. JW, referred to at the bottom of the quote below is now CEO as well as President, according to Apotex’s website. It’s not as if JS kicked out JK and then took over his job.

Jan, 2018
“Jeremy Desai, president and chief executive of generic drug maker Apotex Inc., which was founded by the late Barry Sherman, has resigned, the company announced Friday.

In a statement provided to the Post, Apotex said Desai was leaving the company “to pursue other opportunities.” The company also announced Apotex vice-chairman Jack Kay would return to the CEO role, a position he occupied four years ago, with president of global generics Jeff Watson becoming the company’s president and chief operating officer....”
CEO of Barry Sherman-founded Apotex resigns ‘to pursue other opportunities’

Misty I share your questions re JD, although KD indicates he had an alibi on the night of the murder.
JK returned to provide continuity, and felt that it was what Barry would have wanted. He was committed to keeping the company going, and to preserving operations and jobs in Canada- many of their loyal Canadian employees had been with the company for years. JK was shown the door by JS unexpectedly, and with no class. He wasnt planning to work forever, but he was kicked out.

 

[ldlager]

1. No
2. IMO there was no delay in calling 911. Seeing 2 dead bodies is traumatic. People don't often do/say the right thing. The real estate agent called Honey's sister first not to delay but because it was a traumatic experience and couldn't think straight. Even crazier is that the maids continued to clean the house after the bodies were discovered and the police were there. In the prism of witnessing a traumatic experience not calling the police first is understandable.
3. That's the million-dollar question. JS has refused to speak with reporters as well as the TPS. (JS's partner Adam Paulin has also declined to speak with both with reporters as well as TPS. Since the murders those 2 individuals are as quiet as quiet as be). JS didn't do this himself. He's a gutless coward. This was a 2 or 3 person job. If you involve someone else in a killing you've created a witness. There no honor among thieves. As Gordon Gekko once remarked. "Not only will you sell your mother to make a deal, you'd send her C.O.D."
I'm no psychologist but I do know that killing your parents isn't good for your inner peace. My grandfather fought in WW2. He was a farmer but they had him pick up a gun where he killed a bunch of people overseas. He had nightmares every day of his life.

Respectfully, I understand being shocked at the crime scene. But not calling the police for at least 1.25 to 2 hours is not explainable.

Btw, the TPS unsolved homicide website has conveniently dropped all listings for 2017, including the Sherman’s. As I posted previously, that website, when it showed the Sherman’s murder listing, stated that the police had been called at 12.45 pm, not 11.45 am as had been widely reported.

 

[MistyWaters]

Misty I share your questions re JD, although KD indicates he had an alibi on the night of the murder.
JK returned to provide continuity, and felt that it was what Barry would have wanted. He was committed to keeping the company going, and to preserving operations and jobs in Canada- many of their loyal Canadian employees had been with the company for years. JK was shown the door by JS unexpectedly, and with no class. He wasnt planning to work forever, but he was kicked out.

When one gets to be 77 years old, even one year is a considerable length of time to step back into a high level, high pressure role of a global company which they’d retired from years ago!

The CEO of a company is appointed by the shareholders. Unless JS became sole shareholder of Apotex and appointed himself also as Board of Directors, he wouldn’t have sole power to “kick” JK out. I’m perplexed why people might think he could act alone. It’s not like Apotex could be compared to a small time owner-operated corner grocery store, the son of the deceased owner dramatically elbowing his way in.

Because Apotex is a private company, we don’t know who sits on the Board and only by media reporting do we think only the four children might’ve inherited equal shares. But in reality, nothing has been supported by any reliable source. This is one aspect of this case that amazes me —- how we tend to believe everything reported by the media even while it’s acknowledged those closest to the Shermans aren’t talking, the estate files are currently sealed and TPS is mum.

What Is Chief Executive Officer (CEO)?
A chief executive officer (CEO) is the highest-ranking executive in a company, whose primary responsibilities include making major corporate decisions, managing the overall operations and resources of a company, acting as the main point of communication between the board of directors (the board) and corporate operations and being the public face of the company. A CEO is elected by the board and its shareholders.
How Chief Executive Officers (CEOs) Work

 

[InspectorLoneRanger]

Misty I share your questions re JD, although KD indicates he had an alibi on the night of the murder.
JK returned to provide continuity, and felt that it was what Barry would have wanted. He was committed to keeping the company going, and to preserving operations and jobs in Canada- many of their loyal Canadian employees had been with the company for years. JK was shown the door by JS unexpectedly, and with no class. He wasnt planning to work forever, but he was kicked out.

You are correct. JK also returned about of Loyalty. Barry lured JK to the company and from Montreal to Toronto when they were just starting out and there was a very real chance they would never make any money. After joining Apotex JK was gobsmacked by how sloppy production was, and how much work was involved. Yet together the company grew and flourished. Barry in effect had turned JK into a hundred-millionaire, plus working side-by-side with Barry was more like hanging out a coffee shop
all-day-every-day rather than working for a living.

JK came back out of respect, love, kindness, and reverence. He is also an owner but it was more of the former rather than the later.
Indeed, given the context of what transpired imagine how incredibly slimy it was for JS to dismiss JK and then to point the finger at him for involvement in BS/HS murders. I'd put him in the same category as Dellen Millard, and Jodi Arias.

 

[InspectorLoneRanger]

When one gets to be 77 years old, even one year is a considerable length of time to step back into a high level, high pressure role of a global company which they’d retired from years ago!

The CEO of a company is appointed by the shareholders. Unless JS became sole shareholder of Apotex and appointed himself also as Board of Directors, he wouldn’t have sole power to “kick” JK out. I’m perplexed why people might think he could act alone. It’s not like Apotex could be compared to a small time owner-operated corner grocery store, the son of the deceased owner dramatically elbowing his way in.

Because Apotex is a private company, we don’t know who sits on the Board and only by media reporting do we think only the four children might’ve inherited equal shares. But in reality, nothing has been supported by any reliable source. This is one aspect of this case that amazes me —- how we tend to believe everything reported by the media even while it’s acknowledged those closest to the Shermans aren’t talking, the estate files are currently sealed and TPS is mum.

What Is Chief Executive Officer (CEO)?
A chief executive officer (CEO) is the highest-ranking executive in a company, whose primary responsibilities include making major corporate decisions, managing the overall operations and resources of a company, acting as the main point of communication between the board of directors (the board) and corporate operations and being the public face of the company. A CEO is elected by the board and its shareholders.
How Chief Executive Officers (CEOs) Work

Dear MistyWaters.

Barry Sherman’s son raised concerns about Apotex founder’s investment strategy and business competence: Sources

There are 4 trustees to BS estate. It's been widely reported on who they are.
Jack Kay is 1 of 4 executors/trustees. He is no longer going to Trustee meetings as JS gained the confidence of the other 2 executors by advising them that JK has something to do with his parent's demise in order to remove him. Apotex is controlled by the 3 (majority) trustees. JS is not a shareholder and never will be. The company is up for sale and will be sold to the highest bidder. JS will never get his 1/4 share of the estate although his husband and his kids will file motions to inherit his portion.

Yes, Apotex is a private company but because it's a Canadian company they have to let people know who's on the board. I know that Brad Krawczyk was recently named to its four-member board of directors.

 

[dotr]

ETA rbbm.
"When Barry and Honey Sherman were killed, majority ownership of the company went to the Sherman children: Lauren, 43, Jonathon, 35, Alexandra, 32, and Kaelen, 28. None of them were working at Apotex at the time.''

Refresh..
Dec 18 2018
Barry Sherman’s son tells Apotex CEO to leave | The Star
''Two days before the anniversary of Barry Sherman’s murder, Jonathon Sherman told his father’s longtime partner and friend Jack Kay to leave Apotex, the generic drug company the two men built over 35 years.

Kay, the chief executive officer of Apotex, was sitting in his office last Tuesday when Jonathon Sherman walked in and said his services were no longer required, according to a source with knowledge of what happened.

Kay was told to return to Apotex after business hours to collect his belongings.

“It was like a gut punch. Actually, a gut punch is an understatement,” said an Apotex insider with knowledge of what happened on Dec. 11. By Monday of this week, Canada's small pharmaceutical manufacturing industry was buzzing with the news that Kay was out the door.

At the time of Kay’s dismissal, plans were being made for a company-wide day of mourning later that week. The bodies of Barry Sherman and his wife Honey were found in their Toronto home on Dec. 15, 2017, two days after they are believed to have been strangled there in what police have termed a “targeted” double homicide.

For this story, the Star provided questions to Jonathon Sherman, and Apotex executives Jordan Berman and Jeff Watson.''

''The Sherman estate has four trustees: Jack Kay, Jonathon Sherman, Brad Krawczyk (who is Alexandra’s husband), and Alex Glasenberg, an Apotex executive who manages the family’s investments. A court has sealed the estate file, saying it contains information that could be of importance to the police investigation and due to a fear of the family of “kidnapping and violence” if details of the file were revealed. The Star is appealing the sealing order.''

 

[MistyWaters]

Dear MistyWaters.

Barry Sherman’s son raised concerns about Apotex founder’s investment strategy and business competence: Sources

There are 4 trustees to BS estate. It's been widely reported on who they are.
Jack Kay is 1 of 4 executors/trustees. He is no longer going to Trustee meetings as JS gained the confidence of the other 2 executors by advising them that JK has something to do with his parent's demise in order to remove him. Apotex is controlled by the 3 (majority) trustees. JS is not a shareholder and never will be. The company is up for sale and will be sold to the highest bidder. JS will never get his 1/4 share of the estate although his husband and his kids will file motions to inherit his portion.

Yes, Apotex is a private company but because it's a Canadian company they have to let people know who's on the board. I know that Brad Krawczyk was recently named to its four-member board of directors.

What do you mean, JS is not a shareholder and never will be? Reportedly the majority of Barry’s net worth was the value of Apotex. The ownership of every company, whether it be publicly traded or private, is by the value of its shares held by the “owner/s”. If JS is not a shareholder then who presently owns Barry’s (or Honey’s) Apotex shares?

Just because the Sherman Estate files are presently sealed does not mean the estate hasn’t been disbursed yet. It only indicates nobody can look at the various documents contained within those files. Or are you saying you’re privy to inside information involving the estate business as well?

 

[MistyWaters]

ETA rbbm.
"When Barry and Honey Sherman were killed, majority ownership of the company went to the Sherman children: Lauren, 43, Jonathon, 35, Alexandra, 32, and Kaelen, 28. None of them were working at Apotex at the time.''

Refresh..
Dec 18 2018
Barry Sherman’s son tells Apotex CEO to leave | The Star
''Two days before the anniversary of Barry Sherman’s murder, Jonathon Sherman told his father’s longtime partner and friend Jack Kay to leave Apotex, the generic drug company the two men built over 35 years.

Kay, the chief executive officer of Apotex, was sitting in his office last Tuesday when Jonathon Sherman walked in and said his services were no longer required, according to a source with knowledge of what happened.

Kay was told to return to Apotex after business hours to collect his belongings.

“It was like a gut punch. Actually, a gut punch is an understatement,” said an Apotex insider with knowledge of what happened on Dec. 11. By Monday of this week, Canada's small pharmaceutical manufacturing industry was buzzing with the news that Kay was out the door.

At the time of Kay’s dismissal, plans were being made for a company-wide day of mourning later that week. The bodies of Barry Sherman and his wife Honey were found in their Toronto home on Dec. 15, 2017, two days after they are believed to have been strangled there in what police have termed a “targeted” double homicide.

For this story, the Star provided questions to Jonathon Sherman, and Apotex executives Jordan Berman and Jeff Watson.''

''The Sherman estate has four trustees: Jack Kay, Jonathon Sherman, Brad Krawczyk (who is Alexandra’s husband), and Alex Glasenberg, an Apotex executive who manages the family’s investments. A court has sealed the estate file, saying it contains information that could be of importance to the police investigation and due to a fear of the family of “kidnapping and violence” if details of the file were revealed. The Star is appealing the sealing order.''

“For this story, the Star provided questions to Jonathon Sherman, and Apotex executives Jordan Berman and Jeff Watson.''...”

I’m sure the Star did “provide questions”. However that doesn’t mean they received answers to those questions....it’s all in the wording.

As reported by the G&M below. Perhaps newsworthy but hardly draws as much attention as “JK was kicked out by JS”.

“Upon the successful completion of our transition plan, Jack Kay is no longer with the company. All of us at Apotex wish Jack the best of luck in his future pursuits,” Apotex spokesman Jordan Berman said in an e-mail.

“Jeff Watson … is now ready to lead Apotex into the future,” Mr. Berman said. “Jeff is well respected within the industry, and we are very proud to have him leading the company.”....”
Apotex names Jeff Watson as leader after CEO Jack Kay departs

 

[InspectorLoneRanger]

My, your inside sources of information are quite impressive. Do they tell you all this stuff without any concern over confidentially whatsoever, unsuspecting that you’re inclined to anonymously post it on public message boards? Or do you just make it up as you go along, knowing there are no means for anyone to prove it at this point in time, one way or other.

I think I can hear the sound of something similar to that of a grinding axe.

Dear MistyWaters.

What do you mean, JS is not a shareholder and never will be? Reportedly the majority of Barry’s net worth was the value of Apotex. The ownership of every company, whether it be publicly traded or private, is by the value of its shares held by the “owner/s”. If JS is not a shareholder then who presently owns Barry’s (or Honey’s) Apotex shares?

Just because the Sherman Estate files are presently sealed does not mean the estate hasn’t been disbursed yet. It only indicates nobody can look at the various documents contained within those files. Or are you saying you’re privy to inside information involving the estate business as well?

Dear MistyWaters

Respectfully, I will explain the process.

When someone dies EVERYTHING THEY OWN IS PLACED IN A TRUST. Hence the "Estate of Barry Sherman"
(As Barry was deemed to die after Honey and she had no will then everything she owned went to Barry as per the process of dying without a will in Ontario)

Before anything can be distributed you have to deal with creditors + taxes.
The initial asset cost base of Apotex is around 500,000 and there is capital gains exemption of 500,000. The value of Apotex could be as high as 10 Billion but will be determined in the auction process.
If it does sell for 10 Billion than the capital gains tax owing will be approx 2.5 Billion. Not many people having 2.5 Billion lying around to satisfy the taxman's bill.
The Estate will, therefore, have 7.5 Billion in Cash to distribute to the 4 heirs or 3 heirs assuming Jon is either incarcerated or commits suicide to avoid being the most popular Shiksa in Bath, Ontario and having an unlimited supply on non-kosher weiners.

Here's the process on what happens with every estate in Ontario.
https://lso.ca/lawyers/practice-sup...o-prepare-an-application-for-a-certificate-of

No, I'm not privy to inside information involving the estate. Respectfully, I'm aware that Apotex hasn't yet been sold, and won't be sold until #1 the litigation with Kerry Winter is finished OR #2 An interested party in Apotex comes to an agreement with Kerry Winter to drop all claims for a cash payment.

I appreciate your insight and caring about wanting the killer of BS brought to justice. Please let's try to be agreeable going forward.

 

[MistyWaters]

Dear MistyWaters.



Dear MistyWaters

Respectfully, I will explain the process.

When someone dies EVERYTHING THEY OWN IS PLACED IN A TRUST. Hence the "Estate of Barry Sherman"
(As Barry was deemed to die after Honey and she had no will then everything she owned went to Barry as per the process of dying without a will in Ontario)

Before anything can be distributed you have to deal with creditors + taxes.
The initial asset cost base of Apotex is around 500,000 and there is capital gains exemption of 500,000. The value of Apotex could be as high as 10 Billion but will be determined in the auction process.
If it does sell for 10 Billion than the capital gains tax owing will be approx 2.5 Billion. Not many people having 2.5 Billion lying around to satisfy the taxman's bill.
The Estate will, therefore, have 7.5 Billion in Cash to distribute to the 4 heirs or 3 heirs assuming Jon is either incarcerated or commits suicide to avoid being the most popular Shiksa in Bath, Ontario and having an unlimited supply on non-kosher weiners.

Here's the process on what happens with every estate in Ontario.
https://lso.ca/lawyers/practice-sup...o-prepare-an-application-for-a-certificate-of

No, I'm not privy to inside information involving the estate. Respectfully, I'm aware that Apotex hasn't yet been sold, and won't be sold until #1 the litigation with Kerry Winter is finished OR #2 An interested party in Apotex comes to an agreement with Kerry Winter to drop all claims for a cash payment.

I appreciate your insight and caring about wanting the killer of BS brought to justice. Please let's try to be agreeable going forward.

If you’re an estate lawyer you surely know that Estates are not always fully liquidated to cash prior to assets being passed on to the beneficiaries. That’s like saying nobody can inherit a house, a car, or grandmas treasures, instead it all must be sold first. How the Trustees (Administrators) disburse an estate is in accordance to the terms of the Last Will & Testament.

If the shares are held in a trust fund, it’s possible Barry established a trust while he was still alive.

In order to grow Apotex from virtually nothing he obviously was financially astute. Frugalness and high net worth, tax savings both before and after death are a prime concern amongst the wealthy. We don’t know because the files are sealed but given the man relied heavily on legal advise throughout his lifetime, I don’t buy the story he was oblivious to the value of estate planning and instead bought a do-it-yourself Will at Staples.

In reference to below, shares are assets -


Living or Estate Trust?
There are fundamentally two kinds of trusts. Testamentary trusts are created as part of a will and take effect upon the death of the testator. Changes to Canadian law took away the tax advantage of setting up long-term testamentary estate trusts, making them less useful.

Any other trust, including one using an estate freeze, is a living, or inter-vivos, trust, established while its architect is still alive. A living trust can be established for a variety of purposes—the Canada Revenue Agency (CRA) has identified 31 different types of living trusts—for a variety of different beneficiaries..........

(for example -)

• Alter Ego Trust: This trust allows the settlor, aged 65 or older, to receive all the income during their lifetime. This person is also the only one who can receive income or capital of the trust during the settlor's lifetime.

.......Special rules allow an individual aged 65 or older to roll over assets into these trusts without having to pay capital gains on the assets first. Only the individual—and the partner, in the case of a joint trust—can benefit from the trust while he or she is alive. When the settlor or surviving partner dies, the trust pays tax on realized capital gains, but the property in the trust can be distributed to heirs without being subject to probate fees.
Everything You Need to Know About Trust Funds in Canada

 

[InspectorLoneRanger]

Misty I share your questions re JD, although KD indicates he had an alibi on the night of the murder.
JK returned to provide continuity, and felt that it was what Barry would have wanted. He was committed to keeping the company going, and to preserving operations and jobs in Canada- many of their loyal Canadian employees had been with the company for years. JK was shown the door by JS unexpectedly, and with no class. He wasnt planning to work forever, but he was kicked out.

Respectfully, JD was fired by Jack Kay. He didn't want to fire him but had no choice given that JD was engaged in corporate espionage with a rival firm (as well as putting his Weiner in the wrong slot as in not his wife's.)
Federal Court Dismisses CFAA Claims Against Former Executive, Allows CFAA and DTSA Claims Against Competitor in Pharmaceuticals Trade Secret Dispute | JD Supra

While claims against JD's co-conspirator were dropped the claims continue against Apotex. To minimize the damages against Apotex he had to cut bait and therefore followed through on Apotex lawyer's advice.

It's not widely known but Barry loved JD. Barry pursued JD for years to take over Apotex. Barry considered JD his intellectual equal. JD had nothing to do with Barry's killing. He made a few errors in judgment in being given access to Teva's, and cheating on his wife but he never would have crossed Barry.

 

[InspectorLoneRanger]

Misty I share your questions re JD, although KD indicates he had an alibi on the night of the murder.
JK returned to provide continuity, and felt that it was what Barry would have wanted. He was committed to keeping the company going, and to preserving operations and jobs in Canada- many of their loyal Canadian employees had been with the company for years. JK was shown the door by JS unexpectedly, and with no class. He wasnt planning to work forever, but he was kicked out.

Respectfully, JD was fired by Jack Kay. He didn't want to fire him but had no choice given that JD was engaged in corporate espionage with a rival firm (as well as putting his Weiner in the wrong slot as in not his wife's.)
Federal Court Dismisses CFAA Claims Against Former Executive, Allows CFAA and DTSA Claims Against Competitor in Pharmaceuticals Trade Secret Dispute | JD Supra

While claims against JD's co-conspirator were dropped the claims continue against Apotex. To minimize the damages against Apotex he had to cut bait and therefore followed through on Apotex lawyer's advice.

It's not widely known but Barry loved JD. Barry pursued JD for years to take over Apotex. Barry considered JD his intellectual equal. JD had nothing to do with Barry's killing. He made a few errors in judgment in being given access to Teva's, and cheating on his wife but he never would have crossed Barry.

 

[MistyWaters]

Respectfully, JD was fired by Jack Kay. He didn't want to fire him but had no choice given that JD was engaged in corporate espionage with a rival firm (as well as putting his Weiner in the wrong slot as in not his wife's.)
Federal Court Dismisses CFAA Claims Against Former Executive, Allows CFAA and DTSA Claims Against Competitor in Pharmaceuticals Trade Secret Dispute | JD Supra

While claims against JD's co-conspirator were dropped the claims continue against Apotex. To minimize the damages against Apotex he had to cut bait and therefore followed through on Apotex lawyer's advice.

It's not widely known but Barry loved JD. Barry pursued JD for years to take over Apotex. Barry considered JD his intellectual equal. JD had nothing to do with Barry's killing. He made a few errors in judgment in being given access to Teva's, and cheating on his wife but he never would have crossed Barry.

We do agree on one thing, JD became a liability.

 

[InspectorLoneRanger]

If you’re an estate lawyer you surely know that Estates are not always fully liquidated to cash prior to assets being passed on to the beneficiaries. That’s like saying nobody can inherit a house, a car, or grandmas treasures, instead it all must be sold first. How the Trustees (Administrators) disburse an estate is in accordance to the terms of the Last Will & Testament.

If the shares are held in a trust fund, it’s possible Barry established a trust while he was still alive.

In order to grow Apotex from virtually nothing he obviously was financially astute. Frugalness and high net worth, tax savings both before and after death are a prime concern amongst the wealthy. We don’t know because the files are sealed but given the man relied heavily on legal advise throughout his lifetime, I don’t buy the story he was oblivious to the value of estate planning and instead bought a do-it-yourself Will at Staples.

In reference to below, shares are assets -


Living or Estate Trust?
There are fundamentally two kinds of trusts. Testamentary trusts are created as part of a will and take effect upon the death of the testator. Changes to Canadian law took away the tax advantage of setting up long-term testamentary estate trusts, making them less useful.

Any other trust, including one using an estate freeze, is a living, or inter-vivos, trust, established while its architect is still alive. A living trust can be established for a variety of purposes—the Canada Revenue Agency (CRA) has identified 31 different types of living trusts—for a variety of different beneficiaries..........

(for example -)

• Alter Ego Trust: This trust allows the settlor, aged 65 or older, to receive all the income during their lifetime. This person is also the only one who can receive income or capital of the trust during the settlor's lifetime.

.......Special rules allow an individual aged 65 or older to roll over assets into these trusts without having to pay capital gains on the assets first. Only the individual—and the partner, in the case of a joint trust—can benefit from the trust while he or she is alive. When the settlor or surviving partner dies, the trust pays tax on realized capital gains, but the property in the trust can be distributed to heirs without being subject to probate fees.
Everything You Need to Know About Trust Funds in Canada

Dear MistyWaters

Respectfully, We do know that Barry DID NOT establish a trust while he was still alive.
Had he transferred his ownership of his shares to a trust there would have been a deemed disposition hence tax would have been payable to the CRA. Given his frugalness which included flying coach and driving a beat-up old car do you think he would have wanted to pay to have the shares transferred to a family trust?

However, the shares are now held in a trust known as the "Estate of Barry Sherman". The largest creditor is the CRA and once Apotex has been sold the tax bill will be paid and whatever's left (7.5Billionish) will be dispursed to the beneficiaries.

Logically, if Barry had set up Trust and transferred his ownership in Apotex with the Beneficiaries being the 4 kids there wouldn't NOT be an "Estate of Barry Sherman", court battles on sealing/unsealing the documents.

Everyone is gobsmacked that Barry did his own will using a staples will kit. Please note the will is valid. Barry's a genius and frugal and often wrote his own legal briefs. He was well versed in estate law given he bought his uncle's company (Empire Drugs) out of his Uncle's estate.

To segway just before he was murdered. Barry had decided that he wanted to change his will to give large swaths of as was going to update his will. Additionally, he was going to give Honey 100-500 million to do whatever she wanted with it. Her plans were to give some of her money to his sister Mary or to perhaps leave it all to her sister upon her demise. Only 1 of the 4 kids biologically were Honey's. Relationships with the kids were at times were very strained. The changes to the will is what led to their demise.

I trust this clears it up.

 

[InspectorLoneRanger]

If you’re an estate lawyer you surely know that Estates are not always fully liquidated to cash prior to assets being passed on to the beneficiaries. That’s like saying nobody can inherit a house, a car, or grandmas treasures, instead it all must be sold first. How the Trustees (Administrators) disburse an estate is in accordance to the terms of the Last Will & Testament.

Dear Misty Waters.

You are correct that assets can pass on directly to beneficiaries. The caveat being that bills and taxes must be paid or will be able to be paid prior to the disposition or removal from the estate.

In Barry Sherman's case, the tax bill is 2.5 Billion.

My professor at Osgoode used the Jack Kemp Cooke ($825 million USD at the time) as an example. His son John Kent Cooke wanted the team but didn't have the money to pay the taxes and buy it out of the estate. Hence it went to Daniel Synder.

Wouldn't it be wonderful if we could all just hand everything over to our kids and not pay tax?

I hope this clears it up.

 

[MistyWaters]

Dear MistyWaters

Respectfully, We do know that Barry DID NOT establish a trust while he was still alive.
Had he transferred his ownership of his shares to a trust there would have been a deemed disposition hence tax would have been payable to the CRA. Given his frugalness which included flying coach and driving a beat-up old car do you think he would have wanted to pay to have the shares transferred to a family trust?

However, the shares are now held in a trust known as the "Estate of Barry Sherman". The largest creditor is the CRA and once Apotex has been sold the tax bill will be paid and whatever's left (7.5Billionish) will be dispursed to the beneficiaries.

Logically, if Barry had set up Trust and transferred his ownership in Apotex with the Beneficiaries being the 4 kids there wouldn't NOT be an "Estate of Barry Sherman", court battles on sealing/unsealing the documents.

Everyone is gobsmacked that Barry did his own will using a staples will kit. Please note the will is valid. Barry's a genius and frugal and often wrote his own legal briefs. He was well versed in estate law given he bought his uncle's company (Empire Drugs) out of his Uncle's estate.

To segway just before he was murdered. Barry had decided that he wanted to change his will to give large swaths of as was going to update his will. Additionally, he was going to give Honey 100-500 million to do whatever she wanted with it. Her plans were to give some of her money to his sister Mary or to perhaps leave it all to her sister upon her demise. Only 1 of the 4 kids biologically were Honey's. Relationships with the kids were at times were very strained. The changes to the will is what led to their demise.

I trust this clears it up.

This may not surprise you but it sure doesn’t clear it up for me, at all.

KD just wants to view the documents within the Estate File, that’s the stated reason for his original appeal. Even if the Estate of Barry Sherman has already been fully disbursed, it’s documents that create an estate file, which in turn prove the trustee’s actions were in accordance to the instructions of the will/s. No name change is ever required down the road - an Estate file is what it is - a file of documents pertaining to administration of an estate by the Trustees.

KW might care if the Estate has been disbursed by now given if by chance the SCC upholds his appeal and his civil suit goes to trial, if he were to win anything he’d be left to chase the money. But I doubt KD cares if the estate has been disbursed. He’s only interested in the story of who gets what. IMO

 

[ldlager]

Dear MistyWaters.

Barry Sherman’s son raised concerns about Apotex founder’s investment strategy and business competence: Sources

There are 4 trustees to BS estate. It's been widely reported on who they are.
Jack Kay is 1 of 4 executors/trustees. He is no longer going to Trustee meetings as JS gained the confidence of the other 2 executors by advising them that JK has something to do with his parent's demise in order to remove him. Apotex is controlled by the 3 (majority) trustees. JS is not a shareholder and never will be. The company is up for sale and will be sold to the highest bidder. JS will never get his 1/4 share of the estate although his husband and his kids will file motions to inherit his portion.

Yes, Apotex is a private company but because it's a Canadian company they have to let people know who's on the board. I know that Brad Krawczyk was recently named to its four-member board of directors.

Brad, js, jk, Alex glasenberg. Make no mistake, js in in control.
Brad and js coordinated to move jk out.