Bitter Family Drama Unfolds in Lawsuit over Billionaire’s Trust Worth Over C$500 Million

In a bitter family feud surrounding the unsolved murders of billionaire Barry Sherman and his wife Honey in 2017, Matthew and Rebecca Shechtman, the niece and nephew of the deceased, have filed a lawsuit against their cousins and other family members. The lawsuit, filed with the Ontario Superior Court of Justice, revolves around a trust that is believed to be valued at over C$500 million.

The trust was established by Barry Sherman in 2016 and was meant to benefit his four children, along with the children of his sister Mary Shechtman and his sister-in-law Sandra Florence. The trust’s main assets included shares in Shermco, a holding company that aimed to capture the growth in the value of Sherfam Inc. from 2016 onwards. Sherfam Inc. was the family’s primary holding company, which previously owned Apotex Inc., the pharmaceutical manufacturer responsible for a significant portion of Barry Sherman’s wealth.

Last year, Apotex was sold to a New York-based private equity firm for an estimated amount between C$3 billion and C$4 billion.

The Shechtman siblings, in their lawsuit, allege that the trustees of the trust, including Barry and Honey Sherman’s son Jonathon, Alex Glasenberg, and Brad Krawczyk, breached their fiduciary duties. They claim that the trustees have refused to provide information about the trust, including the exact value of the shares in Shermco, which could exceed C$500 million.

According to the lawsuit, the strained relationships between the family members have significantly impacted the disbursement of the trust. The Shechtman siblings have not received any proceeds from the trust and believe that their cousins’ personal animosity is the reason.

Furthermore, the lawsuit argues that Jonathon Sherman’s relationship with the other trustees has broken down, leading to disagreements and a lack of communication. It also alleges that both Glasenberg and Krawczyk have encouraged and supported a separate lawsuit filed by Noah Shechtman, the Shechtman siblings’ brother, against them and their mother, Mary Shechtman.

The Shechtman siblings are now seeking to replace the trustees and have the court appoint new individuals to fulfill their fiduciary responsibilities. The legal battle intensifies the ongoing bitter family drama that has unfolded in the aftermath of the murders, leaving the motives behind the tragedy unresolved.