Mary had a little lamb a la Tchaikovsky
Garrett Harris 10:11 p.m., May 23
The Fourth Appellate District of California has reversed a Superior Court decision, and ruled that Thomas W. Sefton Jr., a son of prominent banker Thomas W. Sefton Sr., who died in 2006, should share in his father's estate. Thomas W. Sefton Jr.'s grandfather, who died in 1966, had said in his will that three of his grandchildren, Laurie, Harley and Thomas Sefton Jr., should get substantial shares of his estate. Thomas W. Sefton Sr. excluded Thomas Jr., from his will. After Thomas Sr.'s death, Thomas Jr. filed suit against Harley and Wells Fargo Bank, trustee for Laurie. The trial court ruled in favor of the defendants, but the appellate court ruled, in essence, that the grandfather's wishes must be honored for a variety of legal reasons. The case has been remanded to the trial court.
Comments
Burwell June 2, 2012 @ 12:08 p.m.
The Grandfather's trust apparently owned the controlling 52% interest in San Diego Trust & Savings Bank in 1993 when it merged with First Interestate Bank in a $340 million stock swap. The trust should have received $176,800,000 in First Interstate stock from the merger. A few years later First Interstate Bank merged with Wells Fargo Bank in a stock swap. It hard to say what the trust was worth when Sefton died. It would depend on whether the trust sold the First Interestate and Wells Fargo stock, or held on. Wells Fargo's stock took quite a hit during the financial collapse. I think Thomas Jr. is going to receive at least $75 million, maybe more. This is a big story, apparently one the U-T has chosen to ignore.
http://articles.latimes.com/1993-08-10/business/fi-22289_1_san-diego-trust
Don Bauder June 2, 2012 @ 2:14 p.m.
This may have been going on a long time. I vaguely remember getting a phone call from a Florida law firm that, as I recall, was representing Thomas Jr. It was while I was with the U-T. I do think it was about a trust. I couldn't help the firm at the time. I have been gone from the U-T for almost nine and a half years, so it was some time ago. It would have been before Tom Sr. died. Best, Don Bauder
Visduh June 3, 2012 @ 10:02 p.m.
All of this combination of banks happened in a short time period. First Interstate grabbed SD Trust & Savings due to, it was reported, an Estate Tax problem facing the elder Sefton, and his solution was to cash out of the bank and have the money available to pay the IRS upon his passing. Hmmm. With all the many minds he had on his team for decades, he had no better plan than that?
Then no sooner had that combination taken place, Wells came along and gobbled up First Interstate. All of that happened in, as I recall, not much more than a year. But that was not unusual because banks were on a merger binge in the early 90's.
nostalgic June 2, 2012 @ 3:06 p.m.
Some of us may have had trouble following all the Thomas Seftons. I did. Grandfather, Father, and # 3 Thomas Sefton, and who did what to whom? Thanks.
Don Bauder June 2, 2012 @ 3:20 p.m.
If you think you have trouble figuring out what I wrote, you should read the appellate court decision. You can get lost quickly. I boiled it down to this brief item and am sorry if you have had trouble following it. Best, Don Bauder
nostalgic June 2, 2012 @ 3:33 p.m.
Thomas Sefton's grandfather - must have been Thomas Sefton, Jr's Great grandfather. Name? Thomas Sefton Jr's grandfather, and therefore Thomas Sefton's father - Name? Thomas Sefton, farther of Thomas Sefton, Jr. Thomas Sefton, Jr. - son of Prominent Banker, Thomas Sefton Who died in 2006? Who died in 1996? Not giving up.
Don Bauder June 3, 2012 @ 7:24 a.m.
I think Burwell answers your queries below. Best, Don Bauder
Burwell June 2, 2012 @ 4:10 p.m.
Joseph W. Sefton is Thomas W. Sefton Sr's father and Thomas W. Sefton Jr's grandfather. Thomas Sr was adopted. Joseph died in 1966 and Thomas Sr died in 2006. This is explained in the family history below:
http://www.sandiegohistory.org/journal/v53-1/pdf/2007-1_sefton.pdf
Don Bauder June 3, 2012 @ 7:26 a.m.
I hope that clarifies things. Best, Don Bauder
nostalgic June 2, 2012 @ 5:27 p.m.
I got it. Joseph Sefton wanted Thomas Sefton Jr. to get his share. Nobody else in the family seemed to go along with that. Now they will. And no, I don't know any of them.
Don Bauder June 3, 2012 @ 7:30 a.m.
I don't know that "nobody else in the family" went along with Joseph's desire to include Thomas Jr. in the will. But we know that Thomas Sr. meant to exclude Tomas Jr. And I don't believe this is a done deal. The trial court's decision has been reversed by the appellate court and sent back. More could happen. Best, Don Bauder
rsvandyke June 5, 2012 @ 11:17 a.m.
Our firm represents Thomas Sefton, Jr. in the above-mentioned appellate action. While the Court has reversed the Superior Court Judgment with instructions, the case is far from over and much will need to be done to ensure that our client receives his rightful share of the family fortune. For now, we are obviously pleased that our client has been vindicated.
Thanks for your comments on this very interesting case.
Richard S. Van Dyke, Esq. Van Dyke & Associates, APLC 4660 La Jolla Village Drive, Suite 1070 San Diego, CA 92122 (858) 558-8475
Don Bauder June 6, 2012 @ 6:32 a.m.
San Diego Trust & Savings was once a very good bank. Its departure was a loss to San Diego. Our family banked there. I knew and liked Tom Sefton Sr. but also knew about his personal flaws that in some ways inhibited the bank's expansion. To my knowledge, I do not know Tom Jr. and I don't know why Tom Sr. attempted to exclude him from his share of the family fortune. This will be an interesting case to watch. Best, Don Bauder
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