Moyer family dispute ends up in court (OR)

Infighting among the children and grandchildren of one of Portland’s most influential real estate developers spilled into public view this week when three of Tom Moyer’s four adult children filed petitions in Multnomah County Probate court that outline a series of disputes within the family.

Tom Moyer and his TMT Development Co. are best known for developing the Fox Tower and co-developing 1000 Broadway, but his commercial real estate portfolio stretches across the West Coast and includes movie theaters and other properties. TMT Development is also developing downtown’s stalled Park Avenue West skyscraper.

At issue is who should control the Marilyn Moyer Trust, created by Tom Moyer’s now-deceased wife in 1982. The trust needs a new trustee because Tom Moyer, 92, is no longer able to serve in that role due to Alzheimer’s disease.

The trust owns half of Tom Moyer Theatres, which controls real estate worth an estimated $77 million, according to court papers filed by Kimberly Moyer, one of Moyer’s four adult children. Last month,Kimberly Moyer asked the court to appoint First Republic Trust Co. trustee.

First Republic already serves as trustee of the Thomas P. Moyer Revocable Living Trust, which holds “all or most of the assets” of Tom Moyer, according to Kimberly Moyer’s petition. Appointing First Republic trustee of the Marilyn Moyer Trust would avoid the “deadlock or stalemate” that might result if a different trustee fills the role, Kimberly Moyer said in her petition.

On Monday, Tom Moyer’s other three children — Thomas P. Moyer, Tim Moyer and Colleen Moyer Thrift — objected to the request to put First Republic in charge of the Marilyn Moyer Trust. In court papers, Moyer’s other three children allege that First Republic Bank, an “affiliate” of First Republic Trust made loans “secured by properties that are owned by the Marilyn Moyer Trust” and the “proceeds of those loans, in the amount of $6,825,000, were wrongfully diverted to another entity.”

Because whoever is eventually put in charge of the trust will have to investigate the loans made by First Republic Bank, First Republic Trust is conflicted and shouldn’t be named trustee of the Marilyn Moyer Trust, the other Moyer children contend.

First Republic did not immediately respond to a call for comment.

The other Moyer children also allege funds were improperly transferred from 1000 Broadway and Fox Tower to develop Park Avenue West. “Millions of dollars” have already been returned, according to court papers.

“The allegations are inaccurate,” Vanessa Sturgeon, one of Tom Moyer’s 11 grandchildren and president of TMT Development, said Thursday. “Please understand there’s another side to the story that will come out in due time. But because it’s ongoing litigation I can’t elaborate.”

The Moyer Objectors, as they refer to themselves in court papers, want Washington Trust Bank and Chris Folkestad to serve as co-trustees of the Marilyn Moyer Trust.

“There have been many unauthorized transfers,” Tim Moyer said Thursday. “That’s why we’re trying to get to the bottom of all that. That’s why it would be nice to have an impartial trustee free of any conflicts.”

The Oregonian first reported the story.

Attribution:

Moyer family dispute ends up in court
Matthew Kish
November 17, 2011
Portland Business Journal
http://www.bizjournals.com/portland/news/2011/11/17/moyer-family-dispute-ends-up-in-court.html

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