Susan Gore, the daughter of Wilbert and Genevieve Gore – founders of manufacturing company WL Gore & Associates – had hoped to find a loophole in the unusual trust created by her parents, which will see some 7,000 shares divided between their grandchildren according to the size of their families.
Susan Gore – one of five children – has three children, who are each set to inherit 95 shares of stock, worth around $66,000 per share.
However, her siblings’ families each produced four children, who are set to gain 420 shares each, according to court documents.
Susan Gore, who had allegedly already squandered the 3,600 shares she received from her parents, considered adopting one of her own grandchildren before eventually electing to adopt her 67-year-old ex-husband Jan Otto under Wyoming law.
However, in the most recent twist, Delaware Court of Chancery Vice Chancellor John Noble sided with her siblings, invalidating Mr Otto’s adoption under Delaware law.
He said: ‘Any difference between a grandchild’s expectations in Gore stock and what they actually received from the trust is due to the decisions of the grandchild’s parents, not those of the Gores.
‘That certain of the Gores’ children sold more stock than the others did is not the Gores fault and the Gores were free to create a distribution scheme for the trust that would not erase the consequences of a child’s decision regarding the 3,900 shares.’
Email your news and story ideas to: [email protected]
