There’s a real King Lear situation brewing within the Karmanos family, as the three large adult sons of Carolina Hurricanes owner Peter Karmanos Jr. are suing their father for over $100 million, according to a lawsuit filed last week in Oakland County (Michigan) court. According to the sons (Nick, Jason, and Peter III) Peter Jr. borrowed money from a trust account he shared with them to pay for Hurricanes-related expenses and failed to adequately pay back the money he took, which, after interest, is about $105 million.
Peter III, a son, apparently sent Peter Jr. a default notice regarding a June 2013 withdrawal in April, and formally filed the suit a month later. The Triangle Business Journal first reported on the suit and ClickOnDetroit first posted the suit and spoke to a probate attorney, who raised the obvious concern that the Karmanos fortune was on shaky ground:
Probate litigator Robert Zawideh of Kemp Klein says the case leaves you wondering about the Karmanos family’s fortunes.
“Well certainly the biggest indicator of money problems is when you’re getting sued over nonpayment of money, the lawuit certainly suggests that but there could be other reasons as well,” he said.
None of the sons have yet commented on their lawsuit.