After three years, two trips to the Colorado Supreme Court and two trials, the Arapahoe County Court has resolved a family dispute for control over several businesses.
Judge Charles Pratt issued a June 20 order in favor of the family of Jack Grynberg, against Grynberg’s claims of unjust enrichment from his family members’ ownership of the businesses. Ownership of three family businesses formed between 1993 and 1997 was put in three of his children’s and now ex-wife’s names, as well as several of their trusts. Grynberg built a fortune through the companies off mineral interests in Kazakhstan.
Between 2015 and 2016, a number of events and business decisions led Grynberg’s family members to believe his ability to manage the businesses was failing, and also that he was at risk of scammers taking advantage of him. They attempted to revoke his control of the businesses by removing his signatory authority on primary bank accounts. Grynberg sued his family members in Colorado and in Texas. He also attempted to transfer $100 million from the business accounts to his personal bank account, which the court took as evidence he didn’t believe his family members had the right to revoke his control.
This month’s bench trial addressed whether the benefi t Grynberg’s family members received from owning the businesses occurred under circumstances that would make it unjust for them to keep their ownership and the distributions without compensating Grynberg.