By Ron Hurtibise, Sun Sentinel — April 23, 2018
People’s Trust Insurance lost $42 million in 2016, was recently in financial “shambles,” and was overvalued by more than $50 million when current President and CEO George W. Schaeffer agreed to buy half of the company from the widow of his late partner. Those claims surfaced in a memo that Schaeffer reportedly sent to Eileen Gold, widow of company co-founder Mike Gold, before he sued her for the return of $4 million he says he overpaid her.
One of Eileen Gold’s attorneys, Etan Mark of the Miami-based firm Mark Migdal & Hayden, said in an interview Friday that the widow released the memo because “my client is not going to be threatened by a bully who views it as sport to renege on a deal from four years ago.”
According to Mark, Schaeffer has not disputed the memo’s authenticity. Eileen Gold, however, disputes Schaeffer’s accusations that her late husband engaged in criminal behavior, spent his time in casinos and massage parlors, and mismanaged the company’s finances, Mark said.
Plus, “I have not seen any evidence suggesting the company was overvalued when he bought it,” he said, adding, “What Schaeffer has done with the company in the past four years he’s been running it … I guess we’ll find out.”
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