The family feud over Sol Goldman’s multibillion-dollar real estate fortune is headed to trial.
A New York state judge on Wednesday denied Jane Goldman’s request for summary judgment in the lawsuit that her nephew, Steven Gurney Goldman, and sister, Amy Goldman Fowler, filed in 2023.
The lawsuit alleged that Jane and Solil Management employee Louisa Little breached their fiduciary duties by influencing an appraisal of the company’s properties held in a unit called SGI. The appraisal was used to determine the value of the shares Steven and Amy cashed out by exercising their put options in the family company.
They claimed the appraisal undervalued the company by at least $570 million.
Judge Melissa Crane ruled that a trial is necessary to determine what actually happened.
“Jane and Louisa’s lack of action and failure to review raises an issue of fact as to whether their willful ignorance was on purpose to avoid a higher valuation,” she wrote in her decision.
A pretrial conference is scheduled for Nov. 5.
Crane went on to hint at the greater drama that might come out at trial.
“It is important to note that, rather than challenging the valuation in [a] special proceeding, plaintiffs [Steven and Amy] chose to bring this action. The motivation for charting this course may have more to do with fighting for control of SGI and Solil than executing put rights.”
Steven and Amy’s attorney, Ryan Rakower of Quinn Emanuel Urquhart & Sullivan, said they were gratified by the court’s decision, which “rejected Jane Goldman’s attempt to evade liability and dismiss this case.”
“We look forward to proving at trial what we have maintained all along: that Jane Goldman has no authority to exercise unilateral control over Solil and that she breached her fiduciary duties in connection with the SGI appraisal process.”
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Inside the family feud of the multibillion-dollar Sol Goldman empire
