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A Stronach Family Feud: How things fell apart

by:Tuowei     2019-06-07

Dan Donovan is talking about his old friend, former employer Frank Strach, someone he thinks is a genius, and Frank's daughter Belinda.

In his four years as vice president of Magna International, Donovan has learned a lot about both companies.

President of Corporate Affairs.

When he saw them together

Frank, handsome, hard work.

Charging, smart, Austria-

He was born in a poor child, his wisdom and willingness to take business risks;

Belinda, the rich boy born in everything.

Despite their different lives, what impressed him most was how similar they were.

'They are all very strong people,' Donovan said as Ottawa Life magazine publisher in Ottawa . '.

'In some things, they all don't compromise in their own way.

'So there's an irony here --

Like a father, like a daughter

It makes me sad.

I hope they can solve this problem.

Donovan refers to the distortion of Shakespeare's plot in Canadian business fairy tales.

story about piracy, very happy at firstup-to-the-

The 86-year-old top maaverick and his daughter, who has always been a star student

And her so-called great betrayal.

This is a man who is considered to have been a stab at Stronach Frank and his wife, El Frid, setting out that a lawsuit is filed in the Ontario High Court asking Belinda US $0. 52 billion in compensation and compensation for the loss of her two children, like everyone else, in the last two years

For the control of the family business Stronach Group, the struggle began a year ago.

The allegations were not tested in court.

But as literary works, they read their father's atrocities, big or small, as a masterpiece.

Stronach claims that Belinda has appointed friends to work on a 'high' salary;

Late or not attending a scheduled meeting at all;

Use business kitty for parties, vacations with children, limo rides and expensive meals, 'All of which have nothing to do with legal business expenses;

Instruct employees to sell the company's aircraft;

Perhaps the most painful thing is that her father was short of money in his later years. in-

Transform 90,000 acres of land north of Florida into a broad, organic, and quasi-life business visionfree-range beef-cattle farm —

Exclusive 420 at the same time-

Nearby acre golf course for sale at a discounted price.

'Belinda treated her father in a way that was harmful, disrespectful and irresponsible,' the lawsuit said . '.

Belinda Stronach denied the charges in the lawsuit and issued a statement on Wednesday night saying that 'family relations within the enterprise may be challenged' and that her father's allegations were 'untrue ', and affirm that she and her children 'love him' and will respond formally in normal court proceedings.

'While the openness of family grievances has taken many people by surprise, those who follow the career of Stronach senior know that he has not tried to please everyone to build an empire.

Stronach often causes outrage from major shareholders, partly because the company's dual equity structure gives little power to outsiders, and partly because sometimes his attention seems to be elsewhere.

For example, in 2007, the self-driving giant cut dividend spending by half after spending $84 million to buy two golf courses from Magna Entertainment.

Both companies are chaired by Stronach.

In a newspaper article at the time, Claude lamoureus, then chief executive of the Ontario Teacher pension scheme, was a big shareholder and stronach was hailed as a successful entrepreneur, but he said, many people think autopart's decision to buy a golf course is 'questionable '.

'Louis ratev is a long-standing automotive executive, former Magna director and current dean of the School of Management at Boston University, and I remember Frank and Belinda were good listeners in the conference room, but they are not afraid to speak out their wishes.

Lataif said in an email that after each director had the opportunity to express his views, the father and daughter were 'not shy about finally expressing their preferences '.

'In all cases, there is usually some respect for the position of management, especially the CEO, and so is Magna.

'Where did the partnership between the father and daughter go wrong to end, or at least in the current legal dilemma, it helps to re-examine the beginning.

In 1957, he started a company in a garage in Toronto, Magna ach, and built it into a billion-

Dollar global beast.

In 2010, the Stronach family left Magna for more than $850 --

Million, Frank's a lucrative consulting contract, a stake in an electric car company (more later) and a new business model, not centered on auto parts, instead, it cooled again around making several large pure stallion tracks around the United States --

Their popularity as a sports destination declined decades ago;

In fact, in the years before Belinda Stronach (she was 52 years old) was born, they were all cool.

From the outside, go (almost) all-

It may seem like a financial suicide or just a stupid act in a racing race.

But, inspired by his wealth of selling auto parts, Stronach has never been afraid to look stupid.

In the age of Magna, he talked about starting an airline (the idea never took off );

In 1989, a luxury sports car/SUV was built, a concept for the production of prototype Torrero, but did not interest major automakers;

And run for parliament in 1988 as a liberal.

Lost to an optometrist named John Cole.

He opened a bar/restaurant in Toronto, Rooney's, which has been around for a while but has never been the place.

He also opened an adult, Belinda.

Expressing the father's love for the child-

The same is true of the sports car he gave her for her 16 th birthday.

The disco he invested in the 1970 s went bankrupt.

The glamorous business magazine he founded closed down.

His dream of turning Cape Breton into tax

The free self-driving manufacturing industry has never been realized.

Former president Jim Nicol of Magna once compared straw to Thomas Edison.

Edison was restless. he was a thoughtful man. he got every ten ideas.

'That's what Frank looks like,' Nicole told Maclean in 1999 . '.

'He has a curious heart and a great youthful energy.

It annoys people sometimes.

But we never know when he will invent another light bulb.

'Stronach never stopped searching for light bulbs, Belinda-

Like her father, there is a startup spirit, according to those close to the family --

Always standing closer and closer to the well-known power switch.

Ed Lumley, a former federal Liberal cabinet minister who has served on Magna's board for more than 15 years, included the time when he recommended Belinda as the top position for the self-driving giant in 2001, hug from her father.

Like Donovan, Lumley described Stronach as 'the daughter of her father '.

Therefore, this difference may be attributed to the taste problem. Indeed.

Instead of making his electric car, Stronach senior engaged the company in design and manufacturing --award-

Award-winning electric bike Elby driven by motor developed by BionX.

BionX is managed by Fred Gingl, former Magna administrator

And fellow AustralianCanadian.

Bike Magazine praised Elby, which was launched in 2016, as a vehicle for the future.

This is undoubtedly a road for pure urban residents.

Matthew Bono is a former CFO of BionX and Elby Bike Co.

Vertical integration sister company under TSG.

Posno describes the bike as a 'brain child' for Stronach, a passionate game designed for perfection, 'designed for everyone '.

'Alas, the price of Elby is $4,000, not everyone has.

On 2018, BionX entered bankruptcy management and Stronach was listed-

Hope to recover $22-

Millions of investment losses.

'This is a start-up,' said Bono . '

'I still think Frank believes in this product.

(Aaron ossipp, chief executive of Stronach Group Inc.

, One of the people named in half-billion-dollar-

In a statement, Frank Stronach was a great self-driving engineer, but his 'recent overspending and countless failed adventures put his family's wealth at risk.

'Ossip is not specifically named Elby in these joint ventures.

In the past eight years, Stronach's most enthusiastic strategy has been organic and grass-based --

According to court documents, the beef cattle at the Castana farm were fed and Belinda hated --

Do everything possible to 'damage, destroy and dismantle '.

'While the father has always dreamed of cows and electric bikes, Belinda has been doing some of her own attempts, including in the cosmetics industry, an-

She became a partner in 2016.

'My hair grows ten times faster,' Stronach said at a press conference . '. She also co-

The establishment of Acasta shopises, a special investment tool designed to acquire the company for profit-making purposes, has resulted in millions of dollars in losses, and led Stronach to leave the company's director position in 2017.

Strangely, in the core family business

Horse racing and entertainment-

Father and daughter can be regarded as valid father and daughtertwo punch.

Ross Peddicord is an executive director of the Maryland Horse Industry Commission.

He was a horse in his previous work and life.

For 20 years, the Baltimore Sun beat the writers.

He said Belinda wanted to turn the game into a rock concert.

Bring the band, and the rich, young, beautiful and fancy --

All the other fancy stuff.

Go to venues like the Baltimore Pimlico owned by TSG and make the actual run of the horse just part of a bigger show.

'They have been doing this in Europe,' said Peddicord . '.

'Friday night in Ireland, after the end of the work week

After the horse race-

They had a concert and it was very interesting and I think it was part of what Belinda had been trying to introduce.

'In a way, Frank wanted to do that.

But he also has more traditions.

Because of his generation.

He has a large racecourse, a large breeding ground, and a national championship horse race, so his focus seems to always be on the horse.

'The Pegasus Cup is the richest race in the world, held at TSG baystream Park in harandale, Florida.

Is the perfect combination of Stronach vision.

In a speech in Washington on May 2017, Belinda even attributed the idea to her father --

Bring in the world's top horses for $12

Millions of wallets online.

(Belinda did not mention $30

Her father also built millions of giant bronze Pegasus statues in baystream.

Then she went and adjusted the idea just for the kids, with clever Connor McGregor

Irish hybrid alecky

Martial arts warrior

Global brands-

Promoting it in a series of videos ending with McGregor, as the race's No. 13 jockey, he was disqualified from skivvies.

'Traditional racing enthusiasts, they accept these things, but they don't know how to do it,' said Peddicord . '.

'Luckily, Frank has a daughter in Belinda, who is both fashionable and cool, and a world traveler who can pull it down --

If they don't destroy each other first”Stay tuned.

 Stronach Family Feud: How things fell apart between the patriarch and his heir apparent

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