Kelowna siblings feuding over $70M inheritance, in court, again

Four Kelowna siblings battling over what should happen to a $70 million company their parents left for them have had the decision made for them by a judge.

B.C. Supreme Court Justice Allan Betton ordered that the real estate and development company, Witmar Holdings, be liquidated but gave the four squabbling siblings a chance to work out a solution privately before the court orders it to happen.

The justice's decision put the four Weisstock siblings a little closer to resolving their financial dispute after years of litigation.

According to an Oct. 28 B.C. Supreme Court decision, the company was created by Willy and Maria Weisstock who began buying real estate around Kelowna more than 40 years ago.

It now includes apartment blocks, hotels and residential housing, valued at more than $70 million.

Willy died in 2012 and Maria in 2016.

The four siblings Walter Weisstock, Antony (Tony) Weisstock, Albert Weisstock, and Silvia Gerard inherited their parents' company although it appears the relationship between the brothers had already soured.

The decision says the siblings split into two camps, with Albert and his sister wanting the company to be liquidated and Tony and Walter opposing it.

While Gerard was the "peacekeeper" among the siblings the relationship between Albert and his two brothers is described as "toxic."

Albert says he has no capacity to work together with his brothers and has been excluded from the company's management.

The decision says Gerard is no longer able or willing to be the peacekeeper.

When the relationship broke down isn't clear but in 2011 Albert was fired from running the day-to-day operations of the company and two years later he was removed as a director.

The decision says that Albert's late father, along with Walter voted against Albert running the company, while his mother sided with him.

He was told not to "interfere" with the firm's management and to start paying $1,000 a month in rent for his apartment or move out.

"The situation has simply continued to degenerate since then and has culminated in this petition," the decision reads.

The decision says in 2013 Albert began a wrongful dismissal suit but doesn't say what the outcome was.

The decision goes through the lengthy and complex legalities on when, how, and if, a company should be wound up.

Albert says that all the siblings want the company to be split in some way, but they can't agree on how that should occur or even on the process to find out how it should happen.

The hearing took place over seven days and the justice noted that "extensive materials" and submissions were submitted to the court.

"There are within the affidavit material many accusations," the Justice said.

While Tony and Walter wanted to go to trial so the evidence could be argued under cross-examination, the Justice disagreed.

The Justice said a full trial would be unlikely to bring the disagreement to an end, so refused to authorize one.

Ultimately, the Justice sided with Albert and Gerard and says the company should be split up.

However, the Justice said the court will allow the four siblings to sort out the details themselves before the court orders the liquidation.

To contact a reporter for this story, email Ben Bulmer or call (250) 309-5230 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.