Businessman Alan Symons puts legal nightmare to bed
The legal odyssey stems from a soured business relationship that began way back in the 1990s between the Symons family's
It's not clear how much Symons paid to put the matter behind him. He declined to comment, and a court filing in January notes that the parties settled but it doesn't disclose terms. Another filing last month says Symons has satisfied those terms and is released from the judgment.
Symons' brother Robert and various family insurance units that are no longer operating remain on the hook for the judgment, "subject to deductions for all payments made by
Symons-once a big wheel in the
After Continental launched garnishment proceedings against him, Symons asked the court to put those on hold while he sought to scrape together as large a payment as possible. The court declined.
In seeking the delay,
The eye-popping judgment, which was paid down to
But Symons' insurance empire, which included
That's despite the fact that Symons sold IGF's crop insurance lines for
Continental charged the Symons family used those other businesses as a personal piggy bank, collecting millions of dollars in salary and millions more in the form of interest-free loans that were never repaid and thus amounted to taxfree compensation.
Judge
The case has taken so long to play out in part because of a series of appeals. Another factor, according to Continental, is that Symons family members were less than forthcoming as the insurer tried to get to the bottom of what assets they had available to apply toward the judgment.
Three years ago, it accused
For example, Symons' LinkedIn page says that in 1986 he and a Big Ten referee teamed up to invent the Fox 40 Pealess Whistle, which went on to be sold in more than 140 countries. It says Ontariobased Fox 40
In 2004, Symons founded
Central States Pension Plan tells retirees the fund will be insolvent by January 2025
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