A business tycoon was clearly in love, and that likely played into his underestimation regarding future repercussions concerning the expenditures he made on his mistress for 15-plus years.
Charles Barry ultimately married that woman late last year, after a pre-marriage relationship spanning more than 15 years. He preceded that act by divorcing his wife of 55 years just two week before his second betrothal.
And then the fallout began in earnest.
Barry, who is the founder of a global mainstay in the air-moving business (think everything from home fans to blowing equipment in the largest factories) now finds himself wrapped in messy litigation with his children, who play leading roles in the Twin City Fan Companies and own a controlling amount of its stock. They ousted their father from his company position recently and are now pursuing him for what they allege is misappropriation of company monies for illegitimate non-business affairs.
Some of the details emerged in a recently concluded investigation centered on the acrimony now existing between Barry and his children. The findings of that probe are described by one lengthy media account as “devastating.” They include these discovered nuggets:
- Payment for more than 100 trips on leased aircraft for Barry’s future second wife and her friends over many years
- Barry’s purchase of a lakefront home for her
- Barry’s spending of more than $1 million on a failed business of hers
- Barry’s payment of college expenses for her three daughters
There is a demand now that Barry pay back money to the company he founded to defray those expenses. He refuses to do so, saying that the money he spent was not linked to any corporate fraud or wrongdoing.
A judge overseeing the case is encouraging the family to pursue an informal settlement to resolve their differences in lieu of litigation. He says that he is disheartened when “families get into these situations.”
And yet they sometimes do, especially when a lucrative family business exists.