Update: The John Unitas Estate and the Family Business Risk

The Johnny Unitas saga continues. A few months ago I wrote about how the NFL Hall of Famer’s inadequate estate plan caused divisions in his family and put the family business at risk.

Things have gotten worse.

John Unitas, Jr. won the latest round of court battles. The court ruled that he was supposed to be able to use life insurance policy proceeds to buy out the interests of Unitas’ widow and business advisors. Then, Unitas, Jr. would be the sole owner of the company.

Instead, the widow and advisors seized control of the company and purported to fire Unitas, Jr. They accused him of squandering company funds on personal expenses and incompetence. Unitas, Jr. said the company was healthy and had gross revenues of $500,000 annually when he ran it; recently it filed for bankruptcy protection. Experts say it should be profitable from licensing the Unitas name.

Despite the court decision, each side promises further litigation. Both the business and family remain in turmoil.