The Monday, January 24 edition of Harness Tracks of America's Daily Executive Newsletter told of Macau’s gambling kingpin Stanley Ho distributing billions to his second and third wives.
A reader asked, “What about the first wife.” Harness Tracks of America sadly doesn’t know the answer to that, but yesterday an angry Ho, who is 89 years old, said through a lawyer that there was monkey business going on, and that the wives and some of his 17 children from four different mothers had robbed him, and that he was “disappointed and distressed” by what they had done.
Today the kids and their mothers had their say, and said everything was done with Ho’s consent. A 'Dear Dad' letter from Pansy, his best known daughter in the U.S. because of her involvement in Las Vegas gaming, said, “the share allocation has been done in accordance with your instructions.”
Ho’s shaky signature appears on the January 7, 2011, document, ostensibly acknowledging the deal, and lawyers for the wives and children said “all of the material steps” had been approved or authorized in writing by Ho. His law firm, however, speaking on his behalf, have said parts of the family had obtained control of Ho's fortune without his consent.
The object lesson would appear to be that four wives and 17 children can create problems, even -- or especially if -- you have billions in the bank. Harness Tracks of America does not plan to serialize this matter, but it is legitimate news with a moral, particularly on a slow racing news day. The matter was serious enough, by the way, that shares of the Ho family’s SJM Holdings were suspended from trading yesterday in Hong Kong.
(HTA)
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