Chief financial officer of Smorgon family business ESCOR Group, Michael Meehan, said the company could not grant Ms Smorgon access to the confidential details. Edwards, then 25 years old, and Victor, aged 82, became the managing director and executive chairman respectively; a pairing that Edwards says worked because of their dual fixation on the familys longevity. The Smorgon family, based in Melbourne, has topped the BRW's Rich Families list for the past seven years with diverse investments in property, agriculture, technology and retail, across seven "wings" of the family. In 2019, John and Robert Kirby, the brothers who amicably ran Village Roadshow for almost two decades, had a spectacular public falling out. Victor Smorgon and other senior family members were replaced by a new generation on the SCI board, to be headed by Graham Smorgon, to oversee the sales. Court and company documents reveal that Stephen is a director of a number of the family trusts including the Escor Group, which his grandfather Eric Smorgon founded with his father Robert and uncle Jack, in 1995. In 2001, Smorgon Steel purchased Palmer Tube Mills and joined OneSteel in a partnership to acquire Email Ltd. James Packer paid $1.2 billion to buy out his sister Gretel in 2015 and rebuild peace between the two. [3][16] This process increased product quality and factory productivity[26] compared to traditional blast furnace production methods. In every year of its publication the Smorgon family has headed the list, with estimated wealth of A$2.74 billion in 2015 spread across seven branches of the family. Elsewhere, the list of unhappy families goes on and on. In 2003, Smorgon Steel acquired a 50% stake in the Hong Kong company, Hartwell Pacific Ltd, to export steel to foreign markets. [1] Their brothers, Abram and Moisey, worked in the meat trade supplying cattle for the Red Army. The Smorgon clan repeatedly topped the BRW Rich Families list throughout the 2000s, with an estimated combined wealth of more than $2 billion. Follow the topics, people and companies that matter to you. overnight kayak camping; the wharf amphitheater capacity. . She claims she has not received any income or distributions from the trusts. The late Robert Smorgon, Samantha's father, with step-mother Vicky.Credit:Facebook. Not so much. typically you need someone to facilitate the conversation. But there is talking and theres talking. [23] In the 1995 company breakup, the remaining plastic containers business was sold to industrial conglomerate, Southcorp. The goal of this was to provide income for all family shareholders, giving non-working family members financial stability too. These are Logan Roy figures, says David Smorgon, citing the central character from the TV series Succession. Artificial insemination is a fertility procedure involving sperm being inserted into the uterus. The accounts contain balance sheets, bank statements, tax information and management details about Mr Smorgon's business interests. When will the Beast from the East be at YOUR door? By posting your comment you agree to our house rules. Its all about pushing things forward.. [3] In 1948, the Smorgons began to supply rabbit meat to the US. You only bring in the lawyers when youve reached substantive agreement.. [3] To save their meat processing business, Smorgon Consolidated Industries bought two new plants in 1983. . Did this help persuade him to put the younger generation in charge? [3][17] Carlton was the centre of a Yiddish community[18] that was growing with influxes of Jewish immigrants from Eastern Europe. You can choose on each post whether you would like it to be posted to Facebook. But the legal war continues, with a new trial this year over ownership of the Hope Downs iron ore mine. The Smorgon family and associated investment group are looking for able-pocketed residential renters as they work on redevelopment plans for the circa-1865 Poolman House at 253-257 . It's GRAYGATE! There are qualitative issues they have resentments and jealousies that all families have. [3], They began constructing the electric mini-mill in Laverton, Melbourne in 1981. [1][3] During their time in Heidelberg they had four children; Annia (1909), Eric (Ishay) (1911), Victor (Abrasha) (1913) and Clara (1914). Find out more about our policy and your choices, including how to opt-out. . It sparked a feud which led the families to split the $720 million Transfield empire in two. "It is not lost on me, the irony. According to BRW magazine's Rich Families list 2014, the Smorgons are Australia's richest family with an estimated wealth of $2.7 billion. Equally diverse are the Smorgon's philanthropic activities. Franco took the low-margin construction business and after his claim to having founded it, how could he do otherwise? . Her father claimed in his will he had no biological children and instead referred to MsSmorgon as his 'stepchild'. [3], In 1982, David Smorgon purchased the Australian subsidiary of a Canadian packaging company, Glass Containers, which made glass and plastic packaging. She moved to stay with her mother in Cherna (Chernivitsi), Melitopol. He would hitch a daily ride with the patriarch, who built a billion-dollar family conglomerate that at various times has straddled abattoirs, steel, paper and glass milling, horticulture and mining. Edwards was about to cash out of another business to the tune of $30 million and wanted Zerocap to manage that money. By his Will, my father defined me as a stepchild and further stated that he considered that he had no biological children, Samantha Smorgons affidavit states. If youre prepared to say, and really mean, we want to resolve this ourselves and not enter a legal process, then you can save a lot of money and a lot of emotion.. smorgon family rich list The highest quality of care for individuals with developmental disabilities Only one-third of families have real succession plans, Smorgon says. My advice almost always is sell it before youre gone or arrange for a process of sale. John Hancocks feuding with Gina Rinehart is one example. With the Salteris out of the picture, Francos younger sons, Luca and Guido, demanded that they be joint CEOs alongside their highly capable brother, Marco Belgiorno-Zegna. Sir Warwick Fairfax at 57 divorced his second wife, Hanne, to marry Mary Symons, whose son Warwick tipped Fairfax into receivership. hard rock disneyland paris. Or a more worrying question: how does all this not end up in court?. In 1967, the Smorgons exited the fruit cannery business due to cheap South African products lowering the cost of goods in the UK. Do you want to automatically post your MailOnline comments to your Facebook Timeline? But they are yet to appear on Meriton company boards, and it seems likely that the four Meriton executives now on the board of the private company will continue to run the group. smorgon family rich list. By Jackson Barron For Daily Mail Australia, Published: 07:55 GMT, 6 December 2020 | Updated: 19:03 GMT, 6 December 2020. When pressure from the White Army forced Norman and Isak to close, the four brothers opened a small flour mill. Call it All the Way With Rupert. Smorgon Steel sold for $2.5billion to OneSteel in 2005 allowing brothers Victor and Eric to start the Victor Smorgon group and Escor Group respectively. The family settled. He doesnt understand why his children, in contrast, never want his advice, that they just want to be left alone. It sounds simple, but it is the hardest one for them: youve got to talk about it. Naphtali sees the issue in similar terms today: In principle, succession is pretty easy. [3][22] For 12 years, Victor and Loti Smorgon spent 6 months in the United States[3] to head this operation where they invested in more than 25 properties. [3], In April 1983, the Smorgons closed their original Brooklyn meat processing plant. MENU MENU. I just would like my dad to acknowledge me, to say well done, I just want to have a meaningful connection with my parents., Clockwise from top left: The Morans; the Pratts; the Belgiorno-Nettis family; the Packers. The Smorgon family were named the BRW richest family in Australia for seven consecutive years up to 2015, with a wealth of some $2.7 billion. You get further and further away from the first-generation entrepreneur. To combat this, management meetings are held in the evenings, so younger family members can join in and listen. Shirtsleeves to shirtsleeves in three generations is not just American folklore. The family decided to sell this business. The truth is, youve got access to an ear that others dont, he says. Ruperts own heirs are unlikely to be as accommodating with each other. [3], Vladimir Lenins death in 1924 and the rise of Joseph Stalin prompted Norman to immigrate to Australia, following his relatives Ruvin and Bertha. He skipped university, finished an apprenticeship and began managing factories in Sydney, Melbourne and Tasmania. The Smorgons sold their steel operations for a 46% stake in Humes Ltd,[16] valued at $346 million at the time. Most of its $2.64 billion fortune has been split across many family members. By the time he finished high school, Edwards was fairly handy with equipment. Their last abattoir, located in Melbourne, closed after workers went on strike 24 times in its 64-day operating period. If Ms Smorgon is successful in her bid for access to the accounts and other information including tax returns and balance sheets, it would be the first time in almost two decades that light was shone on the vast wealth believed to be held in the trusts. [3], From 1988 to 1989 AMP (known as Amcor from 1986) drastically lowered box prices and raised charges for feedstock paper to capture more of the market. Neil Chenoweth is an investigative reporter for The Australian Financial Review. Besen family,. Smorgon concurs: The next generation is saying: Its not all about the f---ing money . It was the second time Gina had fired John, her eldest child. Peter Edwards: I probably learnt more waiting for my grandfather to drive me home than I did working in the factory.Nicole Reed. All times AEDT (GMT +11). The Smorgon family originates from the small town of Heidelberg (now known as Pryshyb), in eastern Ukraine. On the day it was brought online in March, Edwards transferred $30 million to ANZ and received a coffer full of fresh new A$DCs. [16] To compete with AMP, the Smorgons decided to start producing boxes as part of a vertical integration of their paper business. [16], In 1934, Victor Smorgon began a wholesale meat business, Vic Smorgon and Co., which acted as a wholesaling arm for his father and uncles butcheries. And just like that, the future of the largest family fortune in the country was swinging in the breeze. Rupert Murdoch has flirted with both the PCG and OK, Boomer approach before encountering other problems. [32] In 1995, Loti Smorgon also donated her collection of 154 contemporary Australian artworks to Sydneys Museum of Contemporary Art. [3] The Smorgon families headed the families list in every year of its publication. Animal guts wasnt for everyone, so some kids splintered off into the fibreglass shop, or into the paper mill, the office, the canteen, or the laundry across the familys conglomerate, known as Smorgon Consolidated Industries. However, my father is named as my father on my birth certificate, and I am also named as his child on his death certificate. Just sitting there, waiting to go home for three hours while the meetings were going on, I just picked up vocabulary, and I got an idea of what was going on. I think really everything would have imploded if they hadnt done what they did to decentralise and divest. A biography of Victor, Living the Dream, describes how McKinsey brought in a new governance structure to SCI in 1990 which Victor found frustrating. They originally had plans to export steel to South-East Asia but, when the foreign steel market collapsed, the family decided to compete with BHPs domestic market instead. In 1989, Franco Belgiorno-Nettis and his long-time partner Carlo Salteri stepped back from Transfield, the billion-dollar construction conglomerate they had built together over 34 years, and let their elder sons, Marco Belgiorno-Zegna and Paul Salteri become joint CEOs. Together they established a new wholesale meat business, Norman Smorgon and Sons, separate from the butcheries. The company was renamed Smorgon Steel. As a result, the Smorgon paper industry started making losses. [3][16], By 1956, the Smorgons had expanded into a new meat works in Dinmore, Queensland and had a large stake of the Australian export market. [16] On 3 February 1999, the company listed on the Australian Securities Exchange and 33% was sold to new investors. To do this we will link your MailOnline account with your Facebook account. And given the Smorgons had been with the ANZ Banking Group for more than 100 years, the bankers were only too eager to help. A 20-year study of 3200 high-wealth families by the Williams Group in the US found 70 per cent of family fortunes were lost in the second generation, and 90 per cent by the third. But can they start the conversation? Veteran KPMG partner Dominic Pelligana has left the firm to launch a consultancy aimed at rich families, with foundation clients that include the Victor Smorgon Group and the Brown Family Wine . One of Australias richest families wants to keep its wealth a secret from a stepchild wanting to know about her late fathers assets. Except they have one flaw. [16] They then branched into selling canned vegetables, soups, sauces and spaghetti. Frank Lowy made the inheritance simple: he stepped down as executive chairman of Westfield Group in 2011, with sons Steven and Peter becoming joint CEOs, while providing seed capital for the Lowy Family Group, an investment arm founded by David Lowy. Although the same information is presented to both groups, the types of conversations that stem from the meetings vary, and the family strictly adheres to long-term decisions that will maintain and increase the wealth. Pictured: Vicki and Robert Smorgon. It turns out that every family dynasty, even the fondest, the closest and the most enduring, carries a little red button somewhere, labelled Tactical Nuclear Device. [3] In 1988, the Smorgons then purchased Humes Ltd outright[16] for $2.90 a share, paying approximately $375 million. They worked under the watchful eye of a supervisor named Jimmy Martin. RELATED: Surprise Christmas tax cut in Budget, RELATED: Australian economy rebounds with retail spending boost. The document states the inventory supporting his will showed he owned assets amounting to $851,000 with liabilities of $141,000 at the time of his death. Its a lot of hurting. Theres $4 trillion that will be transferred in the next two decades. If anyones asking whether one of Australias richest dynasties has still got it? [3], In 1946, Victor and Sam Smorgon started exporting rabbit meat to England after Victor noticed a demand for rabbit exports at Londons Smithfield Market. The Smorgons are one of the great dynasties in Australia. AUSTRALIA'S five richest families have a combined wealth of more than $10 billion dominating much of the nation's property, retail and investment sectors. After decades of speculation about who would succeed him, in 2016 Rupert Murdoch stepped back to let Lachlan and James run the Fox side of the empire only to change his mind 12 months later and begin talks to sell off 80 per cent of Fox to Disney, turning his childrens inheritance into an $18 billion trust fund. Thats the hardest part, he says. My father was part of a large corporate and trust structure, of the Smorgon Family Group, of which he would benefit, Ms Smorgon wrote in the court documents. But Rupert took control of Cruden, and his long-suffering sisters had to wait more than 40 years for him to buy them out, for $600 million, in the late 1990s. Prana's share register reads like the top end of BRW's Rich Families list. Luca and Guido had a robust social manner similar to Francos while Marco was more reserved and analytical. [citation needed], In 1939, Victor Smorgon met with Ben Chifley, then treasurer of Australia, to discuss the building of an abattoir at the Smorgons new Brooklyn facility. Its never about the money, its about the egos., A senior family adviser describes a client, who has built a large company, who is constantly approached by other people for guidance and counsel. A second conclusion is more upbeat. Ms Smorgons brother Stephen is a director. [16][20], Smorgon Consolidated Industries competed against the paper monopoly, Australian Paper Manufacturers (AMP). At the time of the breakup, Smorgon Consolidated Industries employed over 400 people,[3] operated companies in steel, meat, plastic containers, paper mills and recycling[22] and was worth $1.5 billion. Indeed, my father treated me as if he was my natural father and I his child. In the first series of plates issued in 1910, Vic 9 was issued to a Toorak resident, along with plates 7 and 8. . Failure to Launch leads to a related issue, Seething Siblings. [28], The Smorgon family has various philanthropic foundations including the Victor Smorgon Foundation,[30] Victor Smorgon Scholarship Fund, the Sandra and Barry Smorgon Family Charitable Trust, and the Jack and Robert Smorgon Families Foundation. He had already taken an equity stake in Zerocap, an institutional investor that specialises in crypto. If they all are aware of what the structure is and whats going to happen, at least they can put a different view, and it can be debated., David Smorgon says wealthy people are not just comprised of bank accounts and balance sheets and trusts. Well ask you to confirm this for your first post to Facebook. The exponential growth in wealth means the cost in pain and money of getting succession planning wrong can be so much greater. [16] Since 1930, BHP had been Australias largest industrial company[24] and by the 1980s, it was producing 2% of Australias GDP and 9% of its exports. He has worked with 350 wealthy families in the past 15 years as executive chairman of PwCs Family Business Advisory and more recently his Pointmade consultancy. But its just amazing what happens if you get everyone in the same room talking . Three box plants were purchased by Amcor and Richard Pratt, another market competitor, purchased two. They sold off the companys building products operations and produced steel under the names of ARC and Australian Tube Mills. Not just that, he says she vetoed a job offer he subsequently received from Andrew Forrest, which was to include a 10 per cent equity stake in Fortescue Metals Group. Sam Bennett, In Melbourne, Leibler sees a growing emphasis on preservation of wealth rather than continuing the family business. It is estimated that the family is worth $2.7 billion and all of it emanates from a kosher butcher shop in Carlton. It wasnt the only courtroom drama. Factory colleagues at one plant persuaded him to join the union at one point. Succession planning was core to the new business; indeed, one of the directors is always specifically focused on succession planning. Five years before, she had dumped him from the board; now he was out of the family business altogether. The family wealth began with a butcher in North Carlton founded by Naum Smorgon in 1928 to become Australia's biggest privately owned institution. What emerged after that December meeting, and subsequent meetings, was an Australian first, and could happen only with the might of the family knocking at the banks door. motorguide trolling motor for sale; roast beef roll ups pampered chef; charles duryea invention . Its always a failure of not talking, says Naphtali. [3], In 1927, Norman Smorgon opened a kosher butcher shop[16] in Melbourne on 366 Lygon Street, Carlton. We were sorting through anything that wasnt blood, bone, fat or meat.. Back in 1995, when we published our original article on dynasties, a common complaint was the way patriarchs overestimated the abilities of their children. They then built a tissue plant alongside this factory. As we only received the summons in the past few days we are unable to make any comment on the matter at this stage, the spokesman said. The butcher shop in Lygon Street proved the breeding ground for Victors entrepreneurial spirit. In many cases, they are more likely to want to see wealth from the older generation invested and preserved.. [22] Victor Smorgon and friend, Ron Altman, also became limited partners in major projects with developers. The sole agenda item was cryptocurrency and how the Smorgons could get into this explosive new sector. During the 1970s, Smorgon Consolidated Industries, the conglomerate family business formed in 1958, bought three abattoirs in Inverell, Mareeba and Perth. The firing triggered an endless escalation of claims, counter-claims and worsening family relations that by 2011 had spilled over into the courts, as John and two of his sisters Bianca and Hope challenged their mothers role managing the family trusts. In essence, we have our business board and our family board.. Her submission also claims that she believes her brother Stephen Smorgon was conceived by the same method. Daily Mail Australia has contacted Mr Meehan for comment. This led to a takeover by Ben Grays BGH Capital from which, remarkably, Robert Kirby and his son Clark have emerged as chairman and CEO, respectively. The sell-down refocused this. In 1984, Smorgon Consolidated Industries won the rights to supply 64% of Fibre Containers' paper, making the purchase of the company by AMP less desirable. The families list was last published in 2015. Novic (1887 1988), George Smorgon (1921 2004) m. Gita Smorgon nee Fetter, Dean (196970), Ricky (197172), and Dale (197475), Barry Smorgon m. Sandra Smorgon nee Horin, Rodney Smorgon m. Ann Smorgon nee Jackman, Barbara Smorgon m. (1) Phil Krasonstein; (2) Barry Landau, This page was last edited on 23 May 2022, at 16:34. [3], Norman (Naum) Smorgon, patriarch of the family, was born in Heidelberg in 1884 to Gershon and Leah Smorgon. Clockwise from top left: Harry Triguboff; the Rineharts; the Smorgons; the Murdochs. [16] Victor Smorgon partnered with David Holckner and began researching this new manufacturing method by visiting steel mills in the US. A scuffed copy of the Koran. But after Anthony Take care of your gut and it will take care of you: Could these 'friendly' bacteria transform your gut Do not sell or share my personal information. This can lead to the Prince Charles Gambit (PCG), in which the family scion in their 80s or 90s remains glued to the driving seat, and their heirs are near retirement age by the time they succeed. The Morans were back in court again in 2010 with Shane Moran accusing his parents of trying to cut him out of part of his inheritance. As a result, they ended their rabbit meat operations. [3][16][22][28] Smorgon Consolidated Industries had a complex shareholder structure of over 100 members from seven distinct family groups[16] and so the aim of this move was to sell many of the company businesses so that all members could profit. While its not quite the Salteri payout, Luca and Guido continue to burnish the family name through arts philanthropy Guido as chairman of the Australian Chamber Orchestra while Luca continues to partly fund the Sydney Biennale created by his father, even though hes no longer chairman. In December 2001, Dick Pratt incorporated Visy Industrial Packaging Holdings, to host the groups move into plastics, run by Geminder. The Smorgon name disappeared from the Rich List in 2015. Nothing is fail-safe. accident in union, nj today; kutchi language translator; razer deathadder v2 best settings; katie vinten linkedin; . Ms Smorgon is also suing Vicki Smorgon, over a lack of support from late father Robert's will. Justify Text Get Wikiwand Note: preferences and languages are saved separately in https mode {{::langAbbreviation}} {{::lang.langAbbreviation}}{{::lang.NameEnglish . Find out who are Australias richest people in the Financial Review Rich List 2022 out on Friday, May 27. The steel products distributor, Albion Steel Group, was purchased by Smorgon Steel in 2002. Wilson family, $2.6 billion 3. [3], In 1995, Smorgon Consolidated Industries divested itself of all assets except for their steel business. The average age of members of The List Australia's Richest 250 is 65 years. The business activities of the (eight) active trusts include, but are not limited to, investments in equity managed funds, private equity, private equity funds, property and property development, and property managed funds, the affidavit states. None of these buyouts compare with the shock waves in 1995. Looking back at that cover story, 27 years later, some hard conclusions can be drawn from the changing of the guard that has followed. By 1999, via a series of shrewd deals, Waislitz had turned this into a $300 million fortune, and today its well over $1 billion. We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. The family raised $35.7 million from share sales in 2002 which appears to have been to pay out Marco. [3] The new board consisted of the younger family generation[16][22] with George Castan, David Smorgon, Raymond Orloff, David Holckner, Robert Smorgon and Leslie Green. Australian economy rebounds with retail spending boost, repeatedly topped the BRW Rich Families list. I think the more [children] know the better, frankly, I really do, he says. And multiple entries on the Rich List. Ms Smorgon (pictured) was conceived by artificial insemination and she believes that is why she was denied access to the trusts after the death of her father Robert in 2019. The Smorgon's topped the BRW Rich Families in Australia list for seven years in a row up to 2015. This years Rich List includes eight people in their 90s whose fortunes total $26 billion, and 32 in their 80s, worth $81 billion. [3] The Smorgons offered lower prices, distributed directly to customers and adapted their production schedules to suit their clients needs. There's a Smorgon Family nursing home, and a $30,000 bequest each year towards the Premier's Award for Research. Meanwhile, the Salteris took Tenix, the defence contracting arm. Rich Minimal Serif. Ms Smorgon works in health care and said she has never received any income from the trusts, but claims to be a general beneficiary for 15 of the accounts. Each defendant maintains that the plaintiff is not entitled to require that defendant to provide to her copies of the relevant documents, Mr Meehan states in the affidavit, obtained by news.com.au. [1] He married Tzippa Mejov at Blumental in 1908. He had grown up on the factory floor of his grandfather Victor Smorgons meatworks in West Footscray. Others and they include the Packers have found that many disagreements can be resolved with a little understanding and communication, and a rather large bank transfer. Follow the topics, people and companies that matter to you. The couple opened a mixed goods store the following year (1909). Sam Bennett. Find out who are Australias richest people in the Financial Review Rich List 2022 out on Friday, May 27. The AFR View Rich List From blood and guts to crypto: inside the Smorgon family office The fourth generation of the Australian dynasty is keeping the disruptive entrepreneurial spirit. If we dont deal with this topic, whats going to happen? [3], In 1989, Smorgon Consolidated Industries sold its corrugated-box plants to Amcor and the Pratt Group and its Humes plastics business to James Hardie. Hailing from the small town of Heidelberg in an area of Ukraine settled by Germans, Naum and his family were beaten down by the bloodshed and famines that accompanied the Russian Revolution and its subsequent civil war. ASIC records show Raphael Geminder, who married Fiona, was on the board of a string of Pratt companies from 1993. [3], In the early 1980s, Loti and Victor Smorgon began living in New York. More than $2 billion would be dispersed between the seven branches of the family, the largest family break-up in Australian history. We all started in the offal room, Edwards says. smorgon family rich list. But are Edwards kids hanging out in the modern-day equivalent of the offal room? She has previously covered global capital markets and economics. stepping down, giving responsibility to their kids or a family member,'' he says. Springing from a single North Carlton butcher shop founded by great grandfather Naum (Norman) Smorgon in 1928, the Smorgon family companies grew under four brothers including Eric and Victor Smorgon into Australias largest privately owned entity. Rich-list family heads to court over dispute with 'step-child'. Every member of the family is obliged to sit on the council for a minimum of three years. 94/22 Montgomery Avenue, Main Beach, owned by Minnie Smorgon is on the market. Sydney is so boring and expensive that students and Mum transforms her 'small boring block' into a beautiful Ukraine soldiers shoot down enemy drones with drones of their own, Wheel of Fortune contestant answers food puzzle wrong, Pavement where disabled woman gestured at cyclist before fatal crash, Pro-Ukrainian drone lands on Russian spy planes exposing location, 'Buster is next!' Its impossible for anyone other than a first-generation entrepreneur to carry that imprimatur or drive to keep the business alive, Edwards tells The Australian Financial Review Magazine. Sans. People say its about the money. Its the moment the Hancock Prospecting succession went awry that morning in 2003 when Gina Rinehart called her son, John, into her office to tell him he no longer had a job. Vicki Smorgon is the executor of Robert Smorgons estate and is a joint proprietor in three of his four properties, according to his daughters affidavit. Today, James and Gretels fortunes total $7.9 billion, which means that for all James recent stumbles with Crown, the Packer succession has been a success.