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. 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. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy. [3], Vladimir Lenins death in 1924 and the rise of Joseph Stalin prompted Norman to immigrate to Australia, following his relatives Ruvin and Bertha. The shop was successful and prompted the brothers to open more butcher shops over the years. Carlo Salteri (left) and Franco Belgiorno-Nettis at an early Tenix function. Scotland, China and Japan have similar sayings (Rice paddies to rice paddies in three generations). 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. [16] Through this strategy, they secured major building materials manufacturers such as ARC, Aquila and Boral, as clients. Rich 200 stalwart James Packer and last year's leader Andrew Forrest dropped back following significant year-on-year losses in both the gaming industry and . The families list was last published in 2015. These business activities are such that some of the active trusts are party to joint ventures and other business relationships involving third party entities.. 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. The Smorgon name disappeared from the Rich List in 2015. It depends so much on the family there arent rules for this . They are life trustees at the Mount Scopus Memorial College and donate $30 000 annually to the Premiers Award for Health and Medical Research. [3] Norman (Naum) Smorgon, patriarch of the family, was born in Heidelberg in 1884 to Gershon and Leah Smorgon. The Liberman and Besen families are second and third respectively. The Smorgon's topped the BRW Rich Families in Australia list for seven years in a row up to 2015. More than $2 billion would be dispersed between the seven branches of the family, the largest family break-up in Australian history. Horarios: Lunes a Viernes - 8:00 a 17:00 hs Contacto : (0341) 4266031 / 4485246 | does hormel fully cooked bacon need to be refrigerated Mi cuenta [3] This broke the partnership between Norman, Adam and Moses Smorgon. I believed my father was my biological father until my early teenage years. Franco began countermanding Marcos decisions in support of Luca and Guido, with some unhappy outcomes. [3], They began constructing the electric mini-mill in Laverton, Melbourne in 1981. Elsewhere, the list of unhappy families goes on and on. Samantha Jane Smorgon, 44, who is the daughter of the late Robert Smorgon, claims her father raised her as if she was his biological child but chose to exclude her from his estate on the grounds that she was his step-child and he had no biological children. By 1999, via a series of shrewd deals, Waislitz had turned this into a $300 million fortune, and today its well over $1 billion. The are getting worse. [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. The couple opened a mixed goods store the following year (1909). typically you need someone to facilitate the conversation. But there is talking and theres talking. They received $96 million when the company was taken over by Spanish construction group Ferrovial in 2016 (though the family has other assets). The BRW Rich List is all about who gets the most . [3], The family got into a legal dispute with APM as both businesses sought to purchase shares in the public packaging company, Fibre Containers Ltd. Three years ago, Meriton announced Sharons sons Daniel, 31, and Ariel, 29, were being groomed to succeed Harry. 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. . [3], In April 1983, the Smorgons closed their original Brooklyn meat processing plant. Narmada Kidney Foundation > Uncategorized > smorgon family rich list. In 2000, healthcare moguls Doug and Greta Moran and their eldest son, Peter, were sued in the NSW Supreme Court by their daughter-in-law Kristina Moran when she sought punitive damages after the suicide of her husband, Brendan. The split has been good for the Salteris, who are backing further Di Pilla ventures. In January 1984, they diversified their product by purchasing a used rolling mill and rolling steel billets into reinforced bar. [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. [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. We were sorting through anything that wasnt blood, bone, fat or meat.. . [3], After this period of sales, the family was left with their steel business, Smorgon Steel. Then theres the OK, Boomer approach, in which the family head continually postpones making any solid plans for a structured succession, on the assumption they know best and that they are immortal (and Baby Boomers own 57 per cent of the countrys wealth). The steel products distributor, Albion Steel Group, was purchased by Smorgon Steel in 2002. Vicki Smorgon is the executor of Robert Smorgon's estate and is a joint proprietor in three of his four properties, according to his daughter's affidavit. 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. Humes Ltd was a client of the Smorgons and ran a steel product production and distribution operation under the name ARC. The accounts contain balance sheets, bank statements, tax information and management details about Mr Smorgon's business interests. And just like that, the future of the largest family fortune in the country was swinging in the breeze. He doesnt understand why his children, in contrast, never want his advice, that they just want to be left alone. Interactive map reveals when you may see SNOW, Kate Garraway reveals Derek's heartbreaking words when they thought he had just minutes left to live. Much of that was opportunity cost, forcing sales of News Corp shares at market lows to fund a peace treaty with the Murdoch children. It was opened by Victors father, Naum, who fled the last years of Russian tsarist rule. In 2018, the figure was $120 billion, and by 2050 its forecast to reach $224 billion a year, measured in 2018 dollars. [1][3] During their time in Heidelberg they had four children; Annia (1909), Eric (Ishay) (1911), Victor (Abrasha) (1913) and Clara (1914). Treasurer Jim Chalmers has hit back at ridiculous and dishonest claims as the fiery debate over superannuation changes threatens to boil over. Edwards, a softly spoken straight talker, took his place at the head of the table. They started Smorgon Steel, which was taken over by OneSteel in a $2.5 billion deal in 2007. [30][32] Loti and Victor Smorgon are also supporters of the arts where they are benefactors of the Victorian Arts Centre, Melbourne Symphony Orchestra and have a Loti and Victor Smorgon Gallery at the National Gallery of Australia. [23][29] Victor Smorgon became executive chairman with Peter Edwards as managing director and Victors four daughters, Ginny, Vicki, Bindy and Sandra, as directors. Factory colleagues at one plant persuaded him to join the union at one point. But the position isnt clear. 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. The Melbourne-based Smorgon family tops . They cant answer the question, what do you want to be remembered for, what do you want your legacy to be?. Three box plants were purchased by Amcor and Richard Pratt, another market competitor, purchased two. . Within three months, ANZ launched an Australian dollar-backed stablecoin. Harry Triguboff, 89, has no immediate plans to step down from running Meriton Properties. But can they start the conversation? 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. [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. Were sorry, this feature is currently unavailable. Luca and Guido had a robust social manner similar to Francos while Marco was more reserved and analytical. Ms Smorgon claims she is one of the discretionary beneficiaries in all of the trusts including as a general beneficiary, primary beneficiary or a relative of one, being her father. People say its about the money. It prevents resentments from breeding if some know, but others dont, that in itself can be a source of destabilisation. Victor and young Edwards always had a close relationship, and the patriarch drove him to and from the office during the school holidays. BHP controlled Australias steel market in the 1980s. 94/22 Montgomery Avenue, Main Beach, owned by Minnie Smorgon is on the market. The average age of members of The List Australia's Richest 250 is 65 years. Edwards says his proximity to his grandfather has instilled an appreciation for the work ethic and a firm eye on the future. And given the Smorgons had been with the ANZ Banking Group for more than 100 years, the bankers were only too eager to help. Justify Text Get Wikiwand Note: preferences and languages are saved separately in https mode {{::langAbbreviation}} {{::lang.langAbbreviation}}{{::lang.NameEnglish . No family member could purchase the company assets for sale with the exception of Victor Smorgon who retained a small plastic recycling plant. The kids have no idea how good they are . Chief financial officer of Smorgon family business ESCOR Group, Michael Meehan, said the company could not grant Ms Smorgon access to the confidential details. 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. Ms Smorgon, 44, was conceived by artificial insemination and believes that is why she was denied access to the benefits of the trusts after Robert's death in 2019. AMC Salud Grupo de Medicina Privada. 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. Its always a failure of not talking, says Naphtali. [31] The Smorgon family has a wing named after them in the Peter MacCallum Cancer Centre and the Royal Victorian Eye and Ear Hospital. According to BRW magazine's Rich Families list 2014, the Smorgons are Australia's richest family with an estimated wealth of $2.7 billion. Their abattoir in Richmond Council had to close just 18 months after opening. In the 2014 list, the Smorgon family headed the list with estimated wealth of A$ 2.77 billion. Ms Smorgon is also suing Vicki Smorgon, over a lack of support from late father Robert's will. Meanwhile, Franks nephew, Elliott Rusanow, has just been appointed CEO of Scentre. They havent ever been tested.. You only bring in the lawyers when youve reached substantive agreement.. Find out who are Australias richest people in the Financial Review Rich List 2022 out on Friday, May 27. [3][28], "Loti Smorgon dies after lifetime of philanthropy", "Sandra Bardas gave time and took the trouble to change the world", "BARDAS, Sandra | Death Notices | Melbourne", "CASTAN, Noel Isaiah | Death Notices | Melbourne", "SMORGON, George | Death Notices | Melbourne", "Samuel Smorgon AO Death Notice - Melbourne, Victoria | The Age", "Minnie Smorgon: Gold Coast penthouse owned by one of Australia's richest families hits the market - realestate.com.au", "Russian Revolution | Definition, Causes, Summary, History, & Facts", "Safe haven: Records of the Jewish experience in Australia", "Victor Smorgon: the great industrialist", "Smorgon Steel, OneSteel and Bluescope Steel Finalise Agreement", "Smorgon family artificial insemination claim heads to court", "Vale Loti Smorgon Philanthropy Australia", "The Trustee For The Victor Smorgon Charitable Fund", "Philanthropic Family Tops Rich List | PBA", https://en.wikipedia.org/w/index.php?title=Smorgon_family&oldid=1089408530, Norman (Naum) Smorgon (17 December 1884 1956), Eric (Isiat) Smorgon (1911 1999) m. Anne Smorgon nee Bernstein (1910 1996), Vicki Vidor nee Smorgon m. (1) Raymond Vidor; (2) Peter Avery, Bindy Koadlow nee Smorgon m. (1) Colin Edwards; (2) David Koadlow, Sandra Bardas nee Smorgon OAM (1941 2007), Belinda, Robyn, Anna, Elli, Morris and Ben, Anna / Annia / Anne Castan nee Smorgon (1909 2000), Noel Isiah Castan (1942 1998) m. Anita Castan nee Dundas, Clara Orloff nee Smorgon (1916 1946) and Joseph (Joe) Orloff (1912 1977), Paulette Orloff m. (1) Peter Terracall; (2) Alex Steinlouf, Moses Smorgon (1892 1954) m. Luba Smorgon nee. The Victorian heritage plate '9' is owned by Melbourne's Smorgon family. He had already taken an equity stake in Zerocap, an institutional investor that specialises in crypto. Another is the Murdochs. In the 2013 list, the Smorgon family headed the list with estimated wealth of A$ 2.64 billion. [3][23][28] By August 1995, the meat, plastic containers, paper mills and recycling businesses were sold. Even after I was told the matters set out in the preceding paragraph (on her conception), my father continued to behave as if he was my natural father and treat me as if I was his child. It's GRAYGATE! To do this we will link your MailOnline account with your Facebook account. Failure to Launch leads to a related issue, Seething Siblings. David Smorgon, who had run the meat division, declined to talk about it. 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. Liberman family, $2.5 billion 4. 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. Mr Meehan says there are no relevant documents for the dormant trusts. Help using this website - Accessibility statement, ANZ launched an Australian dollar-backed stablecoin. The Smorgon family topped the BRW Rich Families list for seven years running until 2015 with a fortune of more than $2.7 billion, amassed from interests in property, meat, paper, chemicals, plastics, electronics and steel. [20] Rabbit became the Smorgons most profitable operation where Australians consumed 27 million rabbits annually during the 1940s[21] and were exporting over 50 million rabbits by the end of the 1940s. Their last abattoir, located in Melbourne, closed after workers went on strike 24 times in its 64-day operating period. They worked under the watchful eye of a supervisor named Jimmy Martin. However, my father is named as my father on my birth certificate and I am also named as his child on his death certificate, Ms Smorgon wrote in documents obtained by The Age. [1] Their brothers, Abram and Moisey, worked in the meat trade supplying cattle for the Red Army. smorgon family rich list. Smorgon concurs: The next generation is saying: Its not all about the f---ing money . But the legal war continues, with a new trial this year over ownership of the Hope Downs iron ore mine. Michael Clayton Jones. [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. Most of its $2.64 billion fortune has been split across many family members. [16] Victor Smorgon partnered with David Holckner and began researching this new manufacturing method by visiting steel mills in the US. 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.. The list goes on. These are Logan Roy figures, says David Smorgon, citing the central character from the TV series Succession. As CEO of the family office, Edwards manages business interests including hedge funds, steel manufacturing, DVine Ripe tomatoes and teenage fashion at General Pants. [3] Eric Smorgon founded the Escor Group which originally specialised in cosmetics but has since invested in multiple industries. The 2007 sale of Smorgon Steel helped dismantle the traditional family structure and distribute the collective fortune. Court documents filed this week lay bare the incredibly sensitive and complex family dispute. Her father claimed in his will he had no biological children and instead referred to MsSmorgon as his 'stepchild'. These on-ramps, off-ramps were a headache, expensive and getting in the Smorgons way of making money. The families list was last published in 2015. Australia's richest families are getting richer, according to the annual BRW Rich Families list released today. The Smorgons are one of the great dynasties in Australia. Norman Smorgon then decided to go into business with his sons, Victor and Eric. Even after I was told [of my conception method] my father continued to behave as if he was my natural father and treat me as if I was his child.. 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. Besen family,. Rich List 2022: How Peter Edwards and the Smorgon family pushed ANZ to mint an Australian dollar-backed stablecoin Wealth Rich List From blood and guts to crypto: inside the Smorgon. There's a Smorgon Family nursing home, and a $30,000 bequest each year towards the Premier's Award for Research. The trusts are held by her brother Stephen and other relatives and include delicate information about the size and scope of the families' assets. overnight kayak camping; the wharf amphitheater capacity. Jessica Sier writes on technology, internet culture, cryptocurrencies and software from our Sydney newsroom. When Sir Keith Murdoch died in 1952, his son, Rupert, was left just 28 per cent of shares in the family holding company, Cruden Investments, and 36 per cent of the voting rights. [3] The Smorgon families headed the families list in every year of its publication. They sold off the companys building products operations and produced steel under the names of ARC and Australian Tube Mills. 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. Families in the past were inured to the disparity between the eldest childs share of the inheritance and the others. In September the same year, the company bought Chantlers Metal Recyclers, the second largest scrap dealer in Sydney. The sole agenda item was cryptocurrency and how the Smorgons could get into this explosive new sector. MENU MENU. The Smorgon family topped the BRW Rich Families list for seven years running until 2015 with a fortune of more than $2.7 billion, amassed from interests in property, meat, paper, chemicals, plastics, electronics and steel. It broke his heart to do that, I think, Edwards says. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. He skipped university, finished an apprenticeship and began managing factories in Sydney, Melbourne and Tasmania. The goal of this was to provide income for all family shareholders, giving non-working family members financial stability too. Marco was pushed from the company and took legal action to force his family to buy him out. The late Robert Smorgon, Samantha's father, with step-mother Vicky. But he got tired of waiting and fell out with his father, just months before Sir Frank Packer, 68, died in 1974, leaving Kerry an accidental millionaire. But the family remained tied together by steel: its stake in Smorgon Steel Group Australias second-largest steel producer and listed on the ASX in 1999 was transferred to a newly created family office, the Victor Smorgon Group. When he floated the business in 2013 as Pact Group Holdings, Fiona and Raphael picked up $709 million in share sales and a special dividend, while retaining shares worth $445 million, pushing their return over the $1.15 billion mark. [39] In 2015 the list comprised fifty families with an entry point of A$302 million. That can make people fearful.. Please try again later. In 1995, Victor decided that Smorgon Consolidated Industries, then worth $1.5 billion, had become too unwieldy for the family to manage. And lest there be any doubt, the 2012 list of Australia's richest families, compiled by Business Review Weekly magazine, reads thus: the Smorgon family tops the list with an estimated wealth of more than $2.5 billion; in second spot is the Liberman family with a listing of more than $2 billion, followed by the Besen family, also at over $2 billion. He also fought off a serious golden staph infection. 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. Except they have one flaw. ASIC records show Raphael Geminder, who married Fiona, was on the board of a string of Pratt companies from 1993. He has written that four of the families supported the move, while three were opposed. You can choose on each post whether you would like it to be posted to Facebook. In June 2003, the new business was reporting net assets of $103 million when ownership was transferred to Geminder, and the company became Geminder Holdings. 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. Theres $4 trillion that will be transferred in the next two decades. However, MsSmorgon claims this is incorrect as MrSmorgon was listed as her father on her birth certificate, and she his daughter on his death certificate. When it comes to succession, all unhappy families have one key thing in common. How did it come to this? A political brawl has broken out over a change to how superannuation is taxed, but what on earth does it all really mean for you? Its the fear of losing it. The die was cast. If anyones asking whether one of Australias richest dynasties has still got it? by ; in british black male singers 2020; on June 29, 2022; 0 . But Edwards says there was never an expectation they needed to join it. The family settled. 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 sell-down refocused this. The family raised $35.7 million from share sales in 2002 which appears to have been to pay out Marco. The BRW Rich Families List was published annually since 2008. If we dont deal with this topic, whats going to happen? The late Robert Smorgon, Samantha's father, with step-mother Vicky.Credit:Facebook. The rich-list owners of Sorrento's Continental Hotel are seeking a $10,000-a-week tenant for a landmark South Yarra mansion they've got grand plans for. But to get Australian dollars into the crypto ecosystem, he would have to buy US dollars, then buy a US stablecoin (a cryptocurrency pegged one-to-one with the greenback), and then transfer it into whatever crypto investment he was keen on. Smorgon Consolidated Industries operated across a number of industries but was best known in later years for Smorgon Steel, which was sold to OneSteel in 2005 for $2.5 billion. [3], Due to the continuing violence and anti-Semitism of the Russian Civil War, the Smorgon family then moved to Mariupol. Dynasties are adept at prenups, but that doesnt apply to children, which is where the Murdochs came to odds, over whether Wendis daughters would inherit equal power. [40] The families list has not been published in hard copy or online since 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. In The Snows of Kilimanjaro, Hemingway quotes F. Scott Fitzgeralds line that the very rich are different from you and me, but adds the rider, yes, they have more money. Out on May 27: The definitive list of Australias wealthiest people, now in its 40th year. [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. She claims her father who controlled substantial wealth and whose family controlled substantial wealth excluded her from benefiting from his estate, unless his widow Vicki Smorgon died before him. 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. Nationwide News Pty Ltd 2023. If anyones asking whether one of Australias richest dynasties has still got it: theyve still got it. If we dont deal with this topic, whats going to happen? The butcher shop in Lygon Street proved the breeding ground for Victors entrepreneurial spirit. Your comment will be posted to MailOnline as usual. If I want my three kids to live the way I do, I need to triple my money. The comments below have not been moderated. Nothing is fail-safe. By how many american ships were sunk in ww2. Thats still an issue, but a more visible problem today is the reverse: Failure to Launch. By posting your comment you agree to our house rules. 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. 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. 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. She claims she has not received any income or distributions from the trusts. [16] They then branched into selling canned vegetables, soups, sauces and spaghetti. 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. Victor and his wife, Loti, had four daughters. A Gold Coast penthouse owned by one of Australia's richest families up for sale The two level apartment is located at Main Beach and features 360 degree views Apartment was bought in 2000 by. Watching his grandfather work, he absorbed the ways businesses need to evolve and change with the times, and how technology can unlock new opportunities and growth. Graham Smorgon became the new chairman. 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. The family retained 67% and still had members on the board and Graham Smorgon as the board chairman. Smorgon scion Peter Edwards and a string of fellow asset managers joined them. 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. Elsewhere, he has described the sell-off process as the worst time of his life, though in the end he supported the decision. There was no deal on the table, no clear objective to solve. Five unexpected signs in your 20s and 30s you're at risk of developing heart disease later in life. [3] In 1925, Norman divorced Tzippa and married the familys governess, Vera Naumovna Feldman,[1] so that she could obtain a travel permit too. [3], Norman (Naum) Smorgon, patriarch of the family, was born in Heidelberg in 1884 to Gershon and Leah Smorgon. Were working to restore it. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Edwards was about to cash out of another business to the tune of $30 million and wanted Zerocap to manage that money. [3] The Smorgon families headed the families list in every year of its publication. We need to maintain the benefit to the family for the long term, in the same way it was maintained for us.. 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 .