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Feil siblings no longer fighting over real estate contracts

CEO of the Feil Organization, Jeffrey Feil, and his siblings recently announced they have come to an amicable agreement regarding a contentious squabble ongoing between them since their mother's death more than 10 years ago. The situation involved real estate contracts, as well as their individual inheritances. Such circumstances are often quite complicated, even if parties disagree over a single real estate property in Illinois rather than an entire portfolio of properties in another state as these siblings did.

The Feil real estate fortune is reportedly worth billions. After the siblings' mother, Gertrude Feil, died, the adult children couldn't seem to agree on how they would divide profits from their New York properties and others throughout the United States. In their newly forged agreement, there are guidelines for such issues.

Another crucial component to the new contract is the naming of one of the siblings to head the firm. In this case, it is Jeffrey who will continue in his leadership position that includes the power to name a successor. However, other parties will have much oversight in any choice that is made.

The Feil siblings are definitely not the only people in New York, Illinois or anywhere in the nation that have gone to bat to protect their own rights and business interests where real estate contracts are concerned. Especially when such situations involve more than two people, each person may try to assert his or her ideas regarding possible problem resolutions. When tempers flare and agreements seem out-of-reach, an experienced business and commercial law attorney is often able to help smooth things over and move toward a satisfactory result.

Source: therealdeal.com, "Feil siblings settle dispute over $7B portfolio", May 18, 2017

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