Was the late Frank Pearl of Perseus a bogus money-man&not the real deal, setting up an illegal trust before he died? http://t.co/8sl2T9tolW

— Philip Turner (@philipsturner) July 22, 2013

The tweet above came after I read a gobsmacking Washington Post story today which reported that the estate of venture capital big Frank Pearl, who died last May, is being accused by creditors–including big banks and even his former companies of refusing to pay obligations and legitimate debts. Plaintiff’s documents suggest they believe that in 2009 and 2010 Pearl may have falsely certified that his personal assets totaled $400 million dollars. Yet, as of September 2012, the Frank Pearl Estate claims assets of only $302,480.70 (that’s hundreds of thousands of dollars, no longer hundreds of millions.) Claimants also suggest that Pearl, an international financier, art and antiques collector, and philanthropist, arranged his affairs such a way that his obligations are not being paid. His widow Geryl is his sole beneficiary. Major law firms are involved and this is looking like something that could go on for months, if not years. Perseus Book Group, which includes Basic Books and Public Affairs, is one of the companies Pearl left behind. I recommend you read reporter Thomas Heath’s fairly startling story.