J. Howard Marshall III
||This biographical article needs additional citations for verification. (October 2010)|
He was disinherited by his father, J. Howard Marshall II, after siding with William Koch in Koch's attempt to take over Koch Industries, Inc. from his brother, Charles Koch; Marshall II, who was a board member of the company, and his other son, E. Pierce Marshall, supported Charles. After learning he no longer had a swing vote position, Marshall III agreed to sell his interests for $8 million. He also claimed that J. Howard promised him that he would not disinherit him, and that Marshall III's mother would receive a $100,000 per year allowance. After J. Howard's death, Marshall III filed suit against Pierce, claiming that he had decided to deprive his brother of his righful inheritance.
In March 2001, a Texas probate jury found that J. Howard's will and trust were valid, and had not been executed under fraud or malice; Pierce had not committed any wrongdoing; and that Howard III and J. Howard's widow Anna Nicole Smith, were not entitled to any of his $1.6 billion fortune. Further, the jury found Marshall III had committed fraud with actual malice against J. Howard's estate and awarded Pierce $35 million.
Marshall III is president and owner of MDH Industries, an electronics company based in Monrovia, California.
- "Anna Nicole Smith Loses Court Battle Over Spouse's Estate". New York Times. March 8, 2001. Retrieved 24 October 2010.