Louis Angelos alleges brother, mother drained $65 million from Peter Angelos' account, The Baltimore Banner reports
BALTIMORE - In a new lawsuit, Louis Angelos accuses his brother John, and mother, Georgia, of draining $65 million from a bank account that belonged to Peter Angelos, the majority owner of the Baltimore Orioles, and secretly buying additional shares of the team, our partners with The Baltimore Banner reports.
The Banner obtained the complaint that was filed on Monday.
The complaint alleges that John Angelos and Georgia Angelos "plundered" at bank account that contained $65 million shortly after Peter Angelos' health significantly declined.
According to a report from the Banner, Peter Angelos bank account now has more than $400,000.
The lawsuit also accuses John Angelos and Georgia Angelos of secretly acquiring additional ownership in the Orioles at "a greatly discounted price" and kept Louis Angelos out of the discussions.
The Banner also states that the lawsuit claims they made Peter Angelos incur tens of millions of dollars worth of debt for which he is solely responsible — though he would not receive any benefit from a potential sale.
"In short," the lawsuit reads, "as a result of John and Georgia's actions, the man who created all of the family wealth will be left with no practical means of meeting his most basic needs, and his estate plan has been obliterated," the Banner reports.
In an email to the Baltimore Banner, Steven Silverman, John Angelos' attorney, said "defense counsel will respond to the latest round of falsehoods and fabrications in due course."
"The fact that Louis Angelos stole his revered father's law firm one day, sued his 80-year-old mother and own brother the next day to seize control of all his father's assets and now publicly attacks them with vicious accusations says all you need to know about Louis Angelos," Doug Gansler, Georgia Angelos' attorney, told the Banner. "These desperate allegations do nothing to salvage his misguided case."
Louis filed a previous lawsuit claiming John Angelos could move the team to Tennessee "without having to answer to anyone."
Also in the lawsuit, Louis claims his father intended for the two brothers to control the team equally, but that John has grabbed power.
The suit claims Peter Angelos' wife Georgia has prioritized selling the team, but John Angelos nixed the deal when an advisor tried to negotiate a sale in 2020.
In 2021, John Angelos and Georgia Angelos bought part of a minority owner's share in the Orioles.
According to a lawsuit, the purchase was solely for the benefit of John Angelos.
The lawsuit alleges John Angelos and Georgia Angelos used Peter Angelos' assets to borrow funds for the purchase.
They made the purchase in secret, the lawsuit claims, and did not tell Louis Angelos. If he had been informed, he could have rejected the sale, according to the lawsuit.
Last week, John Angelos reiterated that the Orioles are staying in Baltimore.
"I've said many times publicly, unsolicited, unprompted we're never going anywhere," John Angelos said.
A hearing is scheduled for Thursday but Louis' attorneys have requested a postponement.
