Fate of Fred Lennon’s Fortune Revealed

The mystery of what happenedto Fred A. Lennon’s fortune has finally been revealed.

Lennon became a billionairethrough his valve-making company, Swagelok, and is known as America’s top politicalcontributor from 1993 to 1996.  When thesecretive billionaire died in 1998 at age 92, no one knew how his estate wasdivided. 

A lawsuit by grandsonWilliam Lennon reveals Lennon’s assets were put into a trust for the benefit ofLennon’s daughter, Catherine Lozick.  Thetrustees were required to either distribute the assets to Lozick 21 yearsfollowing Lennon’s death, distribute the assets at an earlier date if they sochose, or, in the event Lozick died before distribution, the remaining assetswould go to Lennon’s grandchildren. 

William Lennon sued thetrustees for mismanagement but had his claim quickly dismissed due to a lack ofstanding.  However, in order to preventfurther litigation, Lozick agreed to be pay each grandchild $1.25 million.

In April 2003, the trusteesdistributed all remaining assets to Lozick, making her worth around $1.7billion.  Catherine Lozick, 68, ismarried to Swagelok’s current chairman, Edward A. Lozick.  Besides running the Edward A. and CatherineL. Lozick Foundation and contributing to the Republican party, the couplemostly stays behind the scenes, apparently following Lennon’s code: “Secrecy issuccess.  Success is secrecy.”

See CalebMelby, Meet Catherine Lozick: TheSecretive Billionaire Heiress Outed by Her Greedy Nephew, Forbes, Aug. 5,2013.