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Indiana Pacers billionaire Herb Simon sues deceased nephew and his family over A "secret" Restructuring. One of America's richest families - thanks to stakes in mall giant Simon Property and the NBA's Indiana Pacers - is feuding over a decades-old real-estate investment company. Aug 07, 2026, 06:30am EDT 0:00 / 7:17 Herb Simon, the billionaire co-founder of Simon Property Group and majority owner of the Indiana Pacers, filed a lawsuit in July against the family of his nephew David Simon. The suit alleges that his relatives secretly shifted away assets and dissolved a three-decades-old sister company without his permission, stripping him of economic benefits.The family dispute became public after the lawsuit was filed in a Marion County courthouse on July 31. Herb Simon, 91, cofounded what became Simon Property Group with his brother Mel (d. 2009) and Fred (d. 2019) in 1960 in Indianapolis. Mel's son, David, was named CEO of Simon Property Group in 1995 at age 33, roughly two years after it went public. He ran it for nearly 31 years, building it into one of the nation's largest mall developers with more than 250 properties including Woodbury Common Premium Outlets and King of Prussia mall. He was still chairman and CEO right up until his death from pancreatic cancer in March at age 64. Immediately after his passing, the company tapped David's 38-year-old son Eli, the firm's chief operating officer, to succeed him as CEO. (Simon Property's announcement about David's death and Eli's promotion does not mention Herb Simon, who was chairman emeritus until 2025 and remains one of the company's largest individual shareholders.) At the center of the squabble is SFG, an entity that Herb and Mel set up in August of 1995 to hold the family's interests in certain real estate properties that did not become part of Simon Property at the time of its IPO. The lawsuit claims that David - and later Eli - discreetly engineered a corporate reorganization to transfer the assets of SFG to a newly created entity. Herb and the other plaintiffs, including Bank of America as a trustee for his brother's second wife Bren, argue that the move eliminated some contractual provisions that had allowed preferred equity holders like themselves to receive financial distributions for more than three decades. "It violated the plain terms of SFG's operating agreement, breached the manager's fiduciary duties to deal fairly, honestly, and openly, and constituted a self-dealing transaction that no reasonable manager acting in good faith would have authorized," the complaint states. The defendants named in the lawsuit include David's widow Jacqueline Simon representing his estate, his daughter Hannah representing a trust (David had five children), and his sisters Cynthia Simon-Skjodt and Deborah Simon. Attorneys representing Eli and David Simon's estate did not immediately respond to Forbes' request for comment. Herb and his older brothers Mel and Fred were apparently very close for years. The sons of a Jewish tailor who emigrated from Central Europe, they grew up together in a Bronx walk-up and all eventually moved out to Indianapolis. They opened their first strip mall together in Bloomington, Indiana in 1960. The brothers loved their new hometown so much that they bought the struggling Indiana Pacers for $10 million in 1983. Smart move: 40 years later, Herb Simon, who founded the WNBA's Indiana Fever in 1999, is the longest tenured NBA owner and was inducted into the NBA's Hall of Fame in 2024. And the family's stake, after selling 15% to billionaire Steve Rales in 2023, is worth 2.6 billion. The Simons are far from the only wealthy family that's fought over their vast fortunes. Disputes are not uncommon among families whose fortunes span multiple marriages or generations. In fact, it's not even the first time the Simon family has fought over money. Mel Simon's daughter Deborah, one of the defendants in the current suit, sued her stepmother Bren in 2010 alleging that she persuaded her father to change his will months before his death, increasing her share of his estate by hundreds of millions of dollars. The nasty fight ended in a confidential settlement in 2012. According to court filings, SFG was formed to hold real estate interests and other assets for members of the Simon family and other select investors. At the time of its founding in 1995, its sole manager was Melvin & Associates Inc., Simon's predecessor company, which was named after Herb's brother. Under the original agreements, Herb and other equity holders were entitled to a "preference amount" of regular distributions compared to other investors. The plaintiffs argue that those economic interests were not allowed to be amended without their consent. The seeds of discontent were likely sowed back in 2013, when Melvin & Associates Inc. transferred authority to a new entity created and solely managed by David Simon named SFG Manager LLC, as part of an agreement signed on behalf of all shareholders of SFG. At that time, an appraisal for SFG estimated its value at just over $920 million, the complaint shows. As the sole manager of the company, David then had full authority to sign documents, execute contracts and make management decisions on behalf of SFG. Herb, who is married to a former Miss Universe from Thailand and has eight kids, alleges that negotiations over the future of the company became a sticking point long before the latest missives were fired. In the years before David's death, Herb claims that David had repeatedly attempted to buy him out of SFG, but those talks broke down over disagreements on the valuation of his stake. The lawsuit argues that after those negotiations failed, David and his son Eli then went ahead with a restructuring to accomplish the same but in secret, without Herb's knowledge or approval. The terms of the new entity, SFG Manager, permitted Eli to take over as the manager of SFG just days before his father's death. He then proceeded to create another holding company named "SFG HoldCo, LLC" with the intent of dissolving the original SFG and transferring all of its assets into the new vehicle. While the same ownership stakes remained in the reorganization, certain terms were removed, including the preferential payments to some equity holders. The plaintiffs, led by Herb, are asking the judge to reverse the transaction, restore SFG's previous governance structure and award punitive damages to affected shareholders. As of April 2026, SFG is disclosed to hold at least 6,918,267 shares of Simon Property, worth more than $1.53 billion, according to court documents. Rest assured, no one in this feud is worried about how they're going to pay their bills. Herb Simon is worth nearly $8 billion and the rest of the extended family an additional $9 billion. At this point, it's probably just another way for the factions to keep score. Edited by Luisa Kroll and Giacomo Tognini ByKirk Ogunrinde Kirk Ogunrinde is an editiorial fellow at Forbes. Previously, he worked on Bloomberg's Crypto Desk and The Dallas Morning News as a data journalist. He was also the Sports Editor of Southern Methodist University's newspaper, The Daily Campus. Send him tips at [email protected] and give him Twitter follow @ogunrindekirk. Read its community guidelines. Less than $2/week.

Granite Telecommunications to strategically collaborate with Simon. Partnerships. Quincy, Massachusetts-based Granite Telecommunications has announced a strategic collaboration with Simon, a real estate investment trust, the company announced July 22. July 22, 2026 - Granite Telecommunications, one of North America's largest providers of communications and technology solutions to businesses and government agencies, has announced a strategic collaboration with Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, to serve as the company's preferred infrastructure provider. Granite will deploy Granite Grid, its multi-tenant connectivity platform across more than 200 Simon properties nationwide. Designed for retail and mixed-use environments, Granite Grid delivers enterprise-grade voice and data services that help tenants launch new locations, scale operations and support evolving technology demands. As retailers increasingly rely on connected systems, Granite Grid enables brands to quickly deploy technology, scale operations and maintain the reliable connectivity needed to support modern shopping experiences. Built on Granite's experience supporting leading U.S. retailers and Fortune 100 companies, the platform provides flexible, AI-ready connectivity solutions that support faster transactions, seamless omnichannel experiences and enhanced operational efficiency. By connecting to Granite Grid, Simon's retailers will benefit from: * Scalable infrastructure that enables rapid deployment of in-store technologies and digital experiences * High-performance connectivity that supports mission-critical systems and business continuity including point-of-sale operations to customer engagement platforms * Integrated voice and data solutions designed to enhance both operations and customer experiences * Dedicated 24/7 U.S.-based support and centralized service management "Our priority is creating an environment where retailers can operate with confidence," said Chip Harding, Executive Vice President, Simon Media & Experiences. "By working with Granite, we're providing scalable connectivity and technology infrastructure that helps support our retailers' evolving business needs across the Simon portfolio." "Simon is home to many of the world's leading brands and retail destinations, and we're honored to support its portfolio with scalable communications infrastructure built for the future of retail," said Rob Hale, president and CEO of Granite. Deployment is underway and will continue throughout 2026 across Simon's portfolio nationwide. About Granite. Granite delivers advanced communications and technology solutions to businesses and government agencies throughout the United States and Canada. The company serves more than two-thirds of Fortune 100 companies and has 1.75 million voice and data lines under management, supporting more than 650,000 locations. Founded in 2002, Granite has grown to be one of the largest competitive telecommunications carriers in the U.S. by simplifying sourcing and management of voice, data and cellular service with a single point of contact and consolidated invoicing for all locations nationwide. Today, Granite supports customers with a wide range of services, including access, UCaaS, mobile voice and data, and MSP solutions for SD-WAN, monitoring and network management. Granite employs more than 2,220 people at its headquarters in Quincy, Massachusetts, and 10 regional offices nationwide. More on this topic:

Dig World opens in Grapevine with Dude Perfect trick-shot challenges. A vacant two-acre, triangle-shaped patch of land in the middle of Grapevine's highways, hotels, and Grapevine Mills Mall was an odd-lot dilemma. It was too small for a major commercial build, plus a business would need parking. The constant buzz of nearby State Highway 121, State Highway 114, and I-635 made it a bad spot to be zoned residential. The location? Too valuable in booming North Texas to leave it sitting idle for much longer. What to do, what to do. It was a head-scratcher. Dig World Grapevine dug into the parcel plot puzzle and became the answer to this odd-lot dilemma. Dig World transformed that unconventional triangle of vacant land into a simulated construction zone, located at 2200 W. Grapevine Mills Circle. It's now open for digging as an interactive adventure park with excavators to excavate, scoop, and lift like construction pros, plus a Dude Perfect trick-shot zone. Last week's soft opening gave adults and children a chance to test the equipment, and it was more than just the kids who were digging around on the big rigs. "Whether you're a kid or a kid at heart, we have something for you," said Alex Reszitnyk, the new park's general manager. Shared parking. The Dig World organization chose Grapevine for its second park after an extensive real estate search across North Texas, according to officials with the City of Grapevine. The 2.32-acre park sits next to Grapevine Mills Mall, which was convenient for an attraction needing parking spaces. An agreement between Simon Property Group, which owns Grapevine Mills Mall, and Dig World was put into place for shared parking. "From a real estate perspective, it was really unique that the shared parking arrangement allowed the adventure to activate the entire two-plus acres," said Dallas Snow, commercial outreach manager for the City of Grapevine. In addition to the triangle of land available for development, executives selected Grapevine for its family-focused tourism base. In addition to Grapevine Mills, the proximity to major attractions such as the Gaylord Texan Resort and Convention Center, Great Wolf Lodge, LEGOLAND Discovery Center, and SEA LIFE Aquarium. According to Grapevine statistics, the district drew an estimated 52 million visits in 2024 and 2025. "Dig World is exactly the type of innovative destination that strengthens Grapevine's position as a premier family entertainment market," Snow said. Dig World's expansion to Grapevine traces back to Katy Mills, where the general manager helped connect the park's founders with Joe Szymaszek, the general manager at Grapevine Mills. Founder Jacob Robinson created the original park in Katy after his son suffered a severe brain injury caused by bacterial meningitis. Robinson now focuses on accessibility, so the Grapevine park features fully wheelchair-accessible pathways, sensory-friendly attractions, and inclusive, hands-on activities designed for visitors of all abilities. Modified construction equipment allows guests to operate machinery directly from wheelchairs, and plans call for specific events tailored for families with special needs. Caterpillar and Dude Perfect join in. The Texas-based construction-themed park got national attention after landing an investment from Shark Tank personality Robert Herjavec. The deal helped accelerate the company's growth across the family-entertainment industry. The Grapevine project brings together two high-visibility collaborators, Caterpillar Inc. and Dude Perfect. Caterpillar, the heavy-equipment manufacturer, supplies the machines that provide the park's hands-on experiences, while Dude Perfect, the Texas-based entertainment group known for its viral trick-shot videos, draws on a nationwide fan base. The park's attractions include such offerings as The Crusher, where guests can flatten a toy under a 20,000-pound asphalt roller, and hands-on operator challenges for excavator digs. Reszitnyk said the park is open to the public but will be available for private parties and corporate events. "It's not just for kids," said Elizabeth Schrack, a spokesperson for the Grapevine Convention & Visitors Bureau. "Adults can join in the fun, too. It can be great for a double date, group outings, and team-building events." Admission to Dig World begins at $30, with special rates for season passes and group events. Visit SecondShelters.com