Was Bill Simon actively working with the Simon Family Trust at the time of this investment debacle? I don't think so, in which case he's entirely off the hook, and the only thing this situation has in common with him is the use of the same last name.
From what I see of the lawsuit, the plaintiff is saying that the Simons made the investment, with the allegedly hidden desire that it be grown quickly and taken public. I would be very surprised if this intention was not made clear to the plaintiff, since generally that's the only reason someone like Simon would make such a substantial investment in such a company. In fact, investors will usually make the possible fulfullment of the original owner's dream of riches a primary reason for accepting their help.
So I simply do not believe the allegations in this lawsuit.
I don't think there are many investors of Simon's stature who don't have a few clunkers in their portfolio. His overall performance indicates pretty strongly that his winners outnumber losers, or at least outscore losers, by substantial amounts.
I have to say that the tone of this article is pretty upsetting. I believe the Simon camp: With Gray Davis as governor, any opposition to him is going to be at least listened to.
However unpleasant the allegations in this case may be, they're not even close to Gray Davis' brilliant job at running the state into the ground. I mean, really, if he'd come into office with the express desire to do so, could he have done any better?
D