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Matthews fortune splits.

Have you heard the latest in the ongoing saga of the North Little Rock Matthews family fortune?

The heirs of Justin Matthews are splitting Metropolitan Trust Co. into two and perhaps three pieces.

We hear that "philosophical differences" are at the root of the breakup, and we're not sure exactly what those differences might be. Somers Adkisson Collins and members of her immediate family (who together own more than one-third of Metropolitan) are withdrawing their share of the assets.

Collins' husband, Andy, has resigned as president, chief executive officer and chairman of Metropolitan.

Terry Paff, who worked as a leasing agent with General Properties before joining Metropolitan, has been appointed to take over those positions in an interim role.

This is the second and most serious shake-up at the company in the past year.

Hal Matthews, a longtime senior executive with Metropolitan and a great-grandson of founder Justin Matthews, resigned recently.

The other split could involve the interests of Jerry Glenn Jr. and his brother, Justin, who have a combined interest of about 30 percent.

They eventually might separate their shares in the company from those held by Justin Matthews III's four sons and one daughter.
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Title Annotation:heirs of Justin Matthews splits Metropolitan Trust Co.
Publication:Arkansas Business
Article Type:Brief Article
Date:Jan 6, 1992
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