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Culverhouse trustees fire fund manager

New trustees for the Hugh F. Culverhouse Trust have fired former trustee Steve Story as fund manager, ending a tense relationship over allegations of overpayments Story and other trustees made.

When he resigned as a trustee for the Culverhouse trust in February, Story agreed to stay on and manage the multimillion dollar account. That arrangement didn't last long.

The new trustees fired him Wednesday.

"I wouldn't think that anybody would be surprised," Story said. "It just wasn't a good situation for either party, but we had to try."

Hugh Culverhouse Jr. and Andrew Cappello, two of the three trustees, voted to oust Story and sent him a letter of dismissal.

Since August, Story and former trustees Jack Donlan and Fred Cone paid their attorneys more than $1-million after assuring Culverhouse Jr. and the other new trustees any fees would be reasonable.

"I'm sorry, but I'm mad," said Culverhouse Jr. Wednesday night. "I've got a problem with the size of the bill and with the failure to disclose the bill. We were led to believe the bills would be regular. But when $1-million of the trust money is gone, there should have been a disclosure."

The legal bills came as a result of the lawsuits Joy Culverhouse, wife of Hugh Culverhouse, brought to gain control of the family multimillion fortune.