Latest News 2010 December Divorce Effects Large Research Firm

Divorce Effects Large Research Firm

The division of a stake in Quintiles, a company Forbes magazine states is worth approximately $700 million, is at the center of Dennis and Joan Gillings' divorce, as reported in the News Observer.

The Gillings are known as one of the North Carolina Triangle's most influential couples for their global involvement in business, education, philanthropy and culture.  The speculation surrounding their divorce has caused concern for the future of the company Dennis Gillings founded in 1982, Quintiles Transnational.

Quintiles is known to be the world's largest provider of service and contract research for pharmaceutical companies.

Dennis Gillings filed for divorce 10 days before what would have been the couple's 32nd wedding anniversary.  He has agreed to pay Joan Gillings $1 million and $55,000 every three months, ownership of their home on East Franklin Street in Chapel Hill and another home at Wrightsville Beach.

He will maintain the Wrightsville Beach only four weekends every year, ownership of their Las Vegas condominium, properties in both London and Hawaii, and a share of the antiques and art they have collected throughout their marriage.  Some of the paintings the couple owned included works by Rembrandt, Picasso and Dali.

Lawyers for the two are only arguing over one thing: how to divide the couple's percentage in Quintiles.  Between the Gillingses and their family, 24 percent, and $3 billion in revenue alone for this year, has to be divided.

The questionable future ownership of Quintiles is expected to affect Dennis Gillings in attracting new investors.  He told Bloomberg News that to expand into Asia he may be interested in an initial public offering of stock.

Wade Smith, representing Dennis Gillings, stated that Joan Gillings has asked for business information in regards to both Quintiles and a related company, PharmaBio, but refused to sign a confidentiality agreement.  Smith claims that releasing this sensitive information relating to the business would cause their client, "unreasonable annoyance, embarrassment, oppression and undue burden and expense."

Dennis Gillings has requested that some court documents, already sealed in Orange County court, be placed under a protection order. 

Dennis Gillings released a statement for Quintiles that read, "This is a personal, family matter, not for public comment.  However, I do not believe this action will have an impact upon Quintiles' business or management of the company."

David Gillings has alleged that Joan Gillings "emotionally abandoned" him during their marriage.  He also alleged that she "excessively used alcohol or drugs" and "committed indignities which rendered (his) condition intolerable and life burdensome."

Lawyers Robert Ponton and White Clanton represent Joan Gillings.  She filed for a motion to dismiss the case, as she is fighting the divorce, in August.  Her attorneys made no comment.

In 2008 Joan Gillings discussed her marriage in an article.  She had recounted how her husband gave her 30 roses on their 30th anniversary, and every year before that she had received a rose for each number of years they had been married.

If you are filing for a divorce and want to protect yourself and your assets, click here to contact a divorce lawyer in our directory.

Categories: Divorce