You might think that a billionaire would have better things to do than to perjure himself over a few million dollars in a divorce case--especially when it wasn't even his divorce. But our research indicates you would be wrong.
We already have presented a couple of posts (see here and here) that strongly suggest Randall Rollins, the billionaire head of Orkin Pest Control and parent company Rollins Inc., produced false documents in the Rollins v. Rollins divorce case. Now we present evidence that pretty much cinches the deal.
Why would Randall Rollins, a certified member of the "1 Percent," resort to criminal behavior? At issue was a real-estate investment company called St. James Capital, which Randall Rollins jointly owned with his cousin, Ted Rollins. The younger Rollins was a party in the divorce case, and St. James Capital was a marital asset that stood to be equitably divided in court.
Randall and Ted Rollins apparently were so determined to ensure that Sherry Carroll Rollins did not receive her lawful share of the company that they decided to lie under oath. They produced documents showing that Ted Rollins had sold his share in St. James Capital for roughly $85,000. But other documents in the divorce file indicate that story has more holes than the Oakland Raiders' offensive line.
Sherry Rollins has stated that she saw documents in her ex husband's computer showing that St. James Capital was started with a $34 million investment, and Ted Rollins was both president and co-owner of the company. That information alone blows a huge hole in the notion that Ted Rollins would sell his share in such a company for the paltry sum of $85,000.
But let's assume for a moment that Ms. Rollins was mistaken. Even with that assumption, the file presents overwhelming evidence that Randall and Ted Rollins lied under oath.
The evidence comes in the form of two real-estate appraisals that were produced during the discovery process in Rollins v. Rollins. The first appraisal is for a piece of property styled "Industrial Building; Carolina Point Parkway; Greenville County, South Carolina." (See first document at the end of this post.) According to the appraisal, the property includes 38.935 acres of land, plus an 800,154-square-foot industrial building. It has an "as is" market value of $9.6 million.
The second appraisal is for a piece of property styled "San Francisco RV Resort; 700 Palmetto Avenue; Pacifica, CA." (See second document at the end of this post.) This is a 182-space RV park located on a bluff overlooking the Pacific Ocean, and it has operated successfully as an RV park since its construction in 1984. The property has a market value of $7.8 million.
Executives with St. James Capital or its affiliates requested the two appraisals. It isn't clear from the documents whether the company was looking to buy the properties or owned them and was looking to sell. Either way, St. James Capital was conducting business on two pieces or property that were worth a combined $17.4 million.
According to Sherry Rollins, testimony at the divorce trial showed St. James Capital owned 28 properties throughout the United States and Canada. And that motivates us to try our hand at some math: The average value of the Greenville and Pacifica properties was $8.7 million. If we assume all 28 properties carried the same value--in reality, of course, their values might have been higher or lower--that would give St. James Capital assets totaling $243.6 million.
We're supposed to believe that Ted Rollins sold his stake in such a company for $85,000?
I'm a proud graduate of the Jethro Bodine College of Business at the University of Missouri, and even I know that's a bad deal.
Fortunately, I also know it's a bad idea to commit perjury in a court case. That's a lesson Randall and Ted Rollins apparently never learned.
R. Rollins Property1
R. Rollins Property2