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| The Top Estates |
The Calamos Estate
Elizabeth Harris
08/01/06
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From the IPO proceeds, Calamos committed about $200 million to
go into new funds and investment products. The proceeds also provided sufficient
liquid assets to allay concerns about having to dismantle and sell the company
to pay estate taxes.
The liquidity event also presented an opportunity for the family to pursue
philanthropic goals; they launched the John P. Calamos Foundation in 2005.
Calamos was the first in his immediate family to go to college, and so his
foundation is geared toward offering scholarship programs. It has also made
several grants, including a $2 million donation to the Hellenic Museum and
Cultural Center scheduled to open in Chicago in 2008. His son and daughter serve
as trustees of the foundation, and in that capacity help their father seek out
projects that honor their Greek heritage and expand educational
opportunities.
Today, Calamos and his nephew serve on the board. John Jr. and his sister,
Laura Calamos Nasir, hold nonvoting seats. Calamos hopes to keep his daughter
engaged in the business, although her career interests lie elsewhere. With three
grandchildren and two step-grandchildren, Calamos is considering an internship
to introduce the third generation to the business.
However, the question of who in the next generation will run the family
business remains. Calamos hopes that it will be a family member, but says that
the board will have final say when the time comes to pick his successor. Nick
Calamos has significant operational and investment experience, but his uncle
would not object to having an outsider run the day-to-day business if the family
can continue to oversee the investment business.Portraits by Michael Candee/Illustration by Allan Burch.
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