Marblehead mother accuses sons in lawsuit

SALEM – The well-known Rockett family in Marblehead is heading for a court battle between their mother and her sons about what she says is misappropriated money that belongs to her, paying themselves excessive salaries and taking illegitimate business expenses.Attorney James T. Finnigan of Boston filed the lawsuit on behalf of Rockett Management & Realty Co., Inc., of Marblehead and Salem against T. Michael Rockett, of 2 Wallingford Road, Marblehead, and Richard P. Rockett, of 15 Coolidge Road, Marblehead, the sons of M. Denise Rockett, who became the executrix of her husband?s estate when he died on Nov. 26, 2009.Before he died, J. Hilary Rockett, Sr., established the Hilary Rockett Trust, which states his wife is the sole lifetime income beneficiary of the trust and all of the trust?s net income must be paid to her. Upon her death, any remaining assets will be shared equally by their three children, Pamela M. Castner, T. Michael Rockett and Richard P. Rockett.Hilary Rockett incorporated Rockett Management, but he was president, a member of the Board of Directors and sole owner of the stock of the company. He did not transfer his ownership of the stock before he died, but upon his death, title of the stock of the Rockett Management Companies vested in his wife, who is the present holder of all the stock now, according to the lawsuit.The sons worked with their father and mother in managing and operating the Rockett Management Companies and properties, the lawsuit states.But M. Denise Rockett said she has received significantly less income from the trust than the income she and her husband generated when he was alive.The complaint also states that many bills and expenses that were being made on her behalf are not being paid on time or at all, according to the lawsuit.In March, acting as executrix of the estate, she removed her sons as officers and directors of the Rockett Management Companies and suspended their employment from Rockett Management.Finnigan states that the sons occupied positions of trust and confidence and breached their fiduciary duties by unjustly enriching themselves.