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  • April 2023
  • Case
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Burning the Sails to Save the Ship: The Pilati Family Dilemma

By: Lauren Cohen, Hao Gao, Jiawei Ye and Grace Headinger
  • Format:Print
  • | Language:English
  • | Pages:19
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Abstract

Octavian Graf Pilati, rising generation member of an Austrian princely family, prepared to sell the palace his family had held for over three hundred years. In recent years, the Pilati family lands had been leveraged as loan collateral for an international venture that had become entangled in a case of suspected management fraud. Between banks unwilling to restructure debt obligations, the complexities of multi-jurisdictional legal enforcement, and intransigent family members, Octavian found himself in the impossible position of being tasked with resolving the crisis yet with little formal power to follow through on his designated responsibilities. Realizing he and his family’s centuries-long legacy was at an impasse, should the family choose to fully divest its long-held assets in the face of possible financial ruin? Could they bounce back from failure – either in this generation or future ones – or should future generations seek to start anew?

Keywords

Family Office; Family; Plant-Based Agribusiness; Agribusiness; Family Business; Property; Identity; Culture; Ethics; Insolvency and Bankruptcy; Governance; Crisis Management; Family and Family Relationships; Agriculture and Agribusiness Industry; Real Estate Industry; Austria

Citation

Cohen, Lauren, Hao Gao, Jiawei Ye, and Grace Headinger. "Burning the Sails to Save the Ship: The Pilati Family Dilemma." Harvard Business School Case 223-081, April 2023.
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About The Author

Lauren H. Cohen

Finance
→More Publications

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  • 'Net Zero in Action': Impact Investing at the McKnight Foundation By: Lauren Cohen, Christina R. Wing and Sophia Pan
  • The Micro-Family Office: Aamir Rehman By: Lauren Cohen and Sophia Pan
  • Techint: Strategic Choices for Community Impact By: Lauren Cohen, Virak Prum, Kenneth Charman, Pedro Levindo and Mariana Cal
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