John Ferolito

John Ferolito Sr. co-founded the wildly successful company with Domenick “Don” Vultaggio in 1992. Their signature, 99-cent cans of iced tea helped the company score a whopping 40 percent share of the nation’s ready-to-drink tea market last year. But the two partners have been feuding for years and went to trial over the value of the firm, with John Sr. — who’s no longer involved in the business and wants to force a sale— saying it’s worth $4 billion or more. Vultaggio, who runs the company with his two sons and wants to buy out the Ferolitos, says that it’s only worth about $500 million. Evidence introduced during the case showed that John Sr. has been living it up as an absentee owner, buying seven mortgage-free homes, two boats, a helicopter and the exclusive Due Process golf course in Colts Neck, NJ. Vultaggio has suggested John Sr. is partly responsible for his son’s tax woes, accusing him of “looting” more than $53 million from John Jr.’s trust fund to help finance his lavish lifestyle.