Times: Credit crunch wrecks divorce settlement - Spear's Magazine

Times: Credit crunch wrecks divorce settlement

A City fund manager hit by the credit crunch went to the Court of Appeal yesterday in an attempt to renegotiate £9.5 million of his divorce settlement.

From the Times:

A City fund manager hit by the credit crunch went to the Court of Appeal yesterday in an attempt to renegotiate £9.5 million of his divorce settlement.

Bryan Myerson claimed that his former wife, Ingrid, was awarded 43 per cent of the couple’s £25.8 million fortune when the settlement was agreed in February last year.

She was awarded £9.5 million cash, but he took most of his shares in the couple’s stocks in Principle Capital Holdings (PCH), where Mr Myerson worked as a fund manager.

Since then the share price has plummeted by 90 per cent and the divorce, as it stands, leaves Mrs Myerson with 105 per cent of the couple’s assets. Her former husband, who still owes her £2.5 million in cash, would have to borrow money to pay her.

One of the judges, Lord Justice Thorpe, observed, “That’s a rum do,” when told that if Mr Myerson, 50, complied with the order he would be half-a-million pounds out of pocket instead of receiving £14.6 million from the total assets.

To read the full story, visit timesonline.co.uk
 



 

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