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...Problem is, shares in PCH worth 292 pence a year ago are fetching only 20 pence right now. That's left Myerson's stake in the firm worth a measly $2.7 million. Should Myerson be made to pay the $3.5 million in cash he still owes his former wife, she'll have landed 105% of the couple's assets, Myerson's lawyers argued in court Wednesday, and he'll be left hundreds of thousands of dollars in the red. "The freefall in the value of the shares has completely changed the basis on which the case was settled," argued Martin...
...face of it, though, Myerson's chances of re-negotiating the deal look slim. "The whole deal with these clean-break settlements is people know where they stand after they're done," says Julian Lipson, head of the family law team at London law firm Withers. Exceptions might be made if one party lies about their assets, or if "in very short succession after the order has been made, a completely unforeseeable change renders the basis of the agreement wrong," Lipson says. Otherwise, "a final order is a final order. And that's that...
...think we're going to see the IRS come out with guidelines very shortly," said Neil Tipograph, tax partner at New York City-based Imowitz Koenig & Co. LLP, an accounting firm specializing in private-equity and feeder hedge funds. According to Tipograph and other tax experts, victims involved in Ponzis have four ways to reclaim taxes paid on fraudulent income, the first being a good old-fashioned "theft loss" deduction, which allows a person to go back three years and reclaim taxes paid. Currently, no deduction can be made on the original investment, especially if an SIPC claim has been...
...Just two days after Pandit's comment, the head of another beleaguered firm, Bank of America (BAC), said the company would not need another dime from the government and that it would make money in 2009. Ken Lewis has been maligned for his role in buying brokerage firm Merrill Lynch and then not noticing that it had lost $15 billion late last year. And, oh yes, then may have illicitly paid some of that money in bonuses to Merrill management...
...companies are in the business of selling parts, and, by the way, making refurbished engines. Parts suppliers to the major car companies are insolvent in some cases and almost every firm in the industry is facing years of declining demand...