Word: worthely
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...loot. Ingrid Myerson walked away with the rest. So in return for paying his ex-wife $13.1 million in cash, and handing over a $2.1 million beach house in South Africa, Brian Myerson kept hold of stock in Principle Capital Holdings (PCH), his investment company, worth more than $20.1 million at the time. (See pictures of things money...
...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...
...reality, if this case were decided in [Brian Myerson's] favor it would be a foot in the door for everyone else," says Lipson. That could create a volume of cases courts might struggle to handle. Claims wouldn't just center on the plunging markets; divorcees left with property worth less than they'd been led to believe, for instance, might also seek redress. Until the ruling, divorced London bankers will live in hope...
...There is an irony to how the ostensibly free-market U.S. has just signed off on a $787 billion stimulus package - equivalent to about 5.5% of total GDP (2.0% for 2009) - while the supposedly interventionist E.U. has struggled to scratch together programs worth 0.9% of its total GDP. The E.U.'s reticence is partly due to fears that piling up debts and deficits to fight the collapse in output and jobs could destabilize the euro zone. It also reflects Europe's confidence that its economies are more resilient to the banking and housing collapses that have hit the U.S., while...
...debt-fueled binge that made modern Americans look as thrifty as Amish farmers. The stock market soared into the stratosphere, and property prices went so haywire that it was common to claim that the land on which the Imperial Palace sits in the center of Tokyo was worth more than California...