Friday, 25 July 2014
Last updated 1 hour ago
Jul 19 2012 | 11:14am ET
Former hedge fund manager Daniel Shak dropped a lawsuit demanding his fair share of his wife's $1 million shoe collection.
Shak's move came after several hours of testimony during which his ex-wife, Beth, told the court that her husband knew about the shoe collection and approved detailed bills for them. In his court filing, Daniel Shak claimed that his former wife "failed to disclose" the 1,200 pair collection of "high-end designer shoes and bags," that she kept in "secret rooms."
The SHK Management founder, who last year shuttered his hedge fund, was rewarded for his decision to drop the suit by the Montgomery County, Pa., judge's parting shot, "Thanks for wasting everybody's time," and by his ex-wife's chat with the New York Post outside of the courthouse.
Echoing her testimony, Beth Shak told the tabloid that he shoe-buying was "a sickness."
"There was such a lack of emotion and love in my relationship that I filled the void with shopping," she said. "I was shopping endlessly; I couldn't stop."
And she didn't stop—talking.
"I wanted love and emotional support and affection, but there was nothing," she continued. "He would stay, 'Stop! Get away from me!' I tried to keep track of what I was buying, but I lost control."
"He would always say, 'I'm busy! Leave me alone! Just go shopping or something! And I would give in a just go do it."
"I tried to get him to go to therapy with me," she said. "But it just didn't work. I was so unhappy with my marriage that all I did was shop. There was nothing to our relationship. He and I had nothing."
As for her ex's decision to drop the suit, filed three years after their divorce, Beth Shak rubbed salt in the wound.
"It was pretty obvious he knew he was going to lose," she said. "Dan looked like a buffoon in there."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…