SHK Founder's Shoe Suit Drops

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."


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat