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

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.