Steel CEO Sues Ex-Goldman Exec. Over Child Support

Apr 25 2013 | 10:10am ET

Steel Partners founder Warren Lichtenstein isn't thrilled about the huge child-support payments he's been ordered to make to the mother of his daughter. So he's suing her new boyfriend.

Lichtenstein filed suit against Andrew Cader in New York federal court, alleging that Cader, a former head of Goldman Sachs' Spear Leeds & Kellogg unit, helped his five-year-old daughter's mother, Annabelle Bond, win the HK$321,667 (US$41,000) monthly child support from a Hong Kong court. According to Lichtenstein, Cader has given Bond some $3.5 million in cash and pays the rent on her Hong Kong home as gifts over the past two years, but Bond claimed they were loans to win the child-support payments, which Lichtenstein said is the largest ever ordered in Hong Kong.

Lichtenstein's lawsuit, which seeks at least US$200,000, alleges that Bond and Cader had a "common objective to cause the Hong Kong court to order Mr. Lichtenstein to make payments that are greater than they would have been."

Lichtenstein describes his split with Bond, the daughter of former HSBC Chairman John Bond, in 2007 as amicable. But he alleged that she has been "spending millions of dollars of their money to support her lavish lifestyle."


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 
Error

From the current issue of