He didn’t hedge his marital guess.
The spouse of a billionaire hedge fund mogul has gone to courtroom looking for a $6.2 billion slice of his huge fortune — however he allegedly supplied her simply $633 million in what’s the largest divorce battle in New Jersey historical past, a report stated.
The bombshell breakup between John Overdeck and his spouse Laura Overdeck — who married and not using a prenup in the course of the infancy of his Two Sigma Investments agency — kicked off Wednesday in a Newark courtroom.
Laura Overdeck is looking for a 35% piece of her hubby’s stake within the $80 billion agency, which her lawyer stated was price $6.2 billion, alongside a whole lot of thousands and thousands in bonds and equal management of the household basis, Bloomberg first reported.
Nonetheless the spouse’s camp says that he made her the low ball provide of $633 million, which they name “as little as attainable.”
“John Overdeck is making an attempt to place the genie again within the bottle,” Laura Overdeck’s legal professional Theresa Lyons stated in courtroom, in accordance with sources.
The guts of the trial — which Lyons famous in courtroom was the Backyard State’s largest contested divorce — comes down as to whether Laura Overdeck can declare her husband’s stake in Two Sigma as a marital asset.
As the corporate and fortunes grew, John Overdeck conspired with the couple’s attorneys to cover property from his spouse as he plotted for divorce over 20 years, Lyons argued, in accordance with the sources.
“John Overdeck just isn’t a person who awakened one morning and determined to divorce his spouse,” she stated, Bloomberg reported.
John Overdeck’s lawyer Jonathan Wolfe argued that the cash was made earlier than the wedding, in accordance with the report.
He contradicted Lyons claims of a $633 million payoff provide and stated that John Overdeck truly proposed a $723 million tax-free equitable distribution to his spouse.
He stated it was “greater than sufficient to satisfy the wants of the events’ marital life-style,” the report states.
He additionally denied the $6.2 billion determine, saying that 35% piece of John Overdeck’s firm shares is $4.9 billion.
John Overdeck’s attorneys say his spouse just isn’t entitled to say his firm stake as an asset for the reason that agency was based two years earlier than their 2002 nuptials, and was already established within the hedge fund world.
“The corporate had finished substantial work and managed a whole lot of thousands and thousands of {dollars} earlier than the events’ marriage,” Wolfe stated in his opening assertion, the report stated.
Lyons, nevertheless, argues that her consumer was due a part of her husband’s firm stake as a result of Two Sigma had no actual property when the Overdecks tied the knot, sources stated. She known as the corporate a “idea of a notion of an organization,” earlier than their marriage, Bloomberg stated.
John Overdeck’s Forbes web price stands at $8 billion, making him the 478th richest individual on the earth, in accordance with the outlet.
Laura Overdeck, who additionally had expertise in hedge funds, based the Bedtime Math nonprofit in 2012.
Their divorce proceedings — which started in 2022 — might additionally impression the path of Two Sigma.
John Overdeck and fellow co-founder David Siegel every personal roughly half the agency, however had a falling out that burst into view throughout 2023. Their choice to give up as co-CEOs in the course of the subsequent 12 months didn’t cease the facility wrestle.
The divorce’s end result might find yourself tipping the agency’s steadiness of energy towards Siegel, Bloomberg reported.
Laura Overdeck can be suing Seward & Kissel, her hubby’s property legislation agency, saying they helped him defend property, in accordance with Blooomberg.
Attorneys for the Overdecks didn’t return or declined requests for remark.
— Further reporting by Peter Senzamici
