Tycoon’s attempt to trim divorce settlement fails

His argument before the Court of Appeal in London was that the divorce settlement made in March 2008 was impracticable, keeping in mind the credit crunch and his failing monetary condition.

The three appeal judges openly rejected the argument declaring that the "natural process of price fluctuation, however dramatic" would not satisfy a change in a settlement process.

Brian Myerson, a 50-year-old native of South Africa, is a founding partner of Principle Capital Investment Trust, which invests in infrastructure, property, energy and equities. Under the impact of the recession, the group's shares’ price has collapsed.

At the time of the settlement, Myerson's shares in his company were worth 15 million pounds at 2.99 pounds per share. They are now worth less than 20 pence per share. In the current scenario, the amount he owes his ex-wife represents 105 percent of his assets.

Martin Pointer, Myerson’s lawyer, argued "The husband's case is that the unforeseeable and unforeseen combination of forces at play within the global economy has undermined the assumptions upon which the order was made."

Pointer reiterated that due to the economic downturn Mr. Myerson's financial position had deteriorated, and the full settlement in cash installments and property would leave him 500,000 pounds in the red.

According to the settlement, Ingrid Myerson, a sculptor who lives in Hampstead, North London, was to get a cash settlement, and Brain would keep all the shares in his company. But in an unfortunate turn of events, the value of shares fell.

Lord Justice Mathew Thorpe stated: "The husband, with all the knowledge both public and private, agreed to an asset division which left him captain of the ship, certain to keep for himself whatever profits or gains his enterprise and experience would achieve in the years ahead.”

He further added that "When a businessman takes a speculative position in compromising his wife's claims, why should the court subsequently relieve him of the consequences of his speculation by rewriting the bargain at his behest?"

Brian and Ingrid Myerson were married in December 1982. The couple, who have two sons and a daughter, ended their 26-year marriage in February last year.

A spokesman for Myerson said that Brain felt let down and is disillusioned. He added, "The aim of Mr Myerson's appeal has always been to ensure that the division of assets with his ex-wife was equitable, and he will now take his appeal to the House of Lords."