Failure to sign divorce agreement costs sugar broker millions....
There are bad days, and then very, very bad days. Take the day New York sugar commodities broker Daniel Rosenblum had last week. The picture above is Daniel and his former wife Sheila in happier times. Daniel thought he had wrapped up his divorce from Sheila. He was operating under the notion that he and Sheila had a written agreement[“the agreement”] whereby he would pay her $5 million dollars for the next 12 years. Not. So. Fast. Sheila filed documents to have that deal rescinded due to a variety of issues – not the least of which being that neither party had signed the agreement.
Judge Michael Katz ruled last week that because the parties didn’t sign the agreement it is unenforceable.
And now the REALLY bad news, at least for Daniel. Because the judge tossed the agreement, Daniel had to live with a 2013 agreement that he apparently did sign. That agreement calls for him to immediately fork over $11 million AND an additional $50 million over the next 4 years. So instead of $60 million over 12 years, Daniel is looking at $61 million over just four years. So $5 million dollar payments over the course of of 12 years ballooned into $15 million dollar payments over just 4 years. Ouch.
For her part, Sheila is hardly struggling. She got the $30 million dollar Park Avenue apartment and Daniel claims that due to her success owning and training horses she has a net worth of $120 million.
Perhaps cooler heads will prevail. But this involves a divorce. So probably not.