Bitter skilsmisse kan koste eierskap i hedgefondet

Overdeck and his wife are embroiled in a bitter divorce. On Thursday, John Overdeck appeared in court for this legal battle, which is taking place in New Jersey. The hedge fund founder explained that he believes his ownership stake in the company he founded in 2001 is now at risk, and that he could lose control of the company. Overdeck has offered his wife Laura $723 million, which is over 7 billion kroner.

Laura Overdeck is seeking far more, and has asked for 35 percent of Two Sigma, which she has valued at $6.2 billion, or over 60 billion kroner, according to Bloomberg. John Overdeck, for his part, has valued his own ownership stake at $4.9 billion. However, Forbes estimates his net worth to be $8 billion. If Laura Overdeck secures her desired outcome, he believes it will grant David Siegel full control.

Maintaining a favorable relationship with Siegel is the paramount concern, Overdeck stated in court. He further explained that any amount exceeding the offered offer could force him to relinquish shares at a lower valuation if he does not receive adequate time to pay. The main issue in the case is whether Overdeck's ownership stake in the company, established nearly two years before the couple's wedding in 2002, should be considered a pyrrhic victory.

Two Sigma managed under $1 billion in 2001, but today holds $80 billion under management. The hedge fund is a benchmark on Oslo Børs and currently holds several short positions, including Höegh Autoliners, Norbit, and Xplora. They also hold a short position on nearly 3.6 million Borr Drilling shares, equivalent to 1.17 percent of the outstanding shares in the holding company.

Two Sigma manages about $70 billion, which is over 700 billion kroner, according to Bloomberg. Overdeck's next appearance is slated for September 8th. He is expected to testify for a total of eight days, in what is one of the largest divorce trials in New Jersey's history.