$20M Isn’t Enough for Exec’s Ex-Wife

by Jeane MacIntosh

New York Post, Friday, September 1, 2000

Spurned corporate wife Lorna Wendt — who snagged an eye-popping $20 million in her 1997 divorce settlement from former General Electric CEO Gary Wendt — is determined to go hack to the till for more.
 

A Connecticut Appellate Court yesterday knocked back Wendt’s plea to get an additional $15 million from her husband, who became CEO of Conesco Inc. this summer.

But Lorna Wendt was undaunted, and her lawyers said she’ll go to state Supreme Court to get what she wants.

In yesterday’s decision, the court unanimously shot down Lorna’s attempt to get half of her husband’s assets, including vested stock options and supplemental pensions.

 
Lawyers for Gary Wendt — who retains assets estimated at more than $80 million as a result of the ruling — said he is “extremely pleased”

The warring Wendts made headlines in December 1997 when, in a landmark ruling; they were ordered to split all their steaks, cash, bonds, mutual funds and other securities.
 

Lorna was also awarded half of her husband’s estimated pension and vested stock options, $250,000 a year alimony, two multimillion-dollar homes, and at least $200,000 in annual stock dividends.

The judge ruled she was not entitled to Gary’s unvested stock options.

 
Lorna’s take totaled more then $20 million but, less than a month later, she was back in court looking for $50 million.  Her request was denied.

In April, Lorna’s lawyers sought to have her award increased to $35 million by the Appellate Court.

But, in the 28-page ruling that decided the case, Chief Judge William Levery wrote, “In summation, there is no presumption of an equal property value distribution in Connecticut.”
 

Anju Jessani, a divorce mediator for Hoboken, N.J. -based Divorce with Dignity, said she “wasn’t surprised” Lorna was turned down.

“Equitable doesn’t mean equal,” she said.  “It’s unfortunate for her, but this is not California, where they divide things 50-50.”

The Wendts were married for 31 years when, just before Christmas 1996, Gary, as Lorna put it, told her she was “being fired as the CEO of the Wendt family.”