[GSMITHBOOK] It’s bad enough that Denny Hecker is getting divorced and that he’s been indicted for fraud. But the auto mogul has also gotten his girlfriend in a lot of trouble with the bankruptcy trustee hearing the case. Back in February the Wall Street Journal did a story on how the mogul’s divorce and bankruptcy filing is creating havoc for the girlfriend. In fact, she’s become impoverished as a result and all the spoils of the affair have been snatched away from her, to wit:
Judge Robert Kressel of the U.S. Bankruptcy Court in Duluth said Rowan must turn over items like a $60,000 fur coat, a $15,000 Chanel watch and a diamond ring Hecker gave her. But how was she able to house all of those valuables without getting robbed? With a $30,000 guard dog, which Rowan was also ordered to give up.
But that’s not all. According to court documents, Rowan must also give up home furnishings, including a pool table, a tanning bed, televisions and other furniture. Don’t worry about the piano, though; it’s safe from removal.
In total, Rowan must give up $425,000 worth of cash and gifts. That means she has to hand over the money for lodging and airfare to places like Hawaii and Cabo San Lucas, as well as money for cosmetic surgery and shopping trips to Neiman Marcus and Gucci. (WALL STREET JOURNAL)
The mistress, Christi Rowan, has a good argument that these items were purchased more than 18 months prior to the divorce filing. Shouldn’t that have made them exempt from confiscation pursuant to bankruptcy law? Maybe not. I guess a part of the issue is that Hecker’s wife is coming out of this thing with nothing but the clothes on her back. It seems a miscarriage of justice that the mistress gets to walk away with $425,000. Obviously I don’t have the facts of this case before me, but I wonder if the “fraud” for which Hecker was indicted has to do with falsely claiming he was bankrupt in the first place to avoid having to pay his wife a settlement, when in fact he is not bankrupt but had premeditated the filing (thus planned when these gifts were given to his mistress) so as to creme his wife out of his settlement? If so, look at the tangled web he weaved.
It must be real tough to taste riches and wealth and the good life, only to have all of it taken away in one sweep. Denny Hecker’s divorce was supposed to be the best thing that ever happened to Christi Rowan. It meant now, at last, they would be together. Instead, it has turned out to be the worse thing she could ever nightmare about. Not only is her man facing federal fraud charges (those bad boys can land him in prison for more than 25 years!) but now, Christi Rowan is reduced to poverty. That may mean she’s going to need (gasp!) a job!!! My my. Next time she should have an affair with a real billionaire who really is rich and not a faker who pretends to be rich. There’s a big difference between make believe and reality, Christi.
Rain Man he isn’t, but is Denny Hecker (like Bernie Madoff and their prodigies) a new type of financial idiot savant? This breed of bandits (mostly they congregate on Wall Street but some of them are dispersed around the country) are the biggest idiots. But they are very knowledgeable at the same time. They are huge geniuses as far as making money. But then they are brainless as far as everything else, including this weird sense they have that they will get away with their ridiculous crimes. Only a totally brainless idiot would do some of the things these guys do and expect to get away with it. They have no common sense at all. But what geniuses they are at building up the hyped up nest eggs and dropping the basketful of eggs off a highrise.