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Crunch-hit tycoon loses bid to cut divorce payout

  • Story Highlights
  • UK Court of Appeal tells man divorce settlement stands despite credit crunch
  • Bryan Myerson says he will be left with less than nothing after payout
  • Spokesman for tycoon says he will take case to highest court
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LONDON, England (CNN) -- A British court Wednesday told a business financier he would still have to pay a $13.6 million divorce settlement despite losing a fortune in the credit crunch.

Brian Myerson had told the UK Court of Appeal that instead of receiving £14.6 million ($21 million) from a division of his assets, he would now be £½ million out of pocket, according to the UK Press Association.

The court rejected his appeal, saying the "natural process of price fluctuation, however dramatic" did not justify changing the settlement, PA reported.

Under the original settlement made last year, Myerson, the former CEO of Principle Capital Holdings, was ordered to pay 43% of his then total £25.8m assets to his wife.

Lawyers for Myerson said because of the economic downturn, the wife's share of the total assets under the order would now be 105% and the husband's would be -5%.

A spokesman for the financier said he would take his appeal of the House of Lords.

"Mr. Myerson is disappointed that the court failed to recognize that the economic downturn had rendered his divorce settlement unfair."

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