As an update to a previous post- I came across this article. on CNBC.
Wendi Deng is getting lawyered up.
Deng has hired the
well-known New York attorney William Zabel to represent her in her divorce from Rupert Murdoch, CNBC has learned. Zabel, a
founding partner of Schulte Roth & Zabel, is one of the top trust
and estate attorneys in the country, and he's helped settle a lot of
high-profile divorces including ones involving former General Electric CEO Jack Welch and radio shock-jock Howard Stern. Deng's side expects this will be an "amicable divorce," sources told CNBC.
Zabel likes to do things quietly without a lot of public motions and
litigation. The Murdochs had pre-nuptial and post-nuptial agreements. Under
the terms of the pre-nup, Deng would receive less than $20 million,
according to sources familiar with the agreement. Murdoch's wealth is
estimated around $11 billion.
her team is looking at three broad areas for negotiation to possibly
get more. First is child support and the custody of their two young
daughters, Grace and Chloe. There is also the issue of joint
property. The Murdochs owned a co-op in New York's Upper East Side,
which is valued at over $90 million. They have the two homes in
California, a home in Beijing and property in London. There is also
their yacht, the 180-foot boat called Rosehearty. It remains to be seen
which properties are held in both of their names.
Another big issue is the trust. This is the family trust that controls News Corp
through its voting shares. Rupert's four children will control the
trust after Murdoch's death, while Chloe and Grace have just an economic
interest. Their interest is equal to one-sixth each, which is worth
billions.But what Deng's legal team is looking at is whether
the kids' equity is adequately protected, whether there are provisions
for dilution and other possible changes in the company, or if Rupert
ever has other children. A spokesperson for the 44-year-old Deng and the 82-year-old Rupert did not immediately return calls for comment.
Murdoch filed for divorce from Deng in June after 14 years of
marriage. It is his third marriage and her second. There was no reason
given in the public divorce filing other than the standard language
indicating that the "relationship between husband and wife had broken
down irretrievably." The divorce also came as Murdoch was is
in the middle of splitting News Corp. into two separate companies, with
one focusing on print media and the other focused on entertainment,
television and film.