In Sieger v. Sieger , Chaim Sieger sought to recover monies held by his former wife, Helen.
While Kingsbridge Heights Rehabilitation & Care Center Inc. (Kingsbridge) was a business held in Helen's name, the Kings County Supreme Court determined all of the funds in Kingsbridge's account were "marital assets," of which Chaim was entitled to a portion.
After he was awarded $8,497,919.00 by the King's County Supreme Court, Helen appealed to the Appellate Division, Second Department, which reversed.
Even though the lower court's methodology of arriving at a value wasn't "disturbed" -- particularly since it rested on the credibility of expert witnesses and their valuation techniques -- the AD2 was of the opinion some of the Kingsbridge money was needed to operate the business and was incorrectly treated as "undistributed profits." As a result, the case was sent back to the Supreme Court for a recalculation of the monies due to Chaim.
For a copy of the Appellate Division's decision, please use this link: Sieger v. Sieger