Tycoon's astonishing divorce court confession sends shockwaves through Wall Street

Daily Mail​

2 days ago

The boss of an $800 million private equity firm suddenly announced he has Alzheimer's disease in the middle of a divorce hearing.
Health Point Capital managing partner John Foster, 83, has been locked in a bitter divorce with his estranged wife Stephanie Foster, 57, for four years.
Foster claimed her extravagant spending habits wiped out his $45 million fortune and he is almost 'destitute', but Stephanie insists he is hiding assets.
His lawyers previously claimed Stephanie blew money on designer clothes and other luxuries 'at a rate that… none of us can conceive'.
Stephanie Foster's camp instead rubbished claims Foster was suddenly $12 million in debt when his wife filed for divorce, which may also come as a shock to his shareholders.
She said he was still flying on his private jet between New York and Florida for Botox, hair dye, and manicure appointments.
Foster also sold a sprawling eight-bedroom, nine-bathroom mansion on the ultra-exclusive Fishers Island, Massachusetts, for $10 million last October.
But his claims of being unable to remember documents he signed, or where his wealth was allegedly stashed, became more believable on Wednesday.
During his second day on the stand in the Manhattan Supreme Court he dropped the health bombshell which is likely to enrage his shareholders.
'I'm 83-years-old, I have recently had an MRI, which is a brain scan for my Alzheimer's,' he said, totally unprompted, according to the New York Post.
Stephanie's lawyer Rita Glavin, who was stunned by the news, asked him to confirm his diagnosis, and he replied 'yes and I am being examined' for it with the MRI.
However, he later said in his testimony that he couldn't remember why he got the MRI, or what he said earlier in his evidence.
He also spent part of the hearing scrolling through his phone and had to be admonished by Glavin.
Concealing his condition could open Health Point Capital to shareholder or investor lawsuits and potential action by the SEC, experts told the NYP.
Exactly when Foster was diagnosed and how much his business partners knew about his illness was not disclosed.
Foster said he was placed on leave several weeks ago due to 'other litigation not to do with this proceeding', which he also had not told the court before.
He is still listed as the first managing partner on the firm's website .
Glavin then asked if the 'other litigation' was claims he used company accounts to hide personal income, and Foster responded by ending the hearing.
'Judge, I think we should close for the day, I'm not up for it,' he said, the NYP reported.
The court previously heard the 15-year marriage broke down after Foster frequently cheated on his wife.
But Stephanie previously said the last straw was him telling her, 'I don't care what happens to you when I die.'
Glavin previously told the court how Foster added $3 million to his bank account in one year and splurged $800,000 on a Hinckley yacht.
Foster also owns a ranch in Texas filled with exotic African animals including oryx, sable and zebra, a Gulfstream IV-SP jet, and a mansion in The Breakers on Palm Beach, Florida.
Stephanie produced a text message exchange between Foster and the family lawyer that she claimed was proof he was hiding his wealth.
'Your net-worth strategy worked. Steph is stunned. Told me I'm bankrupt! She's very upset!' he wrote.