Why I turned down Oprah!

It all stemmed from a highly publicized battle over career assets which made the cover of Fortune magazine in 1988. Lorna and Gary Wendt were married for 32 years. He was the CEO of GE Capital; she was the “corporate wife.” At the time of the divorce, he declared the marital estate to be worth $21 million and offered her $8 million as her share. She balked, saying that the estate was worth $100 million. Her counter to him was that she wanted $50 million or half.

Lorna Wendt’s position was that her husband’s future pension benefits and stock options had been earned during their marriage. She argued that her contribution as the homemaker and later, wife of the CEO, enabled him to rise through the ranks to the top of an international organization. Her husband didn’t agree.

In the early years of their marriage, she had worked to support them while he attended Harvard Business School. They moved often while she handled the details of the household and took care of him and their two children. When he became CEO, she was expected to entertain often and extravagantly as his position required. She felt she was a 50-50 partner in the marriage and the accumulation of all assets.

The Wendt case broke through the long-held belief that “enough is enough” – that a spouse deserved enough to maintain her lifestyle – nothing more. In a landmark decision, the judge awarded her $20 million – far less than the $50 million she had requested, but far more than the $8 million her husband initially offered.

Oprah’s staff called me and asked if I would take part in a debate on Oprah’s show between the positions “enough is enough” vs. “half.” They wanted me to take the position that “enough is enough” and I had to turn them down explaining that I believe in the 50/50 division of assets. Oh well!