Daddy's Dog

Because of what happened with Linda, she says she can't help but be concerned about her own daughter.

It isn't the first time, she says, that she has worried about losing control of her children. During their 2004 divorce action, Elena says McMahan showed up hand in hand with his daughter Linda. "He wanted me to be deported to the Ukraine. . . . She was with him. He wanted to take my kids and raise them with Linda."

photo: Alana Cundy

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• Elena McMahan
• Bruce McMahan
• Sargent Schutt
• Hedge Funds
• Financial Markets

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Elena says it was her affidavit which forced McMahan to give up that plan. "Only those pictures saved me."

Today, McMahan alleges in court documents that he fears Elena will run with the children to the Ukraine (a short two-hour flight from Dubai), and he won a court order that requires Elena to stay within 90 miles of New York City. He also refuses to allow her to move to the Brighton Beach penthouse in Little Russia, where she says she feels safer.

And now, she says, McMahan is planning to leave the country altogether, after the publication of "Daddy's Girl" embarrassed him from Wall Street to Fisher Island.

Former McMahan Securities executive Michael Shillan, who recently won an arbitration case against McMahan for back pay, says Elena is right about McMahan's business suffering after his affair with Linda became public.

"I don't know if anyone really understands all of his businesses," Shillan says. "I have a pretty good sense of what he is worth. When I left, he had about a 200 to 250 million net worth." But Shillan believes that the hedge fund McMahan manages has shrunk from about $4 billion to half that, in part because of the story and also because at about the same time, the convertible securities market took a hit. Also in September, the hedge fund called Amaranth Advisors LLC dropped to $3 billion from $9 billion in one week because of its heavy investment in natural gas futures.

"Let's face it, after your story came out—and it was reprinted in quite a few places—that's really not the kind of guy you want managing your money," he says.

"My personal experience is, once you get on Bruce's bad side, he tends to never forgive and forget, even when he's wrong," adds Shillan, who was once close to McMahan.

But Elena believes there is one person that McMahan could forgive—Linda. She mentions the photograph of Linda that her father keeps in a gold frame at the Pelham estate.

"I wouldn't be surprised if they make up."