doch.jpgDaniel Och could receive up to $598 million from Och-Ziff’s upcoming IPO, nearly half of the expected proceeds of the whole thing (provided underwriters use their option to buy extra shares). DealBook, which moonlights as a pro-suicide hotline for hedge fund managers, reports that the glass is not only not half-full, not only not half-empty, BUT NOT EVEN OUT OF THE “GODDAMN CABINET” (Andrew Ross Sorkin’s words). Mr. Och (along with the rest of O-Z’s principals), will have to invest all of the IPO’s proceeds back into the funds, where it will remain for five years). Mr. Och, who now holds 48.5% of O-Z’s equity, will be left with only 43.5%, post-IPO. Mr. Och, will be receiving $86 million less than Stephen Schwarzman got, following Blackstone’s public offering in June. Mr. Och should just end it now (and preferably by swallowing a bunch of pills, because it’s the least messy route).
Daniel Och’s Blackstone-Size Windfall [DealBook]