Steve Cohen has said numerous times that Fairfax Financial is up to some unsavory stuff in its neverending lawsuit against every hedge fund shorting the Canadian insurer’s stock in 2009. You might think that convincing his ex-wife to sue him for control of SAC Capital was bad enough, but an even shadier stunt: Fairfax supposedly paid investigators to pretend to be hedge fund managers looking for some inside information from SAC’s co-defendants while their lawyers weren’t looking.
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Patricia Cohen
Judge Denies Patricia Cohen’s Request For The Amount Of Cash Steve Has In His Wallet Right Now
By Bess LevinNot too long ago, Patricia Cohen, the ex-wife of Steve, had a dream. It wasn’t just that she wanted to successfully sue her former husband, who she’d accused of insider trading, hiding marital assets, and so on and so forth and it wasn’t just about money. “No,” Patty said to herself, “dream bigger.” And so she did. Continue reading »
Patricia Cohen Now Offering To Settle For Less Than The Amount Steve Has In His Wall RIGHT NOW
By Bess Levin
Not too long ago, Patricia Cohen, the ex-wife of Steve, had a dream. It wasn’t just that she wanted to successfully sue her former husband, who she’d accused of insider trading, hiding marital assets, and so on and so forth and it wasn’t just about money. “No,” Patty said to herself, “dream bigger.” And so she did. She dreamed of what many want but few have the cojones or ovaries to ask for: SAC Capital. A “substantial if not controlling stake.” Her own desk on the floor. The PMs, the P&L analysts, the Silver Fox, the bodyguard. They were all gonna be hers. And not just that, she’d take the embalmed pets too. And all the fleece jackets in the back. Throw in the vests as well! In June, she got a new lawyer (her third one since this case started) and though we wondered if it signaled a setback, figured, hey, if this broad wants it, she’ll find a way. Today the ex-Mrs. SAC has announced that she’s no longer gunning for the most majestic hedge fund in all the land. She’s not even asking for one fleece! Fork over $2.7 million and she’ll go away (though, you know, it would be a nice gesture). Continue reading »
A few months back Patricia Cohen, ex-wife of Steve, dropped the lawyer who initially helped her file a suit against the SAC founder, claiming he hid marital assets, had engaged in insider trading, and yada yada yada. Then in April, she filed a newer, even bolder suit. Previously, Patricia had requested around $300 million from her former husband. This time, she dreamed bigger. She wanted SAC Capital. A “substantial, if not controlling interest.” The PMs, the P&L analysts, the Silver Fox. They were all gonna be hers. And not just that, she’d take the embalmed pets too. And all the fleece jackets in the back. The vests too! Today, that dream has been stalled. Patricia’s second lawyer, Gaytri D. Kachroo, has informed a court she’s finished with this lady. We’re told GDK is saying she wasn’t paid, or paid as much as she was promised. There are also claims– by others– that Kachroo was actually fired. Whatevs! It’s all relative. Any takers for round three? Continue reading »
So you’re contemplating being on the giving or receiving end of some hot tips are you? Before you do so, may we make a suggestion? Obviously we’re not going to tell you to stop and think about the fact that it’s still currently frowned upon to trade on material non-public information. You’ve made your decision and we support that. What we are going to strongly suggest is that you consider a) NOT discussing your activities with your spouse or b) vow now, no matter how bad it gets, to stay married to this guy or girl, ’cause if you don’t he/she will throw it all back in your face in an attempt to get you nailed to the wall. Continue reading »
Hands down best party of the story is that this is supposed to be Steve and, I don't know, Ping Jiang, dressed as a little Dutch Boy?
New York mag has a story today on the hedge fund ex-lover’s spat du jour: that of Steve Cohen and his former wife, Patricia, who last December sued Steve, accusing him of hiding “significant” marital assets from her when they were getting divorced (twenty years ago), insider trading and so on and so forth. The article starts off sweetly enough, with how the two met– “on a rainy summer evening in 1979,” at a bar on the Upper East Side. Patricia (she’s the one recounting this story to the author, BTW) was wearing “a white camisole and a pale, rain-soaked silk skirt that stuck to her lovely legs.” Stevie, then 22, a junior trader with “a trim waist” approached her, and while PC says he wasn’t her type, she found his eagerness endearing, and six months later they got married.
We then hear about the unhappy marriage and the even unhappier (twenty freaking) years since the two split, mostly from Patricia’s side (though we do get some of SC’s perspective, through his friends), plus all the stuff they said about each other in their divorce papers and subsequent other filings. It feels like we’re in couple’s counseling with these two and yeah, it’s as awkward as you can imagine that trust tree to be. He was obsessed with work and moody; she was unsympathetic, unappreciative. She thinks he’s tried to buy favor with their children; he thinks he’s being generous (when wasn’t giving them money she said he was treating them like cast-offs, while the kids with the new wife were spoiled). She feels he should’ve paid for her abode, but when he bought and renovated an apartment on Central Park West for her, claims to have felt like “a vassal of the wealthy lord,” because he kept it in his name (I’m not going to say it, because we’re not here to take sides but I am going to think it). Patricia says she’ll “never understand his anger [toward] me,” while Steve has told people, “She’s a terrorist on a mission to make my life a living hell.”
So, as previously stated, awk! And yet, from every insanely uncomfortable situation, wherein we’re hearing about Patricia withholding sex from her Steve, to the entitlement, to the yelling, the screaming and the pasta with anchovies, there’s a learning experience to be found. Namely, how to stay on the big guy’s good side. Current, future and past employees, perhaps hoping to learn from their mistakes, take note: Continue reading »
DealBook reports that Patricia Cohen, the ex-wife of Steve, has dropped her lawsuit against the big guy, after filing it less than a month ago. SAC spokesman Jonathan Gasthalter said in a statement: “As we have said from the outset, these decades old allegations by Mr. Cohen’s former spouse were patently false and entirely without merit. We are not surprised that, when faced with our motion for sanctions, they withdrew the complaint.” Also, Zambonis never lose.
Notice of Voluntary Dismissal [PDF]
UPDATE: Uh, so Patricia has this to say: “I did not authorize Paul to withdraw the case. My attorney, Gaytri Kachroo, will take the necessary actions in response to this.” So we’re back on!
At the heart of their claim seems to be the belief that Steve’s ex-wife, Patricia, is crazy, and by extension, so is her ex-lawyer, for filing her suit, which essentially accuses the big guy of being a mobster.
Lawyers for Steven A. Cohen, the founder of SAC Capital Advisors LP sued by his ex-wife last month for racketeering, said they will ask a judge to sanction the attorney who filed what they called a “frivolous” suit.
The lawyer, Paul Batista of New York, asked to withdraw from the case three weeks after he filed it. Steven Cohen’s lawyers said in papers filed Jan. 8 in federal court in New York that Batista should be sanctioned under a federal-litigation rule.
“We believe there is a very serious question about how any competent lawyer, consistent with his or her obligations under Rule 11, could have filed such a pleading, and we intend to pursue a Rule 11 remedy,” Steven Cohen’s lawyers wrote. “Given Mr. Batista’s request to withdraw, and the fact that new counsel has not yet appeared, someone must remain responsible for this frivolous pleading and the maintenance of this action.”
Paul Batista Claims Patricia Cohen Left In The Middle Of The Night And Didn’t Even Have The Bedside Manner To Say Good-Bye
By Bess LevinOn Monday it was announced that Steve Cohen’s ex-wife, Patricia Cohen, had switched attorneys, from Paul Batista, a prominent RICO specialist, to Gaytri Kachroo, who is not a litigator. Supposedly the ex-Mrs. SAC did so because she felt her case “wasn’t getting the attention it deserved.” Apparently this came as a surprise to Batista, who, in a motion to withdraw, claims that Patty Cakes never once complained about the quality of his work (and in fact praised it), that he was in contact with her “virtually every day” since they started working together, and that he was informed his service would no longer be necessary when PC’s new lawyer called him up and identified herself as the lady of the night’s new representation (he also gets in a nice zing about having never heard of PC’s new squeeze I think– I think– implying the woman’s a nobody in the legal world.
I’m totally kidding? Just busting your hump? Who am I to know? But getting serious for two, Patricia Cohen has indeed fired her lawyer, Paul Batista, a prominent RICO attorney, and hired Gaytri Kachroo, who is not a litigator. Apparently Pat didn’t think her case was getting “the attention it required,” presumably as it related to man hours on her counsel’s part, and not spotlight in the media. SAC spokesman Jonathan Gasthalter is not fooled by the diversion, saying in a statement:
Talking Biz News is reporting that Reuters supposedly held the SAC Ex-Wife article by the excellent Matt Goldstein after top Thomson Reuters executives allegedly received pressure from the mothership to kill the story. In related news, there may be another reason why several news outlets, who, we have it on good authority, had the story as well, held it until the suit was officially filed, unrelated to any pressure from the hedge fund.
