Steven Cohen may yet own the Los Angeles Dodgers. But he still hasn’t given up hope of buying a chunk of his favorite baseball team. The SAC Capital Advisors founder is expected to buy one of the 4% stakes in the New York Mets currently on offer. The Mets plan to sell 10 such stakes—although the team’s current owners plan to buy at least two of the slices—to raise $200 million in an effort to pay down the team’s huge debt, while simultaneously allowing Fred Wilpon and Saul Katz to maintain control of the team…Buying the Mets stake would not keep Cohen from buying the Dodgers—although if he wins the latter, he’d have to sell the Mets share. That could make him a very short-lived Mets owner, as Dodgers owner Frank McCourt is expected to pick his successor by April 1. [FINalternatives]
SAC Capital
Confidential To Bud Selig: Watch Your Mouth Or He’ll Buy The Whole Fucking National League
By Bess Levin-
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Hedge Funds
Steve: Remember That Not Getting An MLB Team Can Sometimes Be A Wonderful Stroke Of Luck
By Bess Levin
Over the weekend, the LA Times reported that a group headed by Steve Cohen was among those that advanced to the second round of bidding for the Los Angeles Dodgers. Mark Cuban, “veteran baseball executive” Dennis Gilbert, and former Dodgers players Steve Garvey and Orel Hershiser are out; at the top of Cohen’s elimination list remain Magic Johnson and Joe Torre. Obviously, we have no idea whether or not the SAC Capital manager will emerge victorious. Either way, though, something about all this has been troubling us: namely how acquiring a baseball team figures into SC’s long-term plans. Continue reading »
Steve “Call him ‘Stevie’ and you’re a dead man” Cohen was reportedly up 8 percent after fees through the end of November. If anyone out there has been having a tough go of things this year and is looking for some guidance re: how he does it as we head into the last trading week of the 2011, don’t bother. It’s like saying to Pavarotti, “Teach me to sing like you.” Thank you and good night. [Reuters]
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Hedge Funds
SAC Capital Has No Idea What The Wall Street Journal Is Talking About
By Bess Levin
Earlier this morning, the Journal reported that certain trades made by SAC Capital’s CR Intrinsic unit were being “examined” by the Securities and Exchange Commission. Specifically, the regulator was said to be “trying to determine whether SAC used inside information to profit from Johnson & Johnson’s 2009 takeover of Cougar Biotechnology Inc.” It was also reported that:
The civil inquiry also encompasses whether an “expert network” business that is part of an investment bank leaked nonpublic information to traders, people said…SAC also is facing a criminal probe by federal prosecutors in New York examining trades made in an account overseen by the fund’s billionaire founder, Steven A. Cohen, according to court documents and people familiar with the matter. Representatives for SAC, Mr. Cohen, Johnson & Johnson and Cougar declined to comment. SAC has said it is cooperating with the probe.
While the Journal noted that SAC has not been accused of any wrongdoing, nor was it clear if “the inquiries, which have been ongoing for more than a year, will result in any charges,” it also wrote that “SAC has said it is cooperating with the probe.” According to representatives for the hedge fund uh…what? Continue reading »
This probably doesn’t come as much of a surprise, considering he was already found guilty of insider trading and sentenced to two and a half years in prison but that doesn’t make it sting any less: Donald Longueuil, who the feds were able to bring charges against after his colleague, accomplice and so-called best friend Noah Freeman agreed to record conversations with Don in exchange for a lesser sentence, during which Don was heard on tape saying re: his USB flash drive: Continue reading »
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Hedge Funds
Steve Cohen To Make Sure TriState Area Superbowl Will Cause All Other Super Bowls To Bow Down Before It In Awe
By Bess Levin
Yes, Super Bowl XLVIII is a long way off. Yes, it’s hard to get jazzed about a game for which we have no idea who will be playing. Yes, you might actually freeze your ass off. While all of those things may be true, yesterday brought news that should have you salivating for 2014. Because yesterday, we found out that that SB? Stands to be the best one ever, based on a host committee that includes (among others such as Goldman Sachs, JPMorgan, Citi, BlackRock and Paul Tudor Jones): SAC Capital. While the official list cites SAC president Tom “Silver Fox” Conheeney as its point man on the project, make no mistake that Steve Cohen will be heavily involved, no doubt going above and beyond the responsibilities of a typical host. Obviously, Cohen has a lot on the line here, given that his venerable initials are on the thing. Therefore, in an effort to make sure SAC isn’t associated with a sack-freezing joke, he’ll be taking the following steps to ensure the game is a smash hit. Continue reading »
An artist's rendering
Back in January, SAC Capital amassed a 5.3 percent stake in Domino’s Pizza, making it the fifth largest investor, at 3.2 million shares. While Cohen didn’t have any plans to meddle with management, behind the scenes he did do his part to enhance the brand, not only in an attempt to maximize profits but out of a love for bread, sauce and cheese. Little tweaks included: use of the DPZamboni as the standard delivery vehicle (it can do 150 on 95), product placement that involved getting Domino’s featured in a few pizza delivery-boy themed pornos, and tasking SAC employees with slapping slices out of the hands of anyone seen eating a competitor, putting a finger in their face and warning “that’s one” (after one you don’t want to know what happens). Things were good. REALLY good. They were double penetrating the market and Steve had big plans for the future. Unfortunately, SC’s had to significantly reduce his stake over the last few months, after what we’re assuming was a difference of opinion based on this: Continue reading »
As you may have heard, we might be getting a little rain this weekend. Some people are approaching the threat of Irene with an appropriate level of seriousness. Others, like the those who live and work in Connecticut, have not, according to Governor Malloy, who has apparently been telling his people to get their asses in gear, lest he be forced to say “told ya so” JUST LIKE LAST TIME.
Malloy urged residents to take the storm seriously and begin making preparations now. “I hope people are listening better to me than they did about removing snow from their roofs,” he said.
While there are some people who should very much take Malloy seriously, others can listen to him just as much as they did when he told them to remove snow from their roofs. If you happen to work for RBS, for instance, you might want to stay out of the lobby this weekend, seen in the green area below, which a Category 1 Hurricane will flood. Burning the midnight oil at UBS, seen in white just across the road? While it may come as a shock, you’re good! Continue reading »
Healthcare Team May Be Latest Creatures Suspended In Formaldehyde And Put On Display In SAC Capital Lobby
By Bess Levin
SAC Capital Advisors may have a one-day paper loss of about $196 million from its stake in Dendreon Corp. (DNDN), the drugmaker that plunged the most ever after it withdrew its 2011 revenue estimate. SAC Capital owned 8.2 million shares of Seattle-based Dendreon as of March 31, making it the biggest shareholder, according to a regulatory filing. Dendreon fell 67 percent, or $23.87, to $11.97 at 3:15 p.m. New York time in Nasdaq Stock Market trading, the largest decline since its initial public offering in June 2000. [Bloomberg]
Unfortunate news for the legions of Steve Cohen groupies dying to have the hedge fund manager sign their tits and/or invest** with SAC Capital– despite some wishful thinking by a few haters in the industry that he’d be negatively affected by the Feds going after a few pissant former employees for insider trading, investors have continued to throw money at the Big Guy, so much so that he’s going to have to break a few hearts. Continue reading »
