After Demonstrating He Didn’t Have To, Dan Och Gives Up Control of Och-Ziff

He’s lost enough money to prove his point.
Author:
Updated:
Original:
This is fun.

Enjoy cleaning this up, assholes.

Less than a year ago, Dan Och blew up his embattled-but-recovering firm’s succession plan, mostly to stick it to the former waterskiing instructor he’d installed as his number two and who was getting a little big for his wetsuit. And also because he could, as he’d not yet acceded to the board and Jimmy Levin’s demand that he give up his controlling stake in the company.

Having put Levin in his place—former Credit Suisse executive Robert Shafir succeeded Och as CEO in January, and Och plans to retire as chairman in March—Och is ready to do the thing Levin wanted him to do last year, and give up his controlling stake in the firm. Which Och is more than happy to do now that it’s basically worthless and the shares require a 10-to-one reverse split to avoid becoming pink sheets.

Och-Ziff said Thursday that Och-Ziff’s founder and several former managing directors would sell 35% of their shares to Och-Ziff’s executive managing directors in the form of a new share class. Mr. Och also intends to withdraw a portion of his money from Och-Ziff funds….

Och-Ziff said it would ask current and former executive managing directors to temporarily forgo distributions on their common shares to help pay down its debt, though public shareholders will continue to receive distributions…. Och-Ziff also plans to change its tax classification to a corporation from a partnership by the end of December….

Daniel Och Takes Another Step Back From The Hedge Fund Empire He Built [WSJ]
Och-Ziff Shares Stumble Toward NYSE Delist Territory at $1 [Bloomberg]

Related

This is fun.

Dan Och: Adrenaline Junkie

Saving his firm was such a rush that the Och-Ziff founder decided on a grievous self-inflicted wound to try again.

This is fun.

Dan Och Encouraged By Conversations He’s Having With Clients Racing Out The Door

Oh, like EVERY fund isn't dealing with 11 figure withdrawals? Oh, they're not?

ApocalypseZiff

Things Looking Up At Och-Ziff

By which we mean they are looking less down.

This is fun.

Dan Och May Have Sold His Soul To The Devil

Something’s got to account for Och-Ziff’s escape from its downward spiral.

By Mike Cauldwell (https://www.casascius.com/photos.aspx) [Public domain], via Wikimedia Commons

Och-Ziff So Messed Up Top Exec. Is Fleeing To The Comparative Calm Of Cryptocurrencies

A year-and-a-half under Dan Och is plenty for Alesia Haas, thank you.

By World Economic Forum [CC BY-SA 2.0], via Wikimedia Commons

Who Is This ‘Dan Och’ You Speak Of?

The former Och-Ziff Capital Management no longer dares speak its founder’s name.

ApocalypseZiff

Guys Who Allegedly Made So Little Money Bribing People Och-Ziff Didn’t Notice Finally Noticed By SEC

The SEC could overlook bribing a few African government officials, but not -like- all of them.