And once it is determined that no one wants to buy his old hedge fund, his work there will be done.
The post Having Run His Former Prot?g? And Designated Successor’s Name Through The Mud, Dan Och Is Satisfied appeared first on Above the Law.

And once it is determined that no one wants to buy his old hedge fund, his work there will be done.


Jon Shazar

Publish date:

Nov 21, 2022

And once it is determined that no one wants to buy his old hedge fund, his work there will be done.

His prurient persistence in pursuing his blood feud with his kids’ former waterskiing instructor certainly offered the perception that billionaire Dan Och would stop at nothing to destroy the aforementioned Jimmy Levin, even if that meant destroying the hedge fund Och founded and still invests a considerable amount of his fortune in because Levin is running it. Certainly, his response to Levin’s rather weary extension of the olive branch following Och’s dredging up of decades-old and apparently fairly well refuted allegations of sexual assault against Levin–doubling down on them and denying that he’d seen anything close to an exoneration of the man he repeatedly promoted and lavishly paid even after learning of the allegations–wouldn’t indicate any interest in anything other than total victory.

It seems, however, upon reflection and during this season of meditation on gratitude rather than thirsting for vengeance, Och has had a change of heart. That or, in the process of preparing for depositions, disclosures and the like regarding Sculptor Capital Management’s rather well-documented counterattack that Och ran the firm into the ground overseeing a continent-wide bribery scandal, and then decided to do it again because Levin was getting a bit uppity, Och realized that he, too, had something to lose through the rehearsal of old grievances. And so the two old friends have decided to leave the whole matter up to a game of chance: Sculptor will try to sell itself to someone. In the unlikely event someone does want to buy a massively underperforming hedge fund, Och gets his wish and Levin will be out of a job. If not, Levin gets to keep running Och’s old hedge fund and Och has to shut the fuck up, at least legally.

The committee, composed solely of independent directors, will gauge potential interest from third parties “that maximizes value for shareholders,” the New York-based investment manager said Friday in a statement…. The parties agreed that Sculptor would provide certain records, and the complaint was dismissed with prejudice.

“We will be supportive of a vigorous, independent, and thorough process that puts shareholders first,” Och said in the statement.

Hedge Fund Sculptor Resolves Legal Fight With Its Billionaire Founder [Bloomberg]

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