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...Levin, Och’s former protégé....
...If you thought Och-Ziff Oz Capital Sculptor Capital Management shaking hands on a sweetened offer from Rithm Capital would make jilted founder Dan Och go away, then think again....
...Och and chief executive Jimmy Levin, a one-time Och protégé....
...The alleged divergence largely stems from layers of partnership units held by Och and other founders that remained in place after the Och-Ziff IPO....
...Och can still sue later for damages even if the deal closes....
...Och-Ziff paid $413mn to US authorities in 2016 to settle the charges and Och handed over reins to the firm two years later....
...Och stepped down and handed the investing reins to his protégé Jimmy Levin....
...one-time protégé of Och....
...Michela TinderIn the mid-1990s, Och decides to branch out on his own and he launches a hedge fund called Och-Ziff Capital Management. And into the 2000s, Och-Ziff becomes quite successful....
...In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time....
...Och has not been shy about taking his grievances with Sculptor directors to court....
...The legal battle brought into the open a long-simmering dispute between Och and Levin, who first met when the latter taught Och’s son how to water ski....
...For context, one of Och’s most potent attack lines against Sculptor (née Och-Ziff Capital Management) is that it has grossly overpaid Jimmy Levin, his former protégé and current CEO and CIO, even as performance...
...Rithm is set to pay out Och and other founders $294mn for tax benefits it can realise related to the partnership units held by Och and other former executives....
...Och-Ziff paid $413mn to US authorities in 2016 to settle the charges, and Och handed over leadership of the company two years later. Representatives for Weinstein, Ackman and Och declined to comment....
...Both Och and Sculptor’s board members have accused one another of not acting in the best interest of shareholders. It’s fair to say that Och has a lot of skin in the game....
...In today’s newsletter: Daniel Och attacks the sale of Sculptor A scandal-hit UK private equity deal The Ned DC is looking for members Dan Och brings the drama, again When hedge fund Sculptor Capital...
...Take Och-Ziff Capital. The hedge fund was managing $27bn when it went public in 2007. It now runs $34bn. In real terms, this is around the same amount....
...Caryn WilsonUS editor, FT Edit (@CarynAWilson) Something to listen to • In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time....
...Och-Ziff Capital Management: The fight over the Sculptor hedge fund sale has entwined Daniel Och’s tax affairs as well as industry rivals....
...Och, who owns a 12.5 per cent stake in the firm he founded, will be happy with the higher offer....
...Ollivier said he had “never backed or been in contact directly or indirectly with Och-Ziff”, and had “never been interrogated or questioned by the US, SEC or any other official body”....
...It is ironic that Och is claiming Levin’s pay has become excessive....
...Daniel Och, the billionaire investor who founded Sculptor Capital Management, has accused the firm’s chief executive of leveraging power over the board “to extract ever escalating pay packages” that dwarf...
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