4 years in the past, Dan Och gave up management of his then-namesake hedge fund. Having steered the agency into after which partly out of an enormous African bribery scandal that almost introduced the entire place down, he agreed it was time to step away, albeit a bit delayed.
However he did have situations, specifically that his hand-picked successor and former waterskiing teacher Jimmy Levin not get the CEO job he was promised. Sadly for Och, he was unable to humiliate Levin into quitting, and unwilling to fireside him at a value of some $300 million and doubtless a justifiable share of Och-Ziff’s remaining buyers. What’s extra, Och’s considerably errant eye with regards to human sources got here again to chunk him when these he had handed management of his agency—now not named for him, for apparent causes—merely handed management over to Levin after a tasteful year-and-a-half-long interval.
This, as we’ve seen from the sheer hysterical hypocrisy it produced in him, didn’t sit properly with Och. So now he’d like one other change in management on the agency he based and constructed after which practically bumped into the bottom twice. And if it means blowing the entire thing up through secretive back-channel deal-making, so be it.
Within the letter, Och known as Sculptor “a beautiful goal for a well-managed” agency that would assist gasoline progress and “new, prudent” management.
“It isn’t shocking that third events would see the potential for such a transaction provided that exterior analysts have beforehand recognized the corporate’s administration points and concluded that, at its present buying and selling value, the corporate could also be price lower than the sum of its components,” he wrote.
In fact, since his actual curiosity shouldn’t be in serving to his former agency—of which he nonetheless owns a good chunk—however in sowing discord and triggering migraines for Levin, and since he’s demonstrated no constancy to mental consistency or honesty towards that finish, he’s additionally aggravated that somebody on the agency is allegedly making an attempt to do the factor he needs it to do—with one key exception, presumably.
Och added within the letter that he believes a number of members of Sculptor’s senior administration reached out to a minimum of one get together a few attainable deal.
Och, who co-founded Sculptor earlier than stepping down as CEO in 2018, mentioned he and different founding companions have been requested whether or not the agency is likely to be open to a strategic transaction “that may not contain present senior administration persevering with to run the corporate….”
Hedge Fund Sculptor Has Potential Suitors, Och Tells Board [Bloomberg]
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