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Friday, May 06, 2011

Steve Cohen the Front Runner to Buy Portion of the Mets, But he like the Mets has Problems too..

According to the  NY Post ,  billionaire hedge funder Steve Cohen is the front runner to buy the Mets; it seems like the team leaked the info out purposefully to gauge reaction to his status as the "preferred bidder." But seeing as how this is the Mets, you know nothing can go right...because the Wall Street Journal reports that Cohen is also being investigated by federal prosecutors for possible insider trading. Like the Mets need anymore problems.

According to their source, the Post says Cohen really wants in on the team, and see potential in the future: "What he wants he gets. It's a trophy to him but not just a trophy. In time, it can be a real asset."

The Mets refused to say whether he's officially won the bid yet, but other finalists have told the Wilpons in the last week that they believe the Mets are worth less than the $800 million-plus valuation needed to get to a $200 million price for 49 percent of the team.

Cohen, who started his hedge fund in 1992, has routinely made more than $1 billion a year, and has generated average annual returns of about 30 percent over its nearly two decades. Investigators are looking into Cohen after they found that two former portfolio managers at his hedge fund have both pleaded guilty to securities-fraud charges for trading on inside information. This is the first time the Cohen Account has been tied in any way to the larger insider-trading probe.

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