Showing posts with label Steve Cohen. Show all posts
Showing posts with label Steve Cohen. Show all posts

Thursday, February 02, 2012

Billionaire Investor Trying to buy a piece of Mets


According to the L.A. Times,  Steven Cohen, the billionaire investor who is trying to buy the Dodgers, is on the verge of becoming a minority owner in his hometown New York Mets.

The deal would not preclude Cohen from pursuing the Dodgers, according to two people familiar with the transaction but not authorized to discuss it. Cohen has cleared a Major League Baseball investigation, the people said, which could bode well for his chances in the Dodgers sweepstakes. The league is more stringent in investigating majority owners than minority owners, but for now MLB has not found any grounds to disqualify Cohen from ownership.

Cohen, whose net worth is estimated at $8.3 billion by Forbes, is the founder of SAC Capital Advisors, a Connecticut-based investment firm. The company's records have been subpoenaed as part of a broad federal investigation in which one current and two former SAC employees have been charged with insider trading. No charges have been filed against Cohen or his company, which has said it is cooperating with the government probe.

Cohen is expected to spend $20 million on one of 10 shares offered for sale by the Mets' cash-strapped owners. The Mets are expected to use the proceeds to repay a $40-million loan to Bank of America and a $25-million loan to MLB.

Saturday, May 07, 2011

Report: Steve Cohen seen with the Wilpons in CT. Steak House, Could he be the next part owner of the Mets?


The NY Times identified hedge fund manager Steve Cohen as the frontrunner to buy a minority share of the Mets.

Today the New York Post is reporting that is still the case, reporting that Cohen was to meet with the Wilpons and/or Saul Katz  ”at 8 pm at Gabriele’s Steak House in his hometown of Greenwich, Conn.”.


In the Times’ report, people who knew Cohen said that they would be surprised that he would accept a minority stake in the Mets, on the presumption that such a stake would provide him with no control over the direction of the team.

The Post reported last week, however, and repeats today, that “a minority owner will have significant input immediately on key budgetary decisions” and that he would “be part of a newly created board.”

Of Course,  MLB has to approve such a owner, even a minority owner and yesterday it came out that he is being investigated by the feds for insider trading,  Stay Tuned!


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.

Wednesday, April 13, 2011

Hedge Fund Billionare Steve Cohen among bidders for Mets


U.S. hedge fund billionaire Steve Cohen is among the bidders for a minority stake in the New York Mets, according many reports

Cohen, who was born in Great Neck, New York, is a long-time Mets fan, according to the Wall Street Journal, which reported his involvement in the bidding. The person who confirmed Cohen’s involvement was granted anonymity because the matter is private.

Steve Starker, co-founder of the trading company BTIG; Ken Dichter, co-founder of Marquis Jets; and Douglas Ellin, creator of the HBO show “Entourage,” are part of another group that has bid for the Mets, the Journal said.

Another competitor is a group formed by hedge-fund manager Anthony Scaramucci, the founder of Skybridge Capital; and James McCann, the founder of 1-800-Flowers.com, which is a sponsor of the Mets, the New York Times reported.

An investment group led by David Heller, co-head of Goldman Sachs Group Inc.’s securities unit, and Mark Spilker, president of private-equity firm Apollo Global Management LLC, is out of the bidding, the Times said.

The Mets are seeking to raise about "$200 million to cover losses and pay down debt" and "recently requested that potential investors submit nonbinding letters confirming their interest in the team, including their bid price and size of the stake, which could range from 25% to 49%," the WSJ reported.
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