Cohen, Steven Alan of SAC Capital Advisors, LLC

Steven Alan Cohen of SAC Capital Advisors, LLC

Cohen, Steven Alan

Forbes profile in which Mr. Cohen is ranked #106 among the world’s billionaires

Media Releases

April 2014 Reuters article entitled “U.S. judge accepts SAC guilty plea, approves $1.2 bln deal”

April 2014 Law360 article entitled “SAC Wins Approval For Landmark $1.2B Insider Trading Pact” (requires subscription) “A New York federal judge on Thursday accepted SAC Capital Advisors LP’s guilty plea to insider trading charges as part of a historic $1.2 billion settlement with U.S. authorities…”

April 2014 Bloomberg article entitled “SAC Faces Final Reckoning for 14 Years of Insider Scheme”

April 2014 Bloomberg article entitled “Cohen Hires Tortorella as Surveillance Chief for Point72″

April 2014 Reuters article entitled “SAC seeks Bart Schwartz as consultant in insider trading plea”

March 2014 Bloomberg article entitled “‘Remorseful’ SAC Urges Approval of Insider Trading Pact”

March 2014 Business Insider article entitled “SAC Capital Has Hired Palantir Technologies In Its Effort To ‘Better Detect Improper Activity’”

March 2014 CNBC article entitled “SAC’s Cohen considering settling civil case with SEC”

March 2014 NY Times Dealbook article entitled “Two SAC Capital Traders Jump to Highbridge Capital”

March 2014 New York Post article entitled “Tenth SAC exec admits to insider trading”

March 2014 Bloomberg article entitled “Cohen Changes SAC Name to Point72 in Family Office Shift”

March 2014 Business Insider article entitled “Former SAC Trader Mathew Martoma Just Lost His Stanford MBA”

February 2014 Reuters article entitled “Ex-SAC trader Martoma seeks to toss insider trading conviction”

February 2014 ValueWalk post entitled “SAC Capital Is Hiring A New Chief Surveillance Officer”

February 2014 Bloomberg article entitled “SAC Capital Insider Jury Seeks Testimony Favoring Defense”

February 2014 Bloomberg article entitled “Martoma a Victim of Intent to Charge Cohen, Defense Says”

January 2014 Bloomberg article entitled “Cohen Trading Strategy a ‘Dangerous’ Topic, Judge Says”

January 2014 NY Daily News article entitled “Judge lectures billionaire Steven Cohen, ex-wife over post-divorce court spats”

January 2014 Reuters article entitled “U.S. rests its case in insider trading trial of SAC’s Martoma”

January 2014 Reuters article entitled “SAC’s Cohen wins partial dismissal of ex-wife’s fraud lawsuit”

January 2014 Bloomberg Businesweek article entitled “Why SAC Capital’s Steven Cohen Isn’t in Jail”

January 2014 Reuters article entitled “Martoma a ‘grain of sand’ in probe of SAC’s Cohen -witness”

January 2014 Bloomberg article entitled “Martoma Expert Witness Testimony Sought Barred by U.S.”

January 2014 Law360 article entitled “Feds Urge Jury To Convict Ex-SAC Trader Martoma” (requires subscription)

January 2014 Reuters article entitled “Doctor tells of giving secret information to SAC’s Martoma”

January 2014 Bloomberg article entitled “Weill Named Chairman of Reinsurer as Cohen’s SAC Exits”

January 2014 Bloomberg article entitled “Ex-SAC Manager Martoma Loses Bid to Use Cohen’s Testimony”

January 2014 Bloomberg article entitled “SAC Trial Seen by Probe Convict as Latest Abusive Tactic”

January 2014 Bloomberg article entitled “SAC Becomes Family Office as Cohen Awaits SEC Case on His Future”

January 2014 Reuters article entitled “Trial to focus on trades by SAC’s Cohen”

January 2014 Bloomberg article entitled “SAC’s Cohen Focus of Trial as Martoma Rebuffs U.S.”

January 2014 Reuters article entitled “Cohen’s SAC ends life as hedge fund with double-digit returns”

November 2013 Bloomberg article entitled “New SAC E-Mails Given Martoma as Steinberg Heads to Trial”

October 2013 Bloomberg article entitled “Steven A. Cohen’s Baseball Dream Strikes Out in Hedge-Fund Plea”

October 2013 Bloomberg article entitled “SAC Agrees to Plead Guilty to End Insider-Trading Case”

October 2013 Bloomberg article entitled “Cohen’s Dream of Soros Status Dies as SAC Pleads Guilty”

October 2013 Bloomberg article entitled “SAC Trader Lia Forcina Said to Leave Hedge Fund for BlueCrest”

October 2013 Bloomberg article entitled “SAC Defections Accelerate as Cohen Approaches Settlement”

October 2013 The Telegraph article entitled “SAC heads towards $1bn insider trading settlement with US authorities”

October 2013 Bloomberg article entitled “Billionaire Cohen’s Art May Fetch $60 Million at Auction”

September 2013 Reuters article entitled “Cohen’s SAC Capital up 13 pct for year”

September 2013 Reuters article entitled “Insider trading trial of SAC’s Martoma delayed to January”

September 6, 2013 Bloomberg article entitled “Second Martoma Tipper Identified as SAC Trial Nears”

August 19, 2013 Daily Finance article entitled “Lawyers Secure Pact to Keep Steven Cohen’s SAC Operating”

August 13, 2013 Reuters article entitled “SAC Capital affiliate Parameter Capital closes”

July 28. 2013 Huffington Post article entitled “SAC Capital CEO Steven Cohen Throws A Party Despite Indictment”

July 22, 2013 Bloomberg News video & article entitled “SEC Tries Last Ditch Move to Put SAC’s Cohen Out of Work”

July 19, 2013 SEC Litigation Release entitled “SEC Charges Steven A. Cohen With Failing to Supervise Portfolio Managers and Prevent Insider Trading”

July 19, 2013 Reuters article entitled “SEC seeking to ban SAC’s Cohen from financial industry”

July 4, 2013 Wall Street Journal article entitled “SAC Capital’s Steven Cohen Expected to Avoid Criminal Charges”

June 30, 2013 Insider Monkey feature entitled “Steven Cohen Bio, Returns, Net Worth”

June 2013 Bloomberg article entitled “SAC Insiders Said to See Most Client Cash Gone by 2014″

June 2013 Financial Times article entitled “SAC’s referendum creates twin challenge for embattled hedge fund” (requires subscription)

June 2013 Vanity Fair article entitled “The Hunt for Steve Cohen”

May 2013 Bloomberg article entitled “Four SAC Executives Are Said to Receive U.S. Subpoenas”. The individuals are:
Tom Conheeney, President of SAC
Steve Kessler, head of compliance
Phillipp Villhauer, head trader
Solomon Kumin, Chief Operating Officer

May 2013 Reuters article entitled “Prosecutors consider using racketeering law against SAC”

May 2013 Reuters article entitled “Prosecutors’ subpoena of SAC’s Cohen puzzles defense lawyers”

May 2013 New York Post article entitled “Elan shareholders sue Cohen’s SAC Capital for nearly $1B”

April 2013 The Guardian article entitled “SAC Capital insider trading charges: is a cursed Picasso painting to blame?”

March 28, 2013 Reuters article entitled “U.S. judge holds off ruling on SAC Capital-SEC deal”

March 20, 2013 Reuters article entitled “SAC Capital up 4 percent this year as probe continues”

March 2013 HedgeFundX post entitled “Cohen’s SAC tells investors that government scrutiny is not over”

March 2013 Forbes article entitled “SEC’s $600M Slap To Steve Cohen’s SAC Fund Not Bad After Taxes”

February 2013 Business Insider post entitled “Steve Cohen More Than Doubled His Pay Between 2011 And 2012″

February 2013 Bloomberg article entitled “SAC’s Cohen May Face SEC Suit as Deposition Hurts Case”

February 2013 Reuters article entitled “UPDATE 2-SAC has $1.68 bln in withdrawals as trading probe deepens”

January 2013 Bloomberg article entitled “SAC to Close Chicago Office With Four Investment Teams”

January 2013 Bloomberg article entitled “Cohen’s SAC Tops Most Profitable List Amid Insider Probes”

A January 2013 Associated Press story entitled “Ex-hedge fund manager pleads not guilty in NYC”, covers Matthew Martoma’s insider trading case. Mr. Martoma worked for a division of SAC Capital and the article mentions his trading recommendations to Steven Cohen.

December 2012 Bloomberg article entitled “Why Hasn’t Ex-SAC Capital Manager Mathew Martoma Turned on Steve Cohen?”

December 2012 Bloomberg article entitled “SAC E-Mails Show Steve Cohen Consulted on Key Dell Trade”

December 2012 New York Times article entitled “A Fascination of Wall St., and Investigators”

December 2012 Forbes article entitled “Feds Tighten Belt Around Cohen’s SAC With Weight Watchers Probe, Says Reuters”

December 2012 New York Times story entitled “A Big Art Lover, and Moneyman, Is Missing at the Fair”

December 2012 Time Magazine article entitled “Can the Federal Government Really Deter Insider Trading?”

December 2012 Fox Business article entitled “Analysis: SAC’s Cohen shows no signs of retreat despite scandal”

December 2012 New York Times Dealbook post entitled “Trail to a Hedge Fund, From a Cluster of Cases”

November 2012 Huffington Post story entitled “Steve Cohen, Super-Rich And Secretive Trader, Faces Possible SEC Investigation”

SAC Company Website

Wikipedia Profile

March 2011 NY Times Dealbreaker article entitled “65 Alternative Investment Managers on Forbes Richest Billionaires List”

In March 2010 The Justice Department launched an investigation into whether hedge funds might have banded together to drive down the value of the euro. In a letter, the department asked hedge funds including SAC Capital Advisors LP, Greenlight Capital Inc., Soros Fund Management LLC and Paulson & Co to retain trading records and emails relating to the euro.

In February 2010 NY prosecutors arrested Milton Balkany, an Orthodox Jewish rabbi and director of religious school in Brooklyn, for trying to persuade SAC Capital to donate $4 million to two schools in return for keeping an unnamed imprisoned investment manager from talking about the fund’s alleged insider trading deals. According to the government’s allegations, Mr. Balkany was trying to take advantage of media reports that prosecutors might be targeting SAC in an ongoing investigation into insider trading in the hedge fund industry. Legal sources identified Hayim Regensberg as the inmate whom Mr. Balkany said he had spoken to about SAC. Mr. Regensberg was convicted last year of defrauding about a dozen people in a three-year long Ponzi scheme. He is now serving an eight-year sentence at the Otisville prison.

In February 2010 it was reported that six-months after a New Jersey judge dismissed a lawsuit filed by Biovail against SAC, SAC filed a lawsuit in federal court in Connecticut seeking damages from Biovail for having filed a “vexatious” lawsuit against it in 2006. Cohen’s hedge fund seeks to recoup its legal expenses plus damages. In the complaint, SAC said it incurred “tens of millions of dollars in unnecessary legal fees” and “incalculable damage to its reputation.”

In 2009, federal regulators accused a former Blackstone Group investment banker, Ramesh Chakrapani, of tipping off a friend about the 2006 buyout of the Albertsons supermarket chain. In January 2010 that friend was revealed to be Jonathan Hollander, a former analyst at SAC. The sources also confirmed that the firm where the trading in question took place in January 2006 is CR Intrinsic Investors, an SAC subsidiary.

In December 2009, Patricia Cohen sued ex-husband Steve Cohen for hiding millions from her and her children at the time of their divorce nearly 20 years ago, and saying that Cohen confessed to insider trading in the 1980s. Ms. Cohen sought $300 million, and filed the suit under a civil version of the Racketeer Influenced and Corrupt Organizations Act, or RICO, typically used against organized crime. In January 2010, Paul Batista, Ms. Cohen’s original lawyer, dropped the lawsuit, allegedly without her authorization. Patricia Cohen had since switched lawyers, and maintained that the lawsuit was still ongoing.

A December 2009 article (http://www.businessinsider.com/steve-cohen-was-on-a-trashy-talk-show-talking-about-cheating-on-his-wife-2009-12) included a link to a 1992 video clip of Mr. Cohen and his wife Alexandra Cohen on the talk show “Cristina”. The premise of the show was second wives complaining that their husbands won’t break free of their exes. The show was centered around Alexandra’s complaint that Mr. Cohen was cheating on her with his ex, Patricia Cohen.

In December 2009 it was reported that Airvana Inc. and its proposed acquirers, including a unit of Blackstone Group LP and an affiliate of SAC Capital Advisors LP, were sued by an investor seeking to block the $530 million deal.

In November 2009 SAC Capital Advisors announced that, in an internal inquiry, they found no suspicious trading in stocks named in Galleon Group insider-trading case. Neither SAC nor Steven Cohen has been accused of any wrongdoing. Investigators are expected to examine trading at SAC, the Wall Street Journal reported November 7, 2009.

In November 2009 it was reported that federal authorities are investigating the activities of Mark Adams, a former analyst at Balyasny Asset Management, in connection with the Galleon insider trading case. The Wall Street Journal reported the Adams allegedly gave material nonpublic information about EMC Corp. EMC to Steven Fortuna, co-founder and principal of Boston-based hedge-fund firm S2 Capital Management. From July 2005 to December 2007, Adams worked at SAC Capital Advisors. Balyasny and SAC haven’t been accused of any wrongdoing and the firms haven’t been subpoenaed or contacted by authorities, the Journal said.

In October 2009 Richard Grodin, a former portfolio manager at SAC Capital Advisors and Sigma, received a subpoena seeking trading records related to the Galleon insider trader scandal. Grodin left SAC in January 2004 to set up Stratix Asset Management. The subpoena doesn’t suggest wrongdoing by Richard Grodin, nor does it suggest that Mr. Cohen, has been implicated in any way, or that he knew about any trading by Mr. Grodin.

Richard Choo-Beng Lee was identified as a cooperating witness in the insider trading case brought by federal prosecutors against Galleon founder Raj Rajaratnam and 18 others. Lee’s Oct. 8 cooperating agreement with authorities stated that he wouldn’t be prosecuted further for any crimes related to his participation in insider trading between roughly 1999 and 2004 in connection with his employment at “a certain hedge fund located in Connecticut, and its affiliate(s).” He worked at SAC Capital from 1994 to 2004. The cooperation agreements do not accuse Cohen or anyone else at SAC of wrongdoing.

Mr. Lee also worked as an analyst with Richard Grodin at Sigma and Stratix. Lee left Stratix and formed Spherix with Ali Far. Far has been identified as another cooperating witness in the case. The Wall Street Journal reports Shammara Hussain, a 23-year old assistant for Grodin and Lee, passed along inside information on Google.

It was reported that in March 2009, Mr. Lee, after striking the deal to assist the government, attempted to be re-hired at SAC Capital. Mr. Cohen declined to hire Mr. Lee because he was suspicious about the recent and abrupt closure of Mr. Lee’s hedge fund, Spherix. Rival hedge fund managers said shutting the fund amid such good returns aroused suspicions that something was amiss.

In August 2009 it was reported that New Jersey Superior Court Judge Donald Goldman had dismissed the Biovail lawsuit. The lawsuit sought $4.6 billion in damages from 22 defendants including SAC Capital, Steven A. Capital, SAC Healthco, Pinnacle Investment Advisors, Helios Equity Fund, and Hallmark Funds. The judge said the court lacked jurisdiction and Biovail failed to “state a cause of action.” In February, New Jersey Federal District Court Judge Stanley Chesler dismissed a similar suit filed by several Biovail shareholders against SAC. The judge ruled Biovail had violated ethics rules in order to get material that could be used in the case and that the investors’ lawyers failed to properly investigate the allegations.

In April 2009 Mr. Cohen hosted an art show at Sotheby’s in New York. The pieces, owned by Cohen and his wife, Alexandra, all depict women. They have a combined market value of about $450 million. As of March 6, SAC owned 5.9 percent of Sotheby’s, up from 4.6 percent on Dec. 31.

Steven A. Cohen’s SAC Capital Advisors gained 3 percent in March 2009 and 10 percent in the first quarter.

In March 2009, Forbes ranked Mr. Cohen’s net worth at $5.5 billion, down from $8 billion in 2008.

In February 2009 it was reported that the SEC was examining the situation involving insurer Fairfax Financial Holdings Ltd, and allegations that that several hedge funds conspired to drive down its stock price by using advance notice of an analyst’s negative report about the company. Fairfax Financial, a Canadian property and casualty insurer, brought the allegations in a lawsuit filed in July 2006 in state court in New Jersey. Documents submitted in the ongoing case indicate that executives of the hedge funds discussed the upcoming report of the analyst, John Gwynn of Morgan Keegan Inc. The hedge funds (SAC Capital Advisors, Third Point LLC and Kynikos Associates) used knowledge of Gwynn’s report before its public release to bet against Fairfax Financial’s stock by short-selling it, the insurer alleges. A November 2009 article stated that the suit, filed in 2006, was still open, that that Fairfax’s lawyers are expected to start taking depositions of some of the hedge funds’ executives and traders soon. The SEC served a subpoena on Fairfax’s lawyers, seeking copies of all emails and trading reports the hedge funds had turned over to the insurer during the initial discovery process in the litigation. The subpoena specifically requested information concerning any trading activity ‘that gave SAC a financial interest in the rise or fall’ of Fairfax’s share price.

In February 2009, a U.S. Federal Court judge has dismissed a $4-billion class-action lawsuit filed in 2006 by shareholders of Biovail against a group of Wall Street hedge funds including SAC Capital Advisors LP. The lawsuit, filed by Guy Del Giudice, alleged the funds had conspired to drive down Biovail’s share price in 2003. In his ruling, U.S. District Judge Stanley Chesler sanctioned the lawyers who filed the lawsuit for violating a judge’s order that had sealed some of the information they cited in the filing. He said Biovail’s lawyers drafted both the shareholder lawsuit and the company’s lawsuit as part of a “choreographed strategy” to counterattack critics who had previously sued the company.

In February 2009, Ron Insana left SAC Capital after six months on the job. He had been hired as a managing director with a focus on strategic development.

In February 2009, Michael Corcell, who focused on US equities at SAC Capital in London, left the company.

In January 2009 it was reported that SAC Capital Advisors saw its Multi-Strategy Fund lose 13% through November 2008, “even though the fund is supposed to make money in any environment.”

In January 2009 Orient-Express Hotels Ltd. confirmed that it was served with a petition in Bermuda by DE Shaw and CR Intrinsic (SAC Capital). The petition alleges, among other things, that the Company’s current ownership and voting structure is unlawful under Bermuda law, and that the Board exercised its fiduciary powers for an improper purpose in causing or procuring Orient-Express Holdings 1 to acquire, hold and/or vote Class B shares of Orient-Express Hotels Ltd. CR Intrinsic Investors, operates out of Stamford, Connecticut, and focuses on using primary research to develop investment ideas.

In January 2009 it was reported that SAC Capital Advisors had slashed holdings in a number of retailers and small pharmaceutical companies at the end of 2008.

A January 2009 article reported that Steven Cohen’s psychiatrist, Dr. Ari Kiev, who works exclusively for SAC Capital, has recently been in high demand.

In December 2008 the planning and zoning commission in Greenwich, CT, approved Mr. Cohen’s application for a special permit to add about 1,145 square feet to his 35,000-square-foot house at 30 Crown Lane. The house already sports a basketball court, an indoor pool and an ice rink complete with a garage for the Zamboni machine. According to this story by The New York Times’s Peter Applebome, the add-on is to include more storage, a garden room, a breakfast room and an expansion of the “his” dressing room.

In December 2008 SAC Capital Advisors LLC told investors they may withdraw money prematurely from its Multi-Strategy Fund.

In November 2008 SAC Capital dismissed a team of seven portfolio managers and assets. The job cuts came at CR Intrinsic Investors, one of the firm’s four main portfolios, which was especially hard hit in October, including a bet against German carmaker Volkswagen, which rallied on the news that Porsche was seeking to gain a majority stake in VW. SAC dropped 11% in November, leaving it down 18% for 2008.

In November 2008 it was reported that according to regulatory filings with the U.S. Securities and Exchange Commission, SAC held 1.7 million BCE shares as of Sept. 30. With yesterday’s plunge, that size of holding would have lost $22-million in value in one day.

In October 2008 it was reported that Paul Tudor Jones and Steven Cohen had sold assets to raise cash. Cohen’s SAC Capital Advisors, reportedly built up cash reserves to 50% of assets.

In September 2008 David Rocker was dropped as a defendant in the Fairfax Financial Holdings Ltd lawsuit against Cohen, SAC, and others.

In September 2008 David and Simon Reuben joined a revolt by shareholders at the Orient Express for changing its corporate governance structure. The luxury hotel chain operator had came under pressure from two influential hedge funds led by Steven Cohen as well as DE Shaw to cancel the special anti-takeover voting right shares vested with its promoters. Cohen-led CR Intrinsic Investments and Shaw-led DE Shaw Valence together hold 14.3 per cent stake in the company.

In June 2008 it was reported the SAC Capital Advisors is shutting its New York-based Sigma Capital Management’s debt business. Other SAC companies include Canvas Capital Management, which is based in San Francisco and currently invests in US equities, primarily in the technology sector and in Asian securities.

An April 2008 provided more detail into Andrew Tong’s lawsuit against SAC. Mr. Tong alleged that SAC ordered its traders to take female hormone pills “to help erase his aggressive male ways so he could be more effeminate in his trading style”

In March 2008, the U.S. Securities and Exchange Commission sued Biovail and some of its former officers, for accounting fraud, particularly that “Biovail actively misled investors and analysts about the reasons for the company’s poor performance”. Biovail settled for $10 million.

In February 2008, a group of Pharmion Corp. shareholders, including financier Steven A. Cohen, believes its pending takeover by biotechnology company Celgene Corp. undervalues the drug maker.

In January 2008 SAC Capital president Brian Cohn left the firm.

An October 2007 article reveals that Christopher Dodd’s presidential campaign’s largest contributor is SAC Capital, the influential Greenwich hedge fund run by Steven A. Cohen, whose employees have collectively given $344,100.

A September 2007 article announcing Forbes magazine’s list of the 400 richest Americans reveals that Steven Cohen of SAC Capital Advisors was the richest hedge fund manager with $6.8 billion, and was ranked 47th overall.

A September 2007 article details the re-ignition of Biovail Corp.’s well-publicized conspiracy suit against short-sellers and analysts, including SAC Capital and Steven Cohen. Biovail claims that it was the victim of a conspiracy to spread false information about it in an effort to depress its stock and profit. The company’s chairman at the time, Eugene Melnyk, appeared on 60 Minutes to tout the complaint.

A September 2007 article announces that a group of prominent American hedge funds have failed to get a $6-billion lawsuit against them by Prem Watsa’s Fairfax Financial thrown out of NJ court. Fairfax alleges the hedge funds were engaged in racketeering and hired a man named Spyro Contogouris to ‘beat up’ its stock as a way of profiting from short selling its shares. The money firms, among them SAC Capital, Exis Capital, Sigma Capital and Rocker Partners, deny using any dirty tricks and allege Mr. Watsa’s company sued them in order to silence its critics and deter investors from shorting its stock.

A July 2007 article announces that investors have approached Steven A. Cohen, offering to buy up to 20% of SAC Capital, according to sources with knowledge of the discussions. However, neither Cohen nor officials of SAC are commenting on the potential stake sale.

In May 2007 it was reported that Mr. Cohen purchased a 10-bedroom, two-acre estate at 96 Further Lane in the Hamptons, listed for $19.95 million by Corcoran Group.

In a March 2007 article Take-Two Interactive Software Inc. announced that it may sell itself after investors including Steven Cohen’s SAC Capital Advisors LLC and Oppenheimer Funds Inc. said they planned to install their own directors and fire chief executive Paul Eibeler.

A March 2007 article describes the allegations that several hedge fund managers, including SAC founder Steven Cohen, had successfully brought down Fairfax’s share price to make hundreds of millions of dollars buying cheap stock. All the defendants, including Cohen, denied wrongdoing.

A March 2007 article announces that Steven A. Cohen’s activist investment group, SAC Capital Advisors LLC, may take on billionaire investor Carl Icahn for up-market homebuilder WCI Communities Inc. The articles reveals that SAC also holds a 9.5% stake in the company, or 4 million shares in the Bonita Springs, FL builder.

A February 2007 article announces that Hedge fund magnate Steven A. Cohen is running with a new crowd on Wall Street. After hiring a seasoned private equity dealmaker in December, Cohen’s $12 billion SAC Capital Partners teamed up with buyout king Kohlberg Kravis Roberts & Co. on a $3.1 billion deal for the higher learning outfit Laureate Education Inc. in late January.

A February 2007 article reveals details of a lawsuit brought by Biovail Pharmaceuticals against SAC Capital, the hedge fund run by investor Steven A. Cohen. Apparently, Biovail alleges that the research company Gradient Analytics conspired with SAC Capital and produced negative reports, driving down Biovail’s share prices for the benefit of SAC and other short sellers.

A January 2007 article reveals that SAC Capital has a 5% stake in Build-A-Bear Workshop, a purveyor of adorable stuffed animals. The position reflects SAC’s new tactics amid increased competition in the hedge fund industry. Steven Cohen is trying to shed his reputation for being an aggressive quick-fire trading guru and focus more on long-term investments.

Stamford CT-based SAC’s 13F filing with the SEC for the period ending September 30, 2006, shows assets at $9.6 billion with 1620 investment holdings.

Stamford CT-based SAC’s 13F filing with the SEC for the period ending December 31, 2005, shows assets at $8 billion with 1803 investment holdings.

SAC Capital’s recent 13F filing with the Securities and Exchange Commission for the period ending June 30, 2005 shows assets at $10.9 billion for 2137 investment holdings. This compares with $10.6 billion for the March 31, 2005 filing and $8.6 billion at the end of 2004.

Dec. 2006: SAC Capital Advisors, the $10 billion hedge fund firm run by Steven Cohen, has more than doubled its stake in Phelps Dodge and will oppose a takeover of the copper mining company by Freeport-McMoRan Copper & Gold. Cohen said that SAC had rejected the Freeport offer of $26.4 billion because it failed to ”provide full and fair value” to Phelps Dodge shareholders.

In July 2006, Canadian insurer Fairfax Financial Holdings filed a lawsuit in New Jersey court seeking $5 billion from a group of hedge funds, alleging that they pushed its stock down by spreading false rumors and misleading research about its finances in a “massive and fraudulent disinformation campaign.” The defendants include SAC Capital Management, Steven Cohen, Exis Capital, Andrew Heller, Third Point Partners, Daniel Loeb, Rocker Partners, David Rocker, Lone Pine Capital, Trinity Capital and other hedge funds as well as John Gwynn, a Morgan Keegan analyst.

In Feb. 2006, The Biovail Corporation, Canada’s largest drug maker, filed a lawsuit in New Jersey Supreme Court yesterday, seeking damages of $4.6 billion from 22 defendants. Among the defendants are SAC Capital, Steven A. Capital, SAC Healthco, Pinnacle Investment Advisors, Helios Equity Fund, and Hallmark Funds.

In January 2003, Michael Zimmerman, a trader with SAC came under SEC scrutiny for allegedly trading on information in company reports written by his wife, Holly B. Becker, a noted Lehman Brothers Internet analyst, before they were published. This situation was mentioned in several articles. Although SAC was not under investigation, Becker and Zimmerman were served with Wells Notices. SAC claimed that if anything happened, it was before Zimmerman joined the company. A Business Week article about Cohen also discussed another possible conflict of interest with one of SAC’s traders.

SAC Capital allegedly contacted ImClone CEO Sam Waksal, who was involved in the Martha Stewart situation, on the same day Stewart talked to him. Their phone call, according to the company, was never returned and SAC lost millions in a long position on ImClone.

Cohen began collecting art in 2000. In 2003, the New York Times reported that in a 5-year period, Cohen spent 20% of his income at art auctions. He is reportedly building a private museum for some of his artwork on his Greenwich property. In the winter of 2005 it became known that in 1999 Cohen had bought Edvard Munch’s “Madonna”. Reportedly this was for $11.5 million, a record price for any Munch painting.

In addition, in 2006 Cohen bought a landscape entitled “Police Gazette” by artist Willem de Kooning for $63.5 million from David Geffen. Also in 2006, Cohen attempted to make the most expensive art purchase in history when he offered to purchase Picasso’s Le Reve from casino mogul Steve Wynn for $139 million. Just days before the painting was to be transported to Mr. Cohen, Mr. Wynn, who suffers from poor vision, accidentally thrust his elbow through the painting while showing it to a group of acquaintances inside of his office at Wynn Las Vegas. The purchase was cancelled, and Mr. Wynn still holds the painting.

A Business Week article that was found goes very in depth into SAC Capital’s inner workings, in addition to Steven A. Cohen’s nature and lifestyle. http://www.businessweek.com/magazine/content/03_29/b3842001_mz001.htm

In 1995, the New York Stock Exchange censured Mr. Cohen for inflating the price of a penny stock to increase the value of a portfolio he managed. The manipulation took place in 1991, when Mr. Cohen worked at Gruntal & Company. As a penalty, Mr. Cohen agreed to a four-week ban from “employment or association in any capacity” with any broker-dealers on the exchange.

Madoff, Bernard Lawrence of Bernard L. Madoff Investment Securities, LLC

Madoff, Bernard Lawrence

Media Releases

April 2014 Reuters article entitled “New York judge dismisses lawsuit against Madoff feeder fund”

March 2014 BBC article entitled “Ex-Madoff employees found guilty of conspiracy”

March 2014 MSN News article entitled “5 Madoff ex-workers convicted in case’s 1st trial”

January 2014 Bloomberg article entitled “JPMorgan-Madoff Case Won’t Be Last Big One, Bharara Says”

January 2014 Reuters article entitled “Decades-long ties to Madoff cost JPMorgan $2.6 bln”

January 2014 NBC News article entitled “Madoff suffered heart attack in prison last month”

November 2013 Reuters article entitled “Madoff victims, including indirect investors, may soon get another $2.35 bln”

October 2013 New York Times article entitled “Case Against Madoff Sons Is Dismissed in London”

October 2013 Bloomberg article entitled “Madoff Was Like a God, Wizard of Oz, Lawyers Tell Jury”

September 2013 Reuters article entitled “Madoff accountant charged with aiding Ponzi scheme”

September 2013 Law 360 article entitled “SEC Stonewalled Doc Requests In Madoff” (requires subscription)

September 2013 Bloomberg article entitled “Bernie Madoff’s Little Helper”

August 2013 NY Daily News article entitled “Andrew Madoff continues battle with stage-four cancer, receives donor lymphocyte infusion”

May 2013 CNN article entitled “Prison exclusive: Bernie Madoff can’t sleep”

Wikipedia Profile outlining the personal, business and criminal history of Mr. Madoff.

Wikipedia Profile entitled “Madoff Investment Scandal”

October 2011 ABC News article entitled “Bernie Madoff Exclusive: Barbara Walters’ Firsthand Account”

February 2011 New York Magazine article entitled “The Madoff Tapes”

August 2009 SEC publication entitled “Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme – Public Version -”

April 2009 CNN Money article entitled “How Bernie Did It”

January 2009 Vanity Fair article entitled Madoff in Manhattan”

2008 Forbes article entitled “Bernie Madoff’s $50 Billion Ponzi Scheme”

Mark Madoff answered an “ask the expert” column for the Wall Street Journal in March 2007.

Bernard L. Madoff Investment Securities and others are in opposition of the SEC considering closing a loophole in Regulation SHO known as the grand fathering clause.

Mark Madoff was quoted about the NASDAQ’s move to provide cheaper access to the NYSE.

From the company’s website:
“Bernard L. Madoff founded the investment firm that bears his name in 1960, soon after leaving law school. His brother, Peter B. Madoff, graduated from law school and joined the firm in 1970. While building the firm into a significant force in the securities industry, they have both been deeply involved in leading the dramatic transformation that has been underway in US securities trading… Bernard L. Madoff has been a major figure in the National Association of Securities Dealers (NASD), the major self-regulatory organization for US broker/dealer firms. The firm was one of the five broker/dealers most closely involved in developing the NASDAQ Stock Market. He has been chairman of the board of directors of the NASDAQ Stock Market as well as a member of the board of governors of the NASD and a member of numerous NASD committees.”

An April 2006 article mentioned that ATD is one of a handful of wholesalers fighting over retail orders not destined for the nation’s primary stock exchanges. Knight Capital Group, Citadel Execution Services, Bernard L. Madoff Investment Securities, Citigroup, UBS Securities and E*Trade all compete for the order flow of a few hundred larger self-clearing retail brokers and clearing houses.

Mark Madoff is quoted about ECN’s and that the customer does not care where the orders are sent but that they are charged for the least expensive way possible

In January 2006, Bernard L Madoff was ranked 3rd in Market participant for NYSE listed securities.

Mark Madoff is quoted about the sellside becoming less important to the buyside.

Mark Madoff is quoted about the SEC’s new trade-through rule in December 2005.

In March 2004 Madoff Investment announced it had replaced its in-house proprietary FIX engine with Cameron Systems’ FIX protocol engine.

In November 2004 Bernard was named to the Board of Trustees at Hofstra University.

Bernard took part in the Advisory Committee on Market Information for the SEC in July 2001.

In 1994 Bernie was honored by the New York Special Olympics for his outstanding contributions and commitments to the organization. At the time his firm had donated over $300,000 to the group.

In January 1991 Madoff Securities made news when their automated trading system failed for several hours in the midst of the huge surge in trading volume. Bernie called the malfunction a “hardware glitch.”

When Bernie started the company in 1960, he did so with only $5,000 saved from life guarding at Rockaway Beach and later installing underground sprinkler systems.

Bernard L. Madoff Investment is a BBB member. They have not had any complaints against them in the past three years.

Bernard participated in a panel for the US Senate Committee on Banking, Housing, and Urban Affairs.

Bernard is quoted in a number of articles regarding Net stocks, online trading, and other matters of the NASD and NYSE.

Bernard is the chairman of the board for the Sy Syms School of Business at Yeshiva University.

Dondero, James David of Highland Capital Management, LP

Dondero, James David

Company Website / Executive Biography”

January 2014 Bloomberg Businessweek article entitled “Highland Trial Witness Says Daugherty Incentive Plan Questioned”

January 2014 NY Times Dealbreaker article entitled “Texas Judge Has The Popcorn Ready For Highland Capital Mini-Reunion”

January 2014 Bloomberg article entitled “Highland Capital, Dondero Face Former Executive in Trial”

November 2013 press release entitled “Highland Capital Management Responds to the Dissemination of Misinformation Regarding Pending Legal Matters”

October 2013 New York Post article entitled “Hedge fund mogul in nasty divorce battle with ex”

2013 D Magazine article entitled “The 100 Most Expensive Homes in Dallas” in which Mr. Dondero’s home is ranked #84 at $8.1 Million

February 2013 You Tube video entitled “Highland Capital Management rings the NYSE Closing Bell”

July 2012 Forbes article entitled “Chief of $20 Billion Highland Capital Management Fires Back at Former Business Partner”

July 2012 New York Observer article entitled “The Spouse That Roared: Hedge Funder’s Ex Slaps Him With Rico Charge”

An October 2007 Highland Capital Management company profile lists James D. Dondero as Managing Partner and President. The employee-owned firm manages more than $40 billion in senior secured loans, collateralized loan obligations, structured investment vehicles, mezzanine debt, nigh-yield bonds, equities, and more on behalf of financial institutions, pension plans, foundations, and wealthy individuals.

A September 2007 article announces that James Dondero has resigned from the board of Leap Wireless International. Mr. Dondero had served as a non-executive director since 2004.

A September 2007 Cricket Communications Inc. profile lists James D. Dondero among its directors.

On May 21, 2007, the Federal Trade Commission (FTC) announced a $250,000 civil penalty against James D. Dondero, the ultimate parent of hedge fund Highland Capital Management, L.P. (Highland) for violating the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as amended (HSR Act). Mr. Dondero failed to file a timely pre-merger notification form in connection with the exercise of options to purchase additional shares of Motient Corporation.

February 2007 article reveals that Highland Capital Management is a major shareholder SunCom Wireless Holdings Inc. The article also indicates that Highland is JP Morgan affiliate.

A February 2007 article reveals that Highland Capital Management is guiding the reorganization of Moll Industries Inc., which owns injection molding and assembly facilities in
Mexico, Ireland and the Southeastern U.S.

A February 2007 article announces that Highland Distressed Opportunities Fund is to invest in the senior secured debt, mezzanine debt and unsecured debt of troubled companies that are middle-market–that is, have annual revenues between $50 million and $1 billion–or trade over the counter.

A January 2007 profile of Highland Capital Management LP reveals that the firm was founded in 1993 and manages more than $25 billion in assets, mostly in leveraged loans. In 2005 Highland formed its first European subsidiary with the acquisition of ING Capital Management (now named Highland Capital Management Europe).

A September 2006 article profiles Highland Capital Management LP, describing the company as a unique combination of high-yield loan manager, distressed debt investor, private equity firm, mutual fund manager and hedge fund.

A March 2006 article reveals that a Delaware court ruled that Highland Capital lacked the basis for litigation against Motient Corp. and that Motient was now free to pursue litigation against Dondero.
A March 2006 article announces that the Court of Chancery of the State of Delaware has dismissed the a complaint brought against Tejas Inc. by Highland Legacy Limited, an entity controlled by James Dondero.

A February 2006 article announces James Dondero’s resignation from Motient Corporation’s board of directors.

An October 2005 article discusses allegations against James Dondero, saying that he “leaked non-public information to Motient’s shareholders in an effort to drive down Motient’s stock price and, ultimately, attempt to wrest control of the company”, says Motient’s chief operating officer Christopher Downie.

A July 2005 article mentions that James Dondero has the second largest stake (4.7 million shares) in Leap Wireless International, a company that filed for Chapter 11 bankruptcy protection earlier that year.

An April 2005 article announces that Highland Capital Management, LP is planning an acquisition of a European investment manager, ING Capital Management, Ltd.

A November 2005 article shows information, in summary, about Highland Capital Management, LP, including contact info, stock type, and top officers, of which James Dondero is listed as president.

A link in the media section leads to a site showing Mr. Dondero’s affiliation with the company Cricket Communications, and also names him as part of the Board of Directors.

A November 2004 article mentions that James Dondero allegedly prevented former UBS Securities trader, Joshua Wheelock, from getting other debt trading jobs by threatening to pull Highland’s accounts if Wheelock were hired after being terminated from UBS in December of 2003.

A February 2001 article quotes James Dondero, saying that “good-faith negotiations have broken down” and that his creditors would be best served by an immediate filing involving the troubled news agency Bridge Information Systems.

Falcone, Philip Alan of Harbert Management Corporation

Philip Alan Falcone of Harbert Management Corporation

Philip Alan Falcone

Media Releases

March 2014 Bloomberg article entitled “Harbinger’s Falcone Wasted Assets, Investor Says in Suit”

September 2013 Reuters article entitled “Judge OKs SEC’s Falcone settlement with admission of wrongdoing”

August 2013 Bloomberg article entitled “Falcone Agrees to SEC Securities Ban, Admits Wrongdoing”

August 2013 Bloomberg article entitled “Harbinger Sues Deere, Garmin Over GPS Products Spectrum”

May 10, 2013 Bloomberg article entitled “Falcone Agrees to Two-Year Hedge-Fund Ban to Settle SEC Lawsuit”

December 2012 Insider Monkey post entitled “Harbinger plans $650 Million Refinancing”

October 2012 NY Times Dealbreaker articles entitled “Sleep where Phil Falcone hath Slept” & “Phil Falcone will borrow Millions of Dollars from any Gated Investor Fund He Pleases”

August 2012 NY Times Dealbreaker article entitled “Phil Falcone is Turning his Life Around”

August 2012 Business Insider article entitled “Phil Falcone’s Harbinger Capital Had A Killer Summer Thanks To His Bet On His Own Publicly Traded Company

July 2012 Forbes article entitled “Amid SEC Charges, Hedge Fund Manager Phil Falcone Attempts Audacious IPO”

June 2012 Bloomberg article entitled “Falcone Said to Face Lawsuit From Regulators Over Loan”

Wall Street Journal news, articles & biography regarding Phil Falcone

March 2011 NY Times Dealbreaker article entitled “65 Alternative Investment Managers on Forbes Richest Billionaires List”

2011 Business Insider article entitled “The Hottest Hedge Fund Wives On Wall Street”

Wikipedia Profile

Forbes Profile

A March 2009 article reveals that Harbinger Capital Partners, run by Philip Falcone, reportedly proposed lower management and incentive fees if investors agree to have their money tied up for two years rather than one.

March 2009 – Harbinger Capital was first to declare a short position in HSBC following the bank’s record rights issue, after making more than £300m from a similar tactic with HBOS last year. Harbinger had on Monday taken a short position in HSBC shares, worth about £110m. Any gains so far from this trade are likely to be modest, but its head, Philip Falcone, has won big at the races before on such flutters. Harbinger has also taken short positions in Spanish banks, including one for 0.4 per cent of Santander, the owner of Abbey National. Mr. Falcone was one of five hedge fund managers quizzed by US lawmakers last November.

A March 2009 article reveals that “hose who have met Falcone recently say he is undaunted by the current state of resources markets and remains a true believer in the logic of the super-demand cycle.”

A March 2009 article reveals Falcone and Harbinger’s positions in several companies including, Fortescue Metals Group Ltd., Island Sky Australia Ltd., Poseidon Nickel Ltd., and Po Valley Energy Ltd.

A March 2009 article reveals “Philip Falcone of Harbinger Capital Partners, put his money behind a Republican in the form of Rudy Giuliani, who later refunded the donation.”

The managing member of Harbinger Capital Partners LLC is Harbinger Holdings, LLC, which is in turn controlled by Philip A. Falcone.

March 2009 – China’s Sinosteel lifted its holding above 5 per cent to become the third-biggest shareholder. Sinosteel is now third on the register, behind Philip Falcone’s Harbinger Capital on 19.8 per cent and Korean steel giant Posco on 12.3 per cent

February 2009 – Tate & Lyle lost another 200BE, p to 27100BD, p amid increasing signs that investor Philip Falcone of Harbinger, the hedge fund, is looking to sell. There has also been speculation that hedge fund Harbinger Capital, which is run by Philip Falcone, may be forced to sell its large stake in the company following redemptions. The rumors have weighed on the share price in recent months.

A February 2009 article reveals that Philip Falcone has been an outspoken activist investor and has in the past called for management shakeups at The New York Times Co. and Media General, two of its other substantial holdings.

January 2009 – The past few months have been hard on Harbinger Capital Partners and its founder, Philip Falcone. After a good start to the year (it was up more than 40 percent through June), the New York–based hedge fund firm gave up those gains. Falcone’s main fund dropped 17.9 percent in September alone, leaving it down 5.4 percent on the year. Over the summer Falcone lost money going short financials and long energy, a common trade that cost many hedge funds dearly when it reversed in July.

A January 2009 article refers to Philip Falcone as a “and a long-time backer of [mining magnate Andrew Forrest]” The article also reveals Harbinger ahs a 17 per cent stake in Po Valley, which was previously run by Mr. Forrest.

January 2009 – At last, some respite for those poor beleaguered hedge funds from the Financial Services Authority, which says it will drop its ban on short selling financial stocks later this month. The concession can’t come soon enough for some in the sector. Take Philip Falcone of the US hedge fund group Harbinger, below. Publicly excoriated for making pots by selling HBOS short last year, Mr. Falcone’s fortunes have since taken a turn for the worse. So much so, he has now had to put limits on investors’ withdrawals from his biggest fund.

“We are believers in Calpine’s business model and like their long-term prospects,” said Harbinger Capital Partners Senior Managing Director Philip A. Falcone. “We are a committed shareholder and may look to add to our position over time.” Mr. Falcone commenting on the January filing by Calpine Corporation of an amendment to its Form S-3 Registration Statement with the Securities and Exchange Commission as it successfully emerges from bankruptcy.

December 2008 – Harbinger Capital Partners run by Philip Falcone, is restricting redemptions in its $10 billion Harbinger Capital Partners Master Fund to 60 percent to 70 percent of the $3.5 billion requested by investors. The fund is down 23 percent for the year through November, although at the end of June it was up 43 percent for the year, according to Bloomberg. Harbinger will also separate the fund’s private equity holdings, which make up about 15 percent of assets, into a segregated account to avoid selling them at distressed prices.

A an article dated 11.13.2008 writes, “George Soros of Soros Fund Management, John Paulson of Paulson & Co, Ken Griffin of Citadel Capital, James Simon of Renaissance Technologies and Phil Falcone of Harbinger Capital are testifying today at the House Committee on Oversight and Government Reform hearings. They are discussing the role of hedge funds in the financial crisis and whether hedge funds should be regulated.” See attached document for Mr. Falcone’s complete testimony which is also included in the media section below.

Harbinger Capital, the activist New York hedge fund run by Phil Falcone, fell 17.9% in September and is down 5.4% in the first nine months of 2008. This contrasts with a 116% gain in 2007 following a correct strategy against subprime mortgages. According to a letter to investors last month, leverage has been cut. Harbinger managed around $21 billion at the beginning of August.

A September 2008 article reveals that the Forbes list of the 400 Richest Americans includes Philip Falcone at #163, while Trader Monthly listed him at #2 in a list of the highest earning fund managers.

Harbert Management was founded in 1949 by John Harbert. The company began as a construction firm that eventually transitioned into a money management firm. Raymond Harbert, John Harbert’s son, now runs the company. The company was founded after John Harbert won $6,000 in crap game sailing home from WWII. He used the money to buy a concrete mixer and started a construction company. Harbert Management went on to carve out a niche in high-risk enterprises such as buying Tennessee and Kentucky coal in the 1960s and oil stock during the energy crisis.

Possible detrimental information found, however it might be due to the nature of the investment strategy adopted by Mr. Falcone.

An August 18, 2008 article states that Harbinger bought a large stake in Media General and The New York Times Co. earlier in 2008 and negotiated seats on their board of directors by threatening proxy fights. This article addresses recent rumors that Harbinger would try a similar move with Cablevision Systems Corp., in which they hold a minority stake.

An August 17, 2008 article states that Philip Falcone – who reportedly made $1.7 billion in 2007 – paid $49 million in February to purchase Penthouse publisher Bob Giccione’s townhouse at 14 East 67th Street. The residence is five stories with 27 rooms. The article states that Mr. Falcone and his wife’s potbellied pig Pickles has its own room.

A July 25, 2008 article states that Harbinger Capital Partners Funds agreed to provide $500 million of debt financing to SkyTerra Communications, Inc. and Mobile Satellite Ventures, LP.

A July 23, 2008 article states that Harbinger Capital Partners bought the 30th and 31st floors of 450 Park Avenue and will rent the office space for what sources state is close to the building’s asking price of $180 per square foot.

A July 2008 article discusses Mr. Falcone’s childhood. He was the youngest of nine, described as a “quiet, inquisitive kid with a sheepish grin”. He was a standout hockey player, nicknamed “the phantom” for “his uncanny ability to cruise – untouched – legs barely pumping, past defenders”. His father walked out on the family, leaving Mr. Falcone’s mother to raise nine children on an 80-cent-an-hour job at a shirt factory. Mr. Falcone’s hockey skills brought him to Harvard University, where he played center on the varsity hockey team. He later played professional hockey in Sweden for a year until his sports career ended due to a thigh injury. In 1990 Mr. Falcone teamed with a friend from Harvard to acquire AAB Manufacturing, which turned out to be a huge failure, resulting in Mr. Falcone’s bank accounts being frozen and the lights in his apartment shut off. This article also states that his 27-room mansion features an indoor pool, solarium and theater. He also owns a minority stake in the NHL team Minnesota Wild. Despite all of his success, Mr. Falcone insists that money does not define who he is.

A June 2008 article reveals that Philip Falcone’s Harbinger Capital Partners has taken a sizable 3.29% short position, worth an estimated $670 million in HBOS, the UK’s biggest mortgage lender.

A May 2008 BusinessWeek article dubbed Philip Falcone the “Midas of Misery” for his success in “snapping up troubled assets in bankruptcy, shorting distressed bonds, and using huge stock positions to agitate for change at under performing companies”.

An April 2008 article states that Philip Falcone tied James Simons (of Renaissance Technologies Corp.) as the second-highest paid trader on Wall Street. Henry Paulson ranked first.

A March 2008 article states that the “Manhattan mansion where soft porn publisher Bob Guccione used to cavort with his Penthouse Pets has been sold to hedge fund supremo Philip Falcone”. The article states that the property features a “massive, shimmering Roman-style pool”, along with a wine cellar, garden with greenhouse, ballroom, 11 bathrooms and four bedroom suites, including a massive master bedroom covering an entire floor.

In a January 2008 article, Mr. Falcone denies that Harbinger Capital Partners’ plan to nominate its own members to Media General Inc.’s board of directors “was neither hostile nor ill-advised as characterized”. Mr. Falcone made these remarks in a letter sent to Marshall N. Morton, Media General’s president and chief executive. The letter was also filed with the SEC.

In November of 2007, it was noted that Harbinger Capital Partners would buy Calpine Corp’s bankruptcy claim against Solutia Cor, for $135.5 million. Harbinger was the top bidder at an auction overseen by a US bankruptcy judge in New York.

A September 25, 2007 article states that Harbinger Capital Partners sold a tenth of its GeoEye holdings.

A May 11, 2007 article states that Harbinger Capital Partners was taking a more active approach to DHB Industries.

An April 2007 article states that the Harbert Merger Arbitrage and Event Driven Fund began investing on an in-house fund in December with $25 million from Harbert Management. The fund is run by Neil Kennedy and John Frank.

A March 16, 2007 article states that Harbinger Capital – along with Paulson & Co. and Kensico Capital Management – was one of a few hedge fund managers that made money from the “surge in subprime mortgage defaults”.

In 2006, market watchers reported that Philip Falcone and Raymond Harbert were buying big in Fortescue using Patersons Securities, after a week in which the stock price sagged.

In 2006, Harbinger Capital Partners were attempting to merge two struggling companies that they were heavily invested in. The companies were Salton Inc., and Appilca Inc. Appilca Inc. agreed to be acquired by Harbinger for $6 a share. Harbinger held a stake in Salton.

In 2006, Northwestern Corporation told its largest stockholder, Harbert Distressed Investment Master Fund, “that efforts to communicate with other shareholders to vote in a new board would not trigger a poison pill.” Harbert was taking action because it was “profoundly dissatisfied” with Northwestern’s tactics to rebuff negotiations with Black Hills Corporation on its proposal to merge. Harbert also accused the Northwestern board of “manipulating the corporate machinery to protect its own interests.”

From a Nov. 2005 article: Falcone manages the Harbert Distressed Investment Fund, a $3 billion hedge fund in New York. He started the fund in June 2001. Falcone’s a master rebound investor. He specializes in finding companies that are massively undervalued due to bad press or scandals: issues that don’t really affect the company’s core business. And 2001 was a great market for this type of investing. Since the fund’s inception in June 2001, Falcone has shown investors returns of 101%.

An August 2005 article reiterates the conflict (between Harbert and affiliate Calpine) mentioned in the earlier articles, as Mr. Falcone sums up his view of the situation, commenting, “it is not over yet.”

Two May 2005 articles comment on the disagreement between Harbert and affiliate Calpine, and the accusation of improper use of funds.

An April 2004 article announced that Harbert Management put forward a loan that brought company General Chemical Products, Inc. out of bankruptcy in March of that year.

A July 2002 article mentions that Harbert Capital is a private equity firm managed by Philip Falcone. It says that its assets were up by 14.2% from just the year before. It also mentioned it was planning on launching a convertible arbitrage fund to be managed by Jeff Parket and Mitch Thaw that following fall.

Another July 2002 article comments that Harbert’s primary focus is on turnarounds, restructurings, liquidations, and even driven situations from trading long and short public debt securities.

A link in the media section leads directly to Harbert’s company website, wherein there is a bio and photo of Mr. Falcone.

A media article estimates Philip Falcone’s annual income at between $40-50 million.

A media article boasts of Harbert’s success, saying that their “clients are the beneficiaries of over 50 years of property ownership, development and management experience.” It also says that they have combined assets in excess of $1.4 billion.

http://www.harbert.net/company/about-hmc/ is the company website for Harbert.

http://www.harbert.net/distressed-event-special-situations/investment-team/ is the company website for Harbinger.

Philip Falcone donated $2300 to Friends of Rahm Emanuel in May 2008 and $28,500 to the Democratic Senatorial Campaign Committee in June 2008. In 2007, he donated $4600 to Christopher Dodd, $2300 to Friends of Dick Durbin Committee, $2300 to Citizens for Arlen Specter, $2300 to Rudy Giuliani’s presidential campaign, and $2300 to Team Sununu (Senator John Sununu).

Cammack, James Steven of Palm Beach Capital Management, LLC

James Steven Cammack of Palm Beach Capital Management, LLC

LinkedIn profile

Corporation Wiki profile

Executive Bio as stated in EnField Operating Company website

Bloomberg Businessweek Executive Profile

Market Visual Knowledge Map

EnField Resources company website

Bloomberg Businessweek Company Snapshot of GVC Financial Services listing Mr. Cammack as VP, Southwest Region

GVC Financial company website

Find the Best profile of Palm Beach Capital Management

Media Releases

Steve Cammack participated in a Pro-Am Golf tournament in May 2006.

4 Edgar SEC filings were found for J STEVEN CAMMACK as a lender with Finovac.

In 2000, FINOVA CAPITAL CORP. named J. Steven Cammack senior vice president-commercial finance.

In 1998, FINOVA CAPITAL CORP. has named J. Steven Cammack senior vice president of the Rediscount Finance division.

Stevenson, Patrick Vernon King of Atlas Capital, Ltd.

Patrick Vernon King Stevenson of Atlas Capital, Ltd.

Zoom Info profile

Open Corporates profile of 2006 Acquisition Limited now dissovled, of which Mr. Stevenson was a director

Media Releases

2008 Opalesque article entitled “Close-Up: Patrick Stevenson, Chief Executive of the Atlas Capital Group”

Patrick V.K. Stevenson is a non-executive director at Henderson EuroTrust. He is also on the board at Calyon.

Atlas Capital Group does business in Guernsey as Sigma Asset Management (Guernsey) Limited and in Nassau as Deltec Bank & Trust Ltd. They also have locations in Tokyo (Atlas Capital Tokyo Limited), New York (First Atlas Capital Inc) and Rome (Atlas Capital SIM SpA).

The Atlas Capital Group’s core activities are split amongst three entities and regions:

Atlas Capital Limited (London) is responsible for investment advice, asset allocation and hedge fund selection for the entire Group.

Sigma Asset Management (Guernsey) Limited is the Group’s offshore fund of funds investment manager and acts upon advice and recommendations from Atlas Capital Limited.

Deltec Bank & Trust Ltd (Nassau) attends to the needs of our high net worth clients and offers them traditional offshore private banking services.

2007 Banque de France white paper entitled “Fund of hedge funds: origins, role and future” written by Mr. Stevenson

In February 2007 Atlas Capital received three nominations for the InvestHedge Awards 2006. These were for SAM Event Driven Fund (Event Driven and Distressed category), SAM Discovery Fund (Emerging Markets category) and SAM Macro Trading Fund (New Fund of the Year).

In January 2007 Weston-Atlas Partners Fund entered into a strategic partnership with Alverstoke Capital Group. Since 2004, they have seeded Alverstoke Capital Group value-oriented catalyst-driven 2007, FrontFour Capital 2006, Agamas multi-strategy relative value 2005, Acumen Capital Management Asia ex Japan long/short equity hedged 2004 and Sequence Capital US long/short hedged equity 2004.

In November 2006 Atlas Capital Associates announced the management buy out of Atlas Capital Group Holding S.A. (ACGH), one of the longest established firms providing alternative investment solutions with over $4.6 billion AUM. The MBO covers three of the operating subsidiaries of ACGH, namely: Atlas Capital Limited, the London based institutional and high net worth advisory company, Sigma Asset Management (Guernsey) Limited, the fund of hedge funds management company, and Deltec Bank and Trust Limited, the Nassau based bank servicing high net worth individuals and families. It does not include Atlas Capital SA, the Swiss based private client investment manager which is simultaneously being bought out by the four Geneva partners. See related Financial News article entitled “Atlas Capital snapped up in management buyout”

2006 Professional Pensions article entitled “Hugues Lamotte to lead MBO of Atlas Capital Group”

2006 The Lawyer article entitled “Addleshaws bags hedge fund manager MBO role”

2005 press release entitled “SAM Arbitrage Hldgs Re: Re-Structuring of Cells”

The MBO team headed by Hugues Lamotte, founder of the Group, Patrick Stevenson, Chief Executive, Patrick Murray, Chief Operating Officer, and Hervé Javice, Head of Group Development, is the majority shareholder of ACAL and, together with the staff, own 75% of the equity.

Patrick Stevenson, chief executive, declined to reveal the price paid, but it is understood to be upwards of $100m. He said the new company – which will be set up under a Cayman Island parent – would carry on its strategy of offering alternative investments. Atlas’s Guernsey fund of hedge funds business has about $2.2bn under management, while the new group would have $3.6bn of the original $4.6bn total funds under management.

In October 2006 Michael Baines of Atlas was appointed to the board of Ipso Ventures Limited.

In April 2005 The Weston-Atlas Partners Fund announced it was seeding Agamas Capital Management. Since the beginning of 2004, Partners has seeded a portfolio of early-stage managers. Agamas is the seventh and final group seeded with Partners’ capital. The other six include Kenyon Robertson Capital, Acumen Capital Management, HS Management, BreakWater Fund Management, Sequence Capital; and Athena Capital.

In December 2003 Atlas Capital joined Weston Capital as co- general partner of an incubator fund set for launch, The Weston-Atlas Partners Fund. Chris Kelley from Weston and Susan Webb from Atlas are spearheading the fund.

Following its merger with Soditic Asset Management, Sigma Asset Management (Guernsey) Limited, became a wholly owned subsidiary of the Bermudan registered company Atlas Soditic Associates Limited (now ADAS Capital Group Holding Limited). Under a reorganisation that took place on 24 June 2003, it was sold to Atlas Capital Group Holding SA and is now a subsidiary of that company as is the investment adviser, Atlas Capital Limited.

In 2002 shareholders of Atlas Capital Group merged their offshore interests with Deltec Bank & Trust. Also in that year Atlas Capital Group opened offices in Rome and New York.

In 2000 Soditic Asset Management (now Atlas Capital SA Geneva) merged with Atlas.

In 1998 Atlas Capital Limited was established in Japan.

In 1994 Sigma Guernsey launched its first offshore fund of funds advised by Atlas Capital Limited.

In May 1994 the Municipal Bond Investors Assurance Corp (MBIA) provided a guarantee on the largest structured finance transaction ever sold in Europe. Atlas Capital Limited created a French franc 9 billion, or $1.5 billion, senior financing deal for the restructuring of a French bank, Comptoir des Entreprenuers.

Soditic Asset Management in Geneva was founded in 1985.

Baines, Michael George Coriat Talbot of Atlas Capital, Ltd.

Michael George Coriat Talbot Baines of Atlas Capital, Ltd.

Executive Bio as stated in Campion Captial website. Mr. Baines is non-executive Chairman.

Zoom Info profile

Executive Bio as stated in Church House Investments website. He was with the firm from 2002 until its sale in 2010 to Virgin Money.

Bloomberg Businessweek Executive Bio

Dellam company profile of Sciens Capital Limited listing Mr. Baines as a Director in 2008

Duedil profile of Robert Fleming International Limited

Campion Capital company website

Duedil profile of Campion

Zoom Info profile of Campion

Media Releases

In October 2006 Michael Baines of Atlas was appointed to the board of Ipso Ventures Limited.

Michael Baines was mentioned as a part of Robert Fleming’s board of directors on two SEC holdings reports for Impax Laboratories Inc and Caliber Learning Network Inc.

Baines was quoted in several articles about Robert Fleming issuing covered warrants in China.

A 1995 article about former servicemen working in finance mentions that Michael Baines was formerly a captain of the 4th/7th Dragoon Guards and now was head of derivatives and a main board member of Robert Fleming. He believes the biggest hurdle is adapting to the unstructured environment of the City. “In the military there is a rank structure and a training structure. The City is far more anarchical.” But those who cross the divide, he says, do well. Indeed, he believes they are better suited to the rapidly changing financial environment than most. “In the Army, you change your job on average every two years, and even senior people have to go back to be trained so they know what their juniors are doing.” That is a lesson directors of Barings would have done well to learn, Mr Baines says.

A 1995 article stated that Michael Baines, head of derivatives operation at Robert Fleming, has his “office” is on the trading floor, right alongside the traders.

In 1988 Michael Baines laid down a friendly challenge to broker Kitcat & Aitken for a rowing race between the firm and Robert Fleming.

Ward, Scobie Dickinson of Ward Ferry Management, Ltd.

Scobie Dickinson Ward of Ward Ferry Management, Ltd.

Zoom Info profile

Company website

Bloomberg Businessweek Company Snapshot

Bright Scope company profile

Media Releases

January 2013 Value Walk article entitled “Top 10 Hedge Funds Of 2012 [FINAL]: Dan Loeb,David Tepper, Leon Cooperman” in which WF Asia Fund was ranked #9B with 27.66% growth and $222MM AUM

August 2012 Bloomberg article entitled “Ward Ferry Asia Hedge Fund Returns 16% This Year, Beating Peers”

May 2012 Global HF Asia article entitled “Ward Ferry Stays Ahead in Asia Hedge Funds”

July 2011 Business Insider article entitled “Meet The Two Most Anticipated New Hedge Fund Managers In Asia”

May 2011 Business Insider article entitled “The 15 Biggest Asian-Based Hedge Funds” in which Ward Ferry was ranked #14 (requires subscription)

Financial Post article entitled “Ward Ferry touts growth in Asia”

May 2008 Hedge Fund Intelligence article entitled “Ward Ferry Rolls Out Japan Smaller Companies Vehicle”

June 2001 Forbes article entitled “Classic Hedge, Asian Flavor”

Van Agtmael, Antoine Willem of Emerging Markets Management, LLC

Antoine Willem Van Agtmael of Emerging Markets Management, LLC

LinkedIn profile stating current positions as:

  • Senior Adviser at Garten Rothkopf
  • Chairman at NPR Foundation
  • NPR board member and Chairman Investment Committee at NPR
  • Trustee and Co-chair, International Advisory Council at The Brookings Institution

NPR Executive Bio

Bloomberg Businessweek Executive Profile

Garten Rothkopf company website stating mission as “GR is an international advisory firm that helps leaders capitalize on transformational trends in energy, climate, risk, and the global economy.”

National Public Radio (NPR) organizational website

Bright Scope profile of Strategic Investment Management LP which has $30 billion of AUM, and lists Mr. van Agtmael as an advisor

Ashmore EMM company website

Bright Scope company profile

Morningstar fund profile

Media Releases

January 2013 CNBC article entitled “Gear Shift? Relax on Europe, Beware Emerging Markets”

Compilation of Investment Europe articles regarding Ashmore Emerging Markets

June 2012 Foreign Policy article entitled “The End of the Asian Miracle”

August 2011 Africa Asset Management article entitled “Right off the shelf”

February 2011 Financial News article entitled “Ashmore buys ‘Mr Emerging Markets’ in US expansion”

March 2010 Emerging Markets News article entitled “CHINESE EQUITIES: Ground zero”

2009 Council on Foreign Relations roster entitled Stop the North American Union listing Mr. van Agtmael as a member

2008 TIFF Education Foundation seminar speaker biography

2007 You Tube video entitled “Antoine van Agtmael – “The Emerging Markets Century”

Antoine van Agtmael authored the book “The Emerging Markets Century: How A New Breed of World-Class Companies is Overtaking the World”.

Antoine van Agtmael is credited with coining the term “emerging markets.” Prior to that, the term “Third World Equity” was used.

Mr. van Agtmael was a presenter at the 5th Annual Financial Markets and Development Conference. A detailed bio was provided for him on this conference’s website.

In 2002, Emerging Markets Management outperformed the index, exceeding the index by 463 basis points.

In March of 2007, Antoine van Agtmael wrote an article titled How Can U.S. Stay on Top of the World?

In February of 2007, Mr. van Agtmael was quoted, “we’re in the middle of the biggest shift in 200 years—since the Industrial Revolution. It’s really that big,” while commenting on current economic conditions.