Cooperman Had Long, Often Costly Alliance With Cohen Family
Cooperman, 73, and his son Wayne bought stakes in at least five companies controlled or managed by Ed Cohen and his sons Jonathan and Daniel since 2000, including Atlas Resource Partners LP, Atlas Energy Group LLC, Resource America Inc. and Institutional Financial Markets Inc. Some have lost money for investors -- in two cases, more than 80 percent of their value on public exchanges.
Led by septuagenarian patriarch Ed Cohen, who has a penchant for speaking in Latin on earnings calls, the family has run small businesses spanning natural gas, banking and real estate. The Coopermans have often been among their biggest investors.
“Atlas Pipeline was one of several companies controlled by the Cohen family, a number of whose members I had known for many years,” the elder Cooperman wrote in a letter to shareholders of his $5.4 billion hedge fund, Omega Advisors, hours after he was accused of insider trading by the U.S. Securities and Exchange Commission. Cooperman also said in the letter that he and his firm hadn’t engaged in any unlawful conduct.
“We haven’t spoken for a year because of litigation,” Cooperman said in an e-mail Wednesday on his relations with the Cohens. “You’re not allowed to talk.”
Wayne Cooperman didn’t return a phone call or respond to an e-mail. Matt Barkett, a spokesman for the Cohens’ companies at Dix & Eaton, said he wasn’t immediately able to provide a comment.
Confidential Information
...
http://www.bloomberg.com/news/artic...g-often-costly-relationship-with-cohen-family
- Two companies Cooperman invested in lost 80 percent of value
- Cohens were paid $137.5 million for running Atlas spinoff
Cooperman, 73, and his son Wayne bought stakes in at least five companies controlled or managed by Ed Cohen and his sons Jonathan and Daniel since 2000, including Atlas Resource Partners LP, Atlas Energy Group LLC, Resource America Inc. and Institutional Financial Markets Inc. Some have lost money for investors -- in two cases, more than 80 percent of their value on public exchanges.
Led by septuagenarian patriarch Ed Cohen, who has a penchant for speaking in Latin on earnings calls, the family has run small businesses spanning natural gas, banking and real estate. The Coopermans have often been among their biggest investors.
“Atlas Pipeline was one of several companies controlled by the Cohen family, a number of whose members I had known for many years,” the elder Cooperman wrote in a letter to shareholders of his $5.4 billion hedge fund, Omega Advisors, hours after he was accused of insider trading by the U.S. Securities and Exchange Commission. Cooperman also said in the letter that he and his firm hadn’t engaged in any unlawful conduct.
“We haven’t spoken for a year because of litigation,” Cooperman said in an e-mail Wednesday on his relations with the Cohens. “You’re not allowed to talk.”
Wayne Cooperman didn’t return a phone call or respond to an e-mail. Matt Barkett, a spokesman for the Cohens’ companies at Dix & Eaton, said he wasn’t immediately able to provide a comment.
Confidential Information
...
http://www.bloomberg.com/news/artic...g-often-costly-relationship-with-cohen-family