Sculptor Calls Bullsh*t On Dan Och’s Savior Complex
Sculptor Calls Bullsh*t On Dan Och’s Savior ComplexRemember all the bribing on your watch that required saving from in the first place, Danny?- Author:Jon Shazar
- Publish date:Oct 24, 2022
Remember all the bribing on your watch that required saving from in the first place, Danny?
Dan Och once paid his former waterskiing instructor and hand-picked successor $300 million to stick around his hedge fund, the then-Och-Ziff Capital Management. Now, he’s super-pissed that said hedge fund, the now-Sculptor Capital Management, is paying the same Jimmy Levin about half as much. So he’s demanding access to Sculptor’s records to determine how, exactly, it came to value Levin’s talents at roughly half the level he did.
Or so he says, in court filings, anyway. Sculptor’s got a slightly different take on the ask.
Sculptor attorneys say Levin’s former mentor is misusing the so-called books and records request to smear him and expunge the record of Och’s conduct “by creating a false narrative in which he is the savior of the company and is protecting it from its current management….”
Och’s animus has turned the relatively routine file request into part of his “blood feud” with his former protégé…. “Sculptor pleads plaintiffs lack a proper purpose,” in seeking the internal files, according to the filing. “Mr. Och and his co-plaintiffs -- all of whom have good reason to be loyal to the man who made them rich -- are using this litigation as a soapbox in their vendetta against the company and Mr. Levin.”
Given the hypocrisy-soaked legal filings and other efforts made by Och and his associates, that is certainly a colorable reading of his actions. And given all of that hypocrisy—from complaints about corporate governance lobbed by a man who presided over a continent-wide bribery scandal that nearly brought down the firm, to complaints from the same man who paid himself $3.9 billion to nearly run said firm into the ground about Levin’s pay package (which, again, is half as rich as the one Och himself gave to Levin), to irritation that the board Och so loathes is looking into doing the very thing Och wants it to do—it’s safe to say that two can play at this particularly nasty game.
The hedge fund firm formerly known as Och-Ziff “deteriorated” under the “mismanagement” of its founder Daniel Och, forcing those who succeeded him to spend years stabilizing the Wall Street firm… Sculptor says Och is targeting Levin for his efforts to resurrect the firm in the wake of the bribery scandal, implement governance reforms and strengthen its balance sheet by seeking financial concessions from Och, who retaliated by vetoing a decision by the board to seat Levin as CEO in 2017….
The firm says that Och should produce documents stretching back six years to “probe the founders’ historical animus.”
Billionaire Dan Och Slammed by Hedge Fund for ‘Mismanagement’ [Bloomberg]
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Tagsterms:Hedge FundsJames LevinlitigationSculptor Capital ManagementDaniel Ochlaw
Hedge FundsMan Who Paid Himself $3.9 Billion To Run Hedge Fund Thinks Guy Running Hedge Fund Is OverpaidAlso, the same man who failed to notice the continent-wide bribery ring run by his lieutenant isn’t impressed with the hedge fund’s corporate governance.
Hedge FundsMan Who Presided Over Continent-Wide Bribery Scheme Unhappy With Old Firm’s Corporate GovernanceDan Och would never have allowed this kind of thing to go on under his watch. Corruption on a lavishly grand scale, yes, but not overpaying a f*cking ski instructor.
Hedge FundsAfter Demonstrating He Didn’t Have To, Dan Och Gives Up Control of Och-ZiffHe’s lost enough money to prove his point.
Hedge FundsDan Och Temper-Tantrum Kept His Son’s Former Waterskiing Instructor From Succeeding Him For All Of Three YearsWe’re sure he agrees it was well worth the trouble.
Hedge FundsDan Och Overdosing On SPACs, CryptosAnything to feel alive.
![By World Economic Forum [CC BY-SA 2.0], via Wikimedia Commons](https://dealbreaker.com/.image/ar_16:9%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_620/MTYxMjc3NDI4NTY3MzIwNTQw/och.jpg)
Hedge FundsIf Dan Och Can’t Have His Former Hedge Fund Then No One Can!Or, more specifically, multiple entities can, but no one can have the whole thing—least of all his ungrateful former deputy.
Hedge FundsWho Is This ‘Dan Och’ You Speak Of?The former Och-Ziff Capital Management no longer dares speak its founder’s name.
Hedge FundsDan Och Encouraged By Conversations He’s Having With Clients Racing Out The DoorOh, like EVERY fund isn't dealing with 11 figure withdrawals? Oh, they're not?
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Originally posted on: https://dealbreaker.com/2022/10/sculptor-calls-bullsh-t-on-dan-ochs-savior-complex