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Norwalk Advocate - Hedge fund manager Steven Cohen is no stranger to the Planning and Zoning Commission.
The panel has approved many additions to his Crown Lane estate since he bought it in 1998 for $14 million. The founder of SAC Capital in Stamford is back before the commission.
At its Dec. 16 meeting, the panel will likely review a preliminary site plan for two additions, totaling 1,145 square feet, to the 35,085-square-foot mansion on 14 acres Cohen and his wife Alexandra.
Already larger than the town’s recommended maximum volume of 150,000 cubic feet and boasting an ice rink and indoor pool, 30 Crown Lane would gain a breakfast room, a garden room and a "His" dressing room, as well as more storage, from the proposed construction.
Both additions would be built over existing impervious surfaces, avoiding increased runoff, and Cohen has received a green light from the town’s Engineering Division.
Seeking Alpha - CNBC’s Ron Insana is folding the tent on his Insana Capital Partners L.P. hedge fund called "Legends." On August 8, 2008 sent a letter to his investors to announce they were closing shop and taking a job with Steven Cohen of SAC Capital.
"Our current level of assets under management, coupled with the extraordinarily difficult capital-raising environment, make it imprudent for Insana Capital Partners to continue business operations."
Ronald G. Insana left CNBC in March 2006 to set-up Insana Capital Partners L.P. This was a hedge fund known as a "fund of funds." Ron had the idea to use his fame to charge people hedge fund fees to select hedge funds. At the time I thought this was much like CMGI at the peak of the internet bubble. CMGI as an over valued internet holding company that invested in internet stocks then got a similar premium for its investments. According to the NY Times article, "Running a Hedge Fund Is Harder Than It Looks on TV," there was an advantage of paying Insana, access to great funds:
New York Post- If the Securities and Exchange Commission expands its clampdown on short-selling, it is widely expected to slam hedge funds like Stephen Cohen’s SAC Capital and James Simon’s Renaissance Technologies, which profit from fast-and-furious trading, experts predicted.
That’s because under the long-accepted rules of the short-selling game, these hedge funds, which often trade through sophisticated computer programs, have been able to skip the process of borrowing the shares needed to cap off their short positions.
But that luxury is now being challenged by the SEC’s mandate requiring investors who short 19 financial stocks, including Fannie Mae and Freddie Mac, to borrow the shares they short before they bet against the stock whose price they predict will fall.
Reuters- Hedge fund SAC Capital reported on Wednesday that it had cut its stake in Take-Two Interactive Software Inc to 4.4 percent from 5.3 percent.
The fund did not give a reason for the recent stock sales in a filing with the U.S. Securities and Exchange Commission. It said it was no longer a beneficial owner of 5 percent of the company’s stock and did not intend to file further updates on its stake with the SEC.
Take-Two is facing a takeover bid by larger rival Electronic Arts Inc, which it has rejected as being too low.