Sculptor Rebuffs Och’s Demand for Merger Documents as ‘Vendetta’

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Sculptor Capital Management is resisting founder Dan Och’s demand for records and documents related to its proposed merger with Rithm Capital Corp., accusing him of making false claims about the deal as he pursues a “vendetta” against the firm.

The $34 billion money manager responded to Och and his allies Tuesday, saying the group lacks valid grounds to obtain the information.

“The demand is nothing more than a pretext for Mr. Och and his colleagues to continue their years’ long campaign against the company’s current management while masking their own conflicts in having repeatedly demanded economic benefits for themselves,” Sculptor wrote in a letter attached to a statement.

It’s the latest turn in a bitter feud between Och and the firm he built. He and four other former executives have been pressing the company to hand over information so they can investigate how it chose Rithm as a merger partner — a deal that Och’s group is challenging. The firm said Och is being driven by resentment over his departure. It also said his group’s expression of concern for shareholders doesn’t jibe with terms the former executives have sought in their own interest, such as measures to ease their tax burden and a $5.5 million payment to cover legal costs.

Sculptor formed a committee last year to seek a transaction. It has accused Och of stymieing the process, snubbing a potential buyer that walked away earlier this year. Since Rithm agreed to purchase Sculptor in July, Och has questioned whether better options were available.

 

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