And it’s not Steve Cohen, i.e. Fred Wilpon just made the biggest mistake of his life.

Team ownership has chosen a preferred bidder — the group led by former Glencore commodities trader Ray Bartoszek and investor Anthony Lanza — and have been in advanced talks since last week on the proposed deal to sell up to a 49 percent stake in the money-losing team for $200 million. The talks, which can still splinter like a cheap bat because they have yet to iron out some sticky details, could be wrapped up and announced before the end of the month. “They are pretty close to a deal,” a source said…Bartoszek would be starting a new line of work as his present one closes. Until recently, the 46-year-old had been head of oil trading for the world’s biggest commodity trader, earning hundreds of millions of dollars for Glencore International. The Switzerland-based company listed its shares this month in the London Stock Exchange’s biggest IPO ever, raising $10 billion. Lanza, 44, started private equity firm Carriage House Partners. Sterling was previously close to reaching a deal with hedge fund titan Steven Cohen, but those talks later cooled.

Anyway, not that SC gives a shit- really, you guys did him a favor- but I hope you enjoy the ad spots he’ll be taking out on SNY, the SAC P&L analyst who will be tasked with circling the stadium during games in a ’97 Hyundai Elantra whose tailpipe drags and shouting obscenities over a loudspeaker, and paying a hefty ransom for Mr. Met.

Mets, Bartoszek group close to deal [NYP]

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Or at least one of the things on a wish list that includes a revealing 12-month wall calendar, Zamboni rides, a full deck of cards, karaoke night, an invite to the manse for spaghetti with anchovies, the opportunity to submit designs for the tattoo he’ll be getting on his lower lumbar region, a remastered DVD of home video footage that features his conception, birth, and 3rd place finish in the 8 and under 25m butterfly, a lock of chest hair, one year as his foster child, and higher fees: a new fund.

SAC Capital Management LLC, the $14 billion investment firm founded by Steve Cohen, is opening a fund specializing in quantitative trading, its first new fund in six years, according to two people familiar with the decision.

The hedge fund will be managed by SAC’s 20 teams of so-called quant traders, who buy and sell stocks based on signals from computer models, said the people, who asked not to be identified because the Stamford, Connecticut-based firm is private. Current investors asked SAC to open the fund, which will launch in the third quarter, the people said. Quantitative investing makes up about 15 percent of the roughly $35 billion, including leverage, that the firm manages.

SAC Said to Open Quant Fund as Main Fund May Close to New Money [Bloomberg]

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As you may have heard, in the last month, Steve Cohen has emerged as the frontrunner for a minority stake in the New York Mets. Cohen’s partial ownership would undoubtedly please a great many people- the organization, which needs the money, the players, who need the discipline, the the SAC employees, who will take over the grill at the in-house Shake Shack when the burgers are deemed shit, and most of all, the fans, who stand to benefit the most from Steve’s leadership, as you don’t win rings without having a guy around who will light a fire under everyone’s ass. And yet, it sounds like none of that is gonna happen.

According to the Post, Sterling Equities, which owns the team, “has gone back to bidders who had made offers it rejected and asked them to resubmit offers,” after SC apparently “lost interest.” The loss of interest may or may not have had something to do with the MLB sticking its noses where they don’t belong.

Cohen may be falling from his leadership position because MLB, which must approve his investment, has some questions about the reported federal probe into trading activity at Cohen’s SAC Capital, a source close to the situation said.

What the Mets should have done, if they cared about winning, was told Bud Selig to buzz off. But you know what? That’s fine. Give the stake to some hack who lacks vision. Then continue your losing tradition while Cohen? Starts his own pro ball league.

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The senator wants to be kept in the loop re any ‘suspicious trading’ at SAC Capital (he doesn’t know of any, but in case anything comes up in the files) and also has questions just generally about what life is like there.

Iowa Sen. Charles Grassley, the top Republican on the Senate Judiciary Committee, sent a letter to Wall Street’s major self-regulatory organization asking for any reports reflecting “suspicious trading” involving SAC Capital that it had received from exchanges since 2000. “The use of nonpublic information for insider trading purposes is sadly alive and well in our nation’s financial markets,” Sen. Grassley wrote to the Financial Industry Regulatory Authority. “More must be done to investigate and bring these criminals to justice.” In the letter, which was dated April 26 and released Friday, Sen. Grassley cited recent insider-trading cases, including charges against two former SAC fund managers, writing: “While SAC Capital itself has not been charged, these allegations raise serious questions about the corporate culture at SAC Capital and undercut investor confidence in a fair and balanced playing field.”

[WSJ]

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Last February two former SAC Capital employees, Noah Freeman and Donald Longueuil, were charged with insider trading, with Longueuil pleading guilty in April and Freeman doing so from the get-go, having chosen to cooperate with the FBI (cooperation that included wearing a wire while having conversations with his ex-best friend, Longueuil, in which he got Don to vividly describe destroying evidence with two pairs of pliers and a North Face fleece). At the time of the accusations, SAC said that they were “outraged” by the actions of the duo, who’d been fired in 2010 for “poor performance.” That should have been the end of it, but now the Feds are taking a look-see at whether or not these punks got their stink on The Cohen Account AKA The Big Book.

The Big Book would be the $3 billion portfolio overseen by the Big Guy (described as The Cohen Account in court filings), where many of the trades come from “high-conviction” ideas suggested by portfolio managers to SC, successful ones earning them a few extra zeros at the end of the year and/or a brand new all-fleece wardrobe. According to the Journal, prosecutors are checking out the suggestions made by Longueuil and Freeman to Cohen (which a) may have been legitimate ideas they came up with on their own, sans material non-public info or b) based on tainted info that SC didn’t know was dirty), among other things.

The filings don’t say that the trades suggested by Messrs. Freeman and Longueuil were based on inside information, nor that Mr. Cohen had any knowledge of the portfolio managers’ rationale for recommending the trades. The documents filed in court don’t include specific details about the trades or the timing of them.

The SAC documents under scrutiny by the government were referenced in communications between the Manhattan U.S. Attorney’s office and lawyers for Mr. Longueuil and a co-defendant, in which prosecutors described evidence they were turning over in the case. The defense lawyers attached the prosecutors’ letters to filings in a New York federal court last month, before Mr. Longueuil pleaded guilty.

The court filings indicate that prosecutors are examining the compensation SAC paid to Messrs. Freeman and Longueuil. Among documents gathered by prosecutors are the two fund managers’ pay stubs and tax forms, as well as information on SAC’s net rate of return, management fees and incentive fees, according to the filings.

Neither Cohen nor SAC have been accused of any wrongdoing and it sounds as though prosecutors haven’t uncovered anything beyond the fact that these two guys once worked there and occasionally came in contact with Steve. Longueuil and Freeman are nevertheless advised to get out of town** and certainly not consider asking for Mets season tickets,*** or even entertaining the thought of putting SC down as a job reference.

US Examining Trades By Hedge Fund Titan [WSJ]

**Actually, maybe think about the protection that comes with jail time.
***The only seat you’ll have in that stadium is 5 feet underneath second base.

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As you may have heard, the New York Mets are going through a bit of a rough patch, on account of being screwed financially on their investment with Madoff Securities. They need money and they plan to get it by selling a minority stake in the team. Last month, Steve Cohen put in a bid and while other financiers might buy pro sports teams to fulfill some sort of childhood dream, SC is doing so because he believes the ball club is on the brink of greatness.

Commissioner Bud Selig does not believe the Mets are as in bad shape as the Los Angeles Dodgers, and apparently the investment groups interested in purchasing a minority share agree with him. The Mets are currently struggling on the field and at the box office, but owner Fred Wilpon’s potential partners believe the club will be able to turn things around quickly, according to financial industry sources. The investment groups believe general manager Sandy Alderson will build a competitive team within two or three years; an improved club means increased attendance, television ratings and revenue. “It’s a New York sports franchise, so if you put a decent product on the field, you will see things improve,” one source said.

And the 2-3 year projection doesn’t even take into account Steve’s rumored suggestions for improvement. If those are implemented, sources say this thing could get turned around in 2-3 months. Reps for the hedge fund will be messengering a series of training tapes to Queens, shot by SC during his own stint playing ball with the Fairfield County winter league. Start with “Bring the Power” and work your way through. As a newly winning organization must be great from top to bottom, SAC employees are advised to start perfecting their peanut vending yell now, because you will be taking over these positions.

Investors interested in buying minority share in the Mets think club can turn things around quickly [NYDN]

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Steven A. Cohen, head of SAC Capital Advisors, arrived with his wife, Alexandra, who wore red open- toed shoes that matched the carpet leading in to the Metropolitan Museum of Art’s Costume Institute Ball. Penelope Cruz entered with Oscar de la Renta, Beyonce with Jay-Z…Fashion and wealth blended on this evening for one of the biggest museum fundraisers on the planet. Tables, which were sold out months ago, went for $100,000 to $250,000…As for the fit of a tuxedo, “This is one instance where size matters,” said menswear designer Simon Spurr, who wore a tie with a scorpion printed on it. “Buy one size smaller than you think.” However sexy a uniform a tuxedo can be, Stella McCartney suggested a man’s sex appeal comes from within, citing McQueen as a role model. “Have a personality, be true to yourself, and don’t conform in any way,” she said. [Bloomberg via BI]

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He’s kissed the warm embrace of Dan Loeb, Steve Cohen, Ken Griffin et al good-bye but some financiers are still showing Mr. President the love. According the Journal, former Goldman CEO (and New Jersey governor) Jon Corzine will be hosting a dinner for 60 tonight at his home tonight where Obama will speak, before heading into New York for a second dinner at the Waldorf for a slightly less intimate event to be attended by 340 guest (who have paid $35,800/ticket). No word on whether or not David Tepper will be throwing a bigger/better Obama fundraiser next door to Corzine’s, which he’ll hand out flyers for to guests as they walk up to JSC’s house, telling them “This isn’t the party you want to go to, pass it on.” [WSJ]

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As you may have heard, the New York Mets are going through a bit of a rough patch, on account of being screwed financially on their investment with Madoff Securities. In January the organization announced it needed to sell a minority stake, to little success. Among the people who turned them down? Steve Cohen. Despite being a huge fan, who has a box at Citi field, Cohen was reportedly “adamant” that he wouldn’t shell out a dime without getting a say in the direction of the franchise. At the time, we told the Wilpons to not take the rejection as a hard no, as Steve is an ideas man and just wanted some level of assurance that if he was going to pony up the money, his voice would be heard. Now, suddenly, the hedge fund manager has “joined the bidding for a minority stake.” What changed?

Details are scant at this time but several legitimate explanations come to mind. The first is that the Mets wised up and promised to adopt the items floated by Steve, via us, most of which will translate to rings come November (included but not limited to:  a down and out clause– if the team is down by more than 15 games at the All Star break, players are told they’re idiots and sent home. (This is how you motivate people.); no more polyester- from now on players wear fleece, with the top 3 or 4 buttons undone so there’s no overheating; SC gets his own playing cards, which are sure to be a breakout hit). Also possible:

* SAC decided to launch a new fund (the Queens Pennant Restructuring Exceptional Value Opportunities fund; fees are 1 and .400)

* Mr. Met showed up to Casa de Cohen drunk and crying and this was the only way Steve could get the guy to leave

* In a dream, the ghost of Keith Hernandez came out of a closet and told Steve: “Let me tell you something kid. Everybody gets one chance to do something great. Most people never take the chance, either because they’re too scared, or they don’t recognize it when it hocks a loogie on their glasses. This is your big chance- you shouldn’t let it go by.”

SAC’s Cohen Bids For Mets Stake [WSJ]

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SAC Capital is reportedly close to signing a lease at 510 Madison that would give the firm the second through fifth floors, 66,000 square feet, and naming rights to the building (which comes with a health club and pool, meaning everyone will be required to pass a swim test- if you never learned how, I highly suggest you start dunking your head underwater during tonight’s bath to get yourself used to it, as floaties will not be permitted). While the Stamford office will always be number one, this much space and responsibility cannot be ignored and means we need to get to work.

This is our To Do List:

1. Name: so many ways to go on this one. We could always just make it the SAC Capital building with each 50 foot letter cast in bronze, positioned vertically down the side of the building. We could be vindictive with S a D Patty Tower. We could go subtle with: 3/50 Madison Avenue.

2. Decorating tips: in order to make this place feel like home, we need little interesting touches and flourishes everywhere. For instance, like the national debt clock there could be a Steve’s net worth clock ticking on the side of the building. Is there a need for some kind of embalmed pet or are we over that? Perhaps a subtle nod with some bearskin rugs? Those hula girl lamps Steve’s always wanted but were deemed too tacky for the Stamford office?

3. Use of space: the new building will be considerably larger than the old New York office at 540 Madison Avenue- how should we make use of the extra room? Everyone is allotted enough space for 27 monitors? Reflection rooms for meditation/quiet time? A 200-foot roped off Dance Revolution stage? Guest bedrooms in case someone wants to spend the night? A Dominos-wing with one room devoted just to cheesy bread? A sweatshop where you know what will be made, as a certain clothing manufacturer has been jacking up its prices?

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