WHEN: Wednesday, November 6th
WHERE: CNBC's "Closing Bell"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. Following is a link on CNBC.com: http://video.cnbc.com/gallery/?video=3000215382.
All references must be sourced to CNBC.
KATE KELLY: SOME NEWS FROM SAC CAPITAL IN STAMFORD. OBVIOUSLY A COUPLE OF DAYS AFTER AGREEING TO SETTLE WITH GOVERNMENT FOR ALMOST $2 BILLION. CHARGES THAT THEY ALLEGEDLY ENGAGED IN INSIDER TRADING. APPARENTLY, THEIR PLANS TO MOVE TO A FAMILY OFFICE STRUCTURE MAY VERY WELL INVOLVE SETTING UP A NEW ENTITY WITH A NEW NAME – YET TO BE DETERMINED. AND SAC CAPITAL, WHICH IS FOR 20 YEARS BEEN ONE OF THE MORE ACTIVE AND SUCCESSFUL HEDGE FUNDS ON THE MARKET, WOULD ESSENTIALLY BECOME A HOLDING COMPANY FOR SOME ILLIQUID ASSETS INCLUDING PRIVATE EQUITY, MEZZANINE LOANS, AND RIGHT NOW, THEIR SAC REINSURANCE ARM, WHICH IS IN THE PROCESS OF BEING SOLD. FINALLY, STEVE COHEN FIGHTING THE SEC IN TERMS OF A CIVIL CASE FOR FAILURE TO SUPERVISE EMPLOYEES. THE SIGNAL FROM SAC RIGHT NOW IS THAT THEY ARE GOING TO FIGHT THAT CASE. THEY HAVE TOLD EMPLOYEES THAT THEY BELIEVE IT IS, "WITHOUT MERIT" AND THEY ARE SENDING SIGNALS, MARIA, THAT THEY ARE UNLIKELY TO SETTLE IN THAT CIVIL CASE.
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