The Morning Brief: Paul Singer Figures on $6-Million Cost for Engaging Hess

SAC Capital Advisors’ Steven Cohen’s not off the hook. An appeals court has revived a lawsuit brought by his ex-wife, Patricia Cohen, accusing the financier of hiding $5.5 million from her during their divorce proceedings leading to their divorce in 1990. The Second Circuit Court of Appeals in New York on Wednesday ruled that a lower court mistakenly dismissed fraud-related claims by the former wife, who sued Cohen in 2009. The court also revived claims of racketeering and breach of fiduciary duty.

Paul Singer’s activist hedge fund firm Elliott Management disclosed in a regulatory filing that it is spending $6 million on a proxy fight with energy company Hess. This is the fifth largest amount shelled out for a board battle, according to Adam Kommel, senior research analyst at FactSet SharkRepellent. However, the $6 million may wind up being understated. Elliott said in the filing it has paid a $225,000 retainer to Okapi Partners for solicitation and advisory services. Kommel said it isn’t yet known what Okapi’s full fee will amount to. Elliott said about 50 people may be employed by Okapi to solicit proxies from shareholders for Hess’ 2013 annual meeting.

Valiant’s Christopher Hansen, who has put together a deal to purchase the NBA’s Sacramento Kings and plans to move the team to his Seattle hometown, says 44,000 fans have requested season tickets if the team relocates. Hansen teamed up with Microsoft CEO Steve Ballmer to buy a majority stake in the team from the Maloof family for $341 million. The investors are awaiting the league’s approval.