Bloomberg Businessweek reports that taking into account the $600m or so Cohen has already agreed to pay the Securities and Exchange Commission to settle a related civil case, for which Cohen’s lawyers are arguing their client deserves credit, that would leave around $1.2bn still to be paid to Manhattan U.S. Attorney Preet Bharara’s office.
The deadline to accept the deal, according to the Financial Times, which first reported the $1.8bn figure, is the beginning of November. And in a sort of inversion of what a typical negotiation looks like, in which both parties come forward with opening offers and end up meeting somewhere in the middle, the SAC camp was told that the longer it waits, the higher the price will be, according to the people familiar with the matter.
The thinking is that as the process drags on, government prosecutors have to do more work and invest more time in preparation for a trial, which ostensibly costs more money. SAC, which presumably wants to avoid just such a trial, which would put its entire operation on lurid display, is expected to come back with a counteroffer. A spokesman for SAC declined to comment.
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image: © Bilal Lashari