Atlas Energy Pays CEO $73 Million Cash as It Becomes Penny Stock
(Bloomberg) - Atlas Energy Group LLC, a developer of oil and gas assets, paid Chief Executive Officer Ed Cohen $73.2 million in cash prior to its collapse and suspension from trading on the New York Stock Exchange.
Cohen, 77, was among at least five executives who received cash payouts related to Atlas’ merger with Targa Resources Corp., according to data compiled by Bloomberg from a Tuesday proxy statement. The company’s shares have collapsed 95 percent in the last twelve months. Leon Cooperman is among the company’s largest investors, according to an April filing.
Cohen’s payments included $38.5 million for cash-out of equity awards and a $32.5 million severance, the filing shows. His son, Chairman Jonathan Z. Cohen, 45, received a $30.6 million cash-out and a $30.9 million severance.
Matthew Skelly, a spokesman for the Pittsburgh-based company, didn’t immediately return calls and e-mails seeking comment.
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