Making Sense of Och-Ziff's IPO

Jul. 3.07 | About: Och-Ziff Capital (OZM)

Okay, say what you will about hedge fund thingie Och-Ziff's prospectus, and its merits as an IPO, but the soon-to-be-listed $26.8-billion fund officially wins the award for Most Punnable Ticker of 2007 (so far). The company will be traded as "OZM".

Let the straight outta Oz cracks commence.

As a related aside, I tried really hard to make sense of the company's post-IPO holding structure. As near as I can tell it makes sure that the company's principals get to keep pretty much all the profits, while shareholders don't, but maybe there is more to it than that, like shareholders being liable for executive car leases and lost golf balls. My patience dwindled before figuring that out.