Crucially for his fight against the SEC, Mr Cooperman also argues that he never made money from his July 2010 trading. Although Atlas shares leapt to $16.22 when the asset sale was announced, Mr Cooperman and Omega did not sell, and ended up losing money on their investment when they sold out last year. Mr Cooperman also argues that the options he bought offset a different set of options he had previously sold — so he did not make any money from them either. “In short, none of the trading is indicative of someone trying to?…?reap profits from inside information,” he wrote.
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