May 6, 2005
Ownership switch
The proxy also disclosed that financier and philanthropist George Soros no longer is involved with WellCare. Soros Private Equity Investors had owned about 80 percent of WellCare at the time of the IPO.
In December, Soros Private Equity Investors sold 5.6 million shares for about $170 million.
In April, Soros spun off the $1.3-billion private equity group and the new firm was renamed TowerBrook Capital Partners. TowerBrook is headed by Neal Moszkowski, who previously led Soros Private Equity. Moszkowski also is chairman of the WellCare board.
TowerBrook is now the single largest shareholder in WellCare, with 16.7 million shares or 43.2 percent of the stock outstanding on April 25.
The CEO of Wellcare sits on the SEC. How untoward and unethical is that? I guess SEC members don’t have to resign their jobs to be on the SEC even if they have potential conflicts of interest?