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Atlas Energy Pays CEO $73 Million Cash, Becomes Penny Stock

  • Oil and gas company’s stock has plunged 95% in past year
  • Payouts to executives stem from merger with Targa Resources
Russian Oil Drilling And Pumping Operations At Tatneft OAO Oilfield
Photographer: Andrey Rudakov/Bloomberg
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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 plunged 95 percent in the past twelve months. Leon Cooperman is among the company’s largest investors, according to an April filing.