Steve Mnuchin, the former hedge fund investor now in line to be confirmed as Donald Trump’s Secretary of the Treasury, will divest his interests in a slew of businesses to avoid conflict of interest — including many entertainment and media holdings.
According to a letter dated January 10 to the Assistant General Counsel for the ethics department of the Treasury, the former Goldman Sachs partner said he will divest from 42 companies. Those will include AT&T (which is currently trying to acquire Time Warner), Comcast, iHeart Communications, and Dune Capital Entertainment and its holdings. Also in the list is film financier Ratpac-Dune Entertainment, the company run by James Packer and Brett Ratner that has a significant investment with Warner Bros. That will all happen within 90 to 120 days.
According to his letter, Mnuchin will divest from a host of other Dune businesses, including Dune Capitol Management, Dune Real Estate companies which include a number of different LLCs, Ltd. and LPs under the Dune Capital name.
Two years ago, Mnuchin set up one of the Dune Capital companies to invest in Relativity in a buyout of Elliot Management’s stake in Ryan Kavanaugh’s company. He exited Relativity about a year later.
“Within 120 days of my confirmation, I will divest my interests in Ratpac-Dune Entertainment Holdings LLC,” he wrote in the letter. “With regard to these interests, I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predictable effect on the financial interests of the entity until I have divested it, unless I first obtain a written waiver. …”
He added: “Following confirmation and before I assume the duties of the position of Secretary, I will provide you with a list of every asset that I acquired subsequent to filing my nominee financial disclosure report.”