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Atlas Energy Group (ATLS): Leon Cooperman Slashes Stake to Less than 10%

Published on March 10, 2016 at 5:03 am by Meena Krishnamsetty in Hedge Funds, News

Leon Cooperman of Omega Advisors has slashed his stake in Atlas Energy Group LLC (NYSE:ATLS) according to a new 13G filing. Mr. Cooperman now owns 2.60 million shares, a 9.99% ownership stake in the stock. That is down from 3.94 million shares at the end of 2015. It should also be noted that Mr. Cooperman’s position has changed to passive from active; his previous filing on the company was a 13D, back in August 2015.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
LEON G. COOPERMAN 2,245,701 353,451 2,245,701 353,451 2,599,152 9.99%

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Page 1 of 5 SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act
of 1934

(Amendment No 1)*

ATLAS ENERGY GROUP, LLC 
 (Name of Issuer)
Common Units
(Title of Class of Securities)
04929Q102
(CUSIP Number)
March 7, 2016
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate
the rule pursuant to which this Schedule is filed:

[  ] Rule 13d-1(b)
[X ] Rule 13d-1(c)
[  ] Rule 13d-1(d)

* The remainder
of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover
page.

The information required in the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).

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Page 2 of 5 SEC Filing

CUSIP No.  04929Q102 Page 2 of 5

1

NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE  PERSONS
(ENTITIES ONLY)

 LEON G. COOPERMAN

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) []

(b) [x]

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

 United States
NUMBER OF
SHARES		 5 SOLE VOTING POWER 2,245,701
BENEFICIALLY
OWNED BY		 6 SHARED VOTING POWER 353,451
EACH
REPORTING		 7 SOLE DISPOSITIVE POWER 2,245,701
PERSON
WITH:		 8 SHARED DISPOSITIVE POWER 353,451

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON

 2,599,152

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
CERTAIN SHARES

 [  ]

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 9.99 %

12

TYPE OF REPORTING PERSON

 IN

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Page 3 of 5 SEC Filing

CUSIP No.  04929Q102 Page 3 of 5

.

Item 1(a). Name of Issuer:
ATLAS ENERGY GROUP, LLC (the “Issuer”).
Item 1(b). Address of Issuer’s Principal Executive Offices:
The address of the principal executive office of the Issuer is Park Place Corporate Center One, 1000 Commerce Drive, Suite 400 Pittsburgh PA 15275
Item 2(a). Name of Person Filing:

Leon G. Cooperman (“Mr. Cooperman”). Mr.
Cooperman is, among other activities, an investor engaged in investing for his own account. Mr. Cooperman is the Managing Member
of Omega Associates, L.L.C. (“Associates”), a limited liability company organized under the laws of the State of Delaware.
Associates is a private investment firm formed to invest in and act as general partner of investment partnerships or similar investment
vehicles. Associates is the general partner of limited partnerships organized under the laws of Delaware known as Omega Capital
Partners, L.P. (“Capital LP”), Omega Capital Investors, L.P. (“Investors LP”), and Omega Equity Investors,
L.P. (“Equity LP”).. These entities are private investment firms engaged in the purchase and sale of securities for
investment for their own accounts.

Mr. Cooperman is the President,
CEO, and majority stockholder of Omega Advisors, Inc. (“Advisors”), a Delaware corporation, engaged in providing investment
management services, and Mr. Cooperman is deemed to control said entity.

 Advisors
serves as the investment manager to Omega Overseas Partners, Ltd. (“Overseas”), a Cayman Island exempted company, with
a registered address at c/o Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005,
Cayman Islands, British West Indies. Mr. Cooperman has investment discretion over Overseas’ portfolio investments and is
deemed to control such investments.

Advisors serve as a discretionary
investment advisor to a limited number of institutional clients (the “Managed Accounts”).  As to the Shares
owned by the Managed Accounts, there would be shared power to dispose or to direct the disposition of such Shares because the owners
of the Managed Accounts may be deemed beneficial owners of such Shares pursuant to Rule 13d-3 under the Act as a result of their
right to terminate the discretionary account within a period of 60 days.

Mr. Cooperman is the ultimate controlling
person of Associates, Capital LP, Investors LP, Equity LP, , Overseas, and Advisors.  The principal business office of
Capital LP, Investors LP, Equity LP, Overseas, and Advisors is 810 Seventh Avenue, 33rd floor, New York, New York 10019.

Mr. Cooperman is married to an individual named Toby Cooperman.
Mr. Cooperman is married to an individual named Toby Cooperman, and has an adult son named Michael S. Cooperman. The Michael S.
Cooperman WRA Trust (the “WRA Trust”) is an irrevocable trust for the benefit of Michael S. Cooperman. Mr. Cooperman
has investment authority over the Michael S. Cooperman and the WRA Trust accounts.  Mr. Cooperman is a Trustee of the Cooperman
Family Fund for a Jewish Future (“Family Fund”), a Type 1 charitable supporting foundation.
Item 2(b). Address of Principal Business Office or, if None, Residence:
11431 W. Palmetto Park Road, Boca Raton FL 33428
Item 2(c). Citizenship:
United States
Item 2(d). Title of Class of Securities:
Common Units ( the “Shares”)
Item 2(e). CUSIP Number:
04929Q102

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Page 4 of 5 SEC Filing

CUSIP No.  04929Q102 Page 4 of 5
Item 3. If this Statement is Filed Pursuant to Sections 240.13d-1(b), or 240.13d-2(b) or (c);
This Item 3 is inapplicable.
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the Issuer identified in Item 1.
(a)(b)

Amount beneficially owned and percent of Class:

 
Mr. Cooperman may be deemed the beneficial owner of 2,599,152 Shares, which constitutes approximately 9.99 % of the total number of Shares outstanding. This consists of 472,773 Shares owned by Capital LP; 222,421 Shares owned by Investors LP; 258,445 Shares owned by Equity LP; 759,662 Shares owned by Mr. Cooperman; 100,000 Shares owned by Toby Cooperman; 353,451 Shares owned by Managed Accounts; 1,500 Shares owned by Family Fund; 330,900 Shares owned by the WRA Trust; and 100,000 Shares owned by Michael S. Cooperman;
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
2,245,701
(ii) Shared power to vote or to direct the vote
353,451
(iii) Sole power to dispose or to direct the disposition of
2,245,701
(iv) Shared power to dispose or to direct the disposition of
353,451

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Page 5 of 5 SEC Filing

CUSIP No.  04929Q102 Page 5 of 5
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [  ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
This Item 6 is not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
This Item 7 is not applicable.
Item 8. Identification and Classification of Members of the Group.
This Item 8 is not applicable.
Item 9. Notice of Dissolution of Group.
This Item 9 is not applicable.
Item 10. Certification.

By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing
or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant
in any transaction having that purpose or effect.

After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: March 9, 2016
Signature: /s/ Alan M. Stark
Name: Alan M. Stark
Title:

Attorney In Fact

Duly authorized under POA effective as of March
1,2013 and filed on May 20, 2013

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