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Altisource Asset Management Corp (AAMC): Luxor Capital Group’s Holding Crosses 15%

It seems Christian Leone’s Luxor Capital Group is in a hurry to acquire as many shares of Altisource Asset Management Corp (NYSEMKT:AAMC) as possible. As reported earlier, the fund has been continuously buying Altisource Asset Management Corp (NYSEMKT:AAMC)’s shares since August 20. It is continuing to do so, as a recent filing with Securities and Exchange Commission shows, Luxor Capital Group acquired 22,842 shares of the company between October 9 and October 13 at an average price of $644.68 per share. With this purchase, Luxor Capital Group now owns over 466,000 or over 15% of all common stock of Asset Management Corp (NYSEMKT:AAMC) as an activist investor.

Christian Leone

Luxor Capital Group was founded by Christian Leone in 2002 and currently manages assets worth more than $5 billion. It is a value-focused fund that sometimes holds its position in a stock for years at stretch. The fund is also makes large investment in fixed income securities and doesn’t shy away from investing in distressed companies. Other major holdings of the fund include Voya Financial Inc (NYSE:VOYA) and The Madison Square Garden Co (NASDAQ:MSG). As of June 30, 2014, the fund held over 9 million shares of Voya Financial Inc (NYSE:VOYA), which is down by more than 30% year on year, and over 4.8 million shares of The Madison Square Garden Co (NASDAQ:MSG), which is up over 4% in last one year.

Luxor Capital Group initiated a stake in Altisource Asset Management Corp (NYSEMKT:AAMC) during the third quarter of 2013 by buying over 62,000 shares. Since then, the fund has gradually increased its holding quarter after quarter.

Altisource Asset Management Corp (NYSEMKT:AAMC) is a $1.42 billion market cap provider of corporate governance and portfolio management services. For the second quarter of 2014, the company reported revenue of over $116 million and EPS of $4.60, compared to revenue of $8.8 million and negative EPS of $0.64 in the same quarter, last year. Altisource Asset Management Corp (NYSEMKT:AAMC)’s shares have declined by more than 33% to $625 in the last 6 months.

Other major institutional investors in Altisource Asset Management Corp (NYSEMKT:AAMC) include Brian Jackelow’s SAB Capital Management, Ben Gambill’s Tiger Eye Capital, and Matthew Iorio’s White Elm Capital, which, as of June 30, own over 219,000 shares, over 92,000 shares and over 63,000 shares respectively.

Disclosure: None

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