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Energy XXI (Bermuda) Limited (EXXI) Feels Kyle Bass’ Bullishness; Sun Bancorp Inc. /NJ (SNBC) Sees EJF Capital Trim Exposure Substantially

Two interesting Schedule 13G forms were filed with the SEC last Friday. In one of these documents, Kyle Bass’ Hayman Capital Management disclosed a stellar increase in its stake in Energy XXI (Bermuda) Limited (NASDAQ:EXXI). The fund owns 4.8 million shares of Common Stock, which account for more than 5% of the company’s shares outstanding. On the other hand, Sun Bancorp, Inc. /NJ (NASDAQ:SNBC) saw Emanuel J. Friedman’s EJF Capital trim its exposure by more than 70%. Following the disposal of roughly 2.56 million shares of Common Stock, the fund holds almost 1.03 million shares, which represent 5.9% of the company’s outstanding Common Stock.

Kyle Bass

Energy XXI (Bermuda) Limited (NASDAQ:EXXI) is a $966.2 million market cap independent oil and natural gas exploration and production company, with operations focused on the United States Gulf Coast and the Gulf of Mexico Shelf. According to its most recent 13G filing, Hayman Capital Management holds 4.8 million shares of Common Stock, which represent more than 5% of the company’s shares outstanding, and are worth barely under $1 billion at current stock prices.

This position implies a nearly 60% increase in the fund’s involvement in the company. At the end of the second quarter of 2014, it had disclosed ownership of 3 million shares. The current bet makes it the second largest institutional shareholder (amongst those we track) in Energy XXI (Bermuda) Limited (NASDAQ:EXXI), trailing Mark McGoldrick and Jason Maynard’s Mount Kellett Capital Management, which owns 5.92 million shares, worth about $140 million.

Sun Bancorp, Inc. /NJ (NASDAQ:SNBC) is a $317.3 million market cap bank holding company that witnessed a marked decrease in Emanuel J. Friedman’s EJF Capital’s stake last week. The fund disclosed ownership of roughly 1.03 million shares of Common Stock, down from the 3.59 million shares declared by the end of the second quarter of the year.

Another fund that seems slightly bearish about Sun Bancorp, Inc. /NJ (NASDAQ:SNBC) is Kevin Michael Ulrich’s Anchorage Advisors. The fund last disclosed a 62% reduction in its exposure to the company, holding 3.29 million shares by the end of the second quarter (we recently shared excerpts from Anchorage Advisors’ investor letter in a separate article). However, one fund seems particularly bullish on the bank holding company: Wilbur Ross’s Invesco Private Capital (Wl Ross) last declared holding 21.27 million shares, worth more than $85 million.


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