Dynegy Inc (DYN) shares shot up 26.10% in trading on Tuesday. The increase came after reports that “Dynegy Inc.’s holding company filed for Chapter 11 bankruptcy protection in a way that could cause losses for bondholders without harming parent-company shareholders that include Carl Icahn and hedge fund Seneca Capital,” writes the Wall Street Journal. Share prices went from $2.95 at close Monday to $3.72 a share at 2pm EST Tuesday.
The following funds made the most on the news:
1. Icahn Capital Lp – Carl Icahn: Gained $13.9 million
2. Seneca Capital – Douglas Hirsch: Gained $11.3 million
3. Canyon Capital Advisors – Joshua Friedman And Mitchell Julis: Gained $4.7 million
4. Altai Capital – Rishi Bajaj, Toby Symonds, And Steve Tesoriere: Gained $3.1 million
5. Blue Ridge Capital – John Griffin: Gained $2.6 million
6. Fir Tree – Jeffrey Tannenbaum: Gained $2.2 million
7. Avenue Capital – Marc Lasry: Gained $2.1 million
8. Qvt Financial – Daniel Gold: Gained $1.1 million
9. Kingdon Capital Managemet – Mark Kingdon: Gained $728,000
10. Frontpoint Partners – Steve Eisman: Gained $674,000
DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in DYN since the end of June. We did not take into account their option positions.