HomeFed Corporation (HOFD): Leucadia National Raises Stake To Around 65%

In a newly amended filing with the Securities and Exchange Commission, Leucadia National, managed by Ian Cumming and Joseph Steinberg, revealed upping its stake in HomeFed Corporation (OTCMKTS:HOFD) to 9.97 million shares from 9.46 million shares  held previously. The stake is equal to about 64.9% of the company’s common stock outstanding.

In March 2014, HomeFed Corporation (OTCMKTS:HOFD) reported that it completed the acquisition of some real estate subsidiaries and investments from Leucadia, including around $12.5 million cash. Under the terms of the deal, Leucadia received approximately 6.99 million new unregistered shares of its common stock. At that time, HomeFed Corporation (OTCMKTS:HOFD) also announced plans to purchase the balance of the real estate investment in exchange for some 514,700 new shares at a deferred closing during the second quarter of 2014.

On September 23, 2014, HomeFed Corporation (OTCMKTS:HOFD) consummated the deferred closing and acquired the balance of the real estate investment in exchange for the issuance to Leucadia of 513,663 unregistered shares of the company’s common stock. As a result of the consummation of the deferred closing, Leucadia beneficially owns about 65% of the company’s common stock.

HomeFed Corporation (OTCMKTS:HOFD) is engaged in the investment in and development of residential real estate projects in California.

Two monts ago, Leucadia National reported upping its position in Harbinger Group Inc (NYSE:HRG) to 41.63 million shares, versus 18.60 million shares held earlier. The stake represents more than over 20% of the company’s common stock. Harbinger Group Inc (NYSE:HRG) is a holding company that conducts its oprtations through several subsidiaries, among which is Spectrum Brands, engaged in distribution of branded consumer products, such as batteries, personal care products, small household appliances, pet supplies.

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