Jeffrey Altman’s Owl Creek Asset Management revealed on October 12th for its insider sales in YRC Worldwide Inc. (YRCW). According to the Form 4, starting from October 7th, Owl Creek Asset Management sold more than 16 million shares at about $0.06. This is the second time Owl Creek Asset Management filed Form 4 against YRCW. The firm sold 97 million shares in mid-September at $0.073 (Click here to see the detail). In the second quarter, Owl Creek Asset Management did not report any YRCW share in its 13F filing. Its previous YRCW position came from the acquisition of 172 million common shares and 154 million shares in convertible notes on September 16th. Now Owl Creek Asset Management remains 58.89 million shares in its YRCW common stock position.
Back to the second quarter, YRCW was owned by five hedge funds, including Jim Simons’ Renaissance Technologies, and Randall Smith’s Alden Global Capital. These two hedge funds each took 302 thousand shares and 204 thousand shares respectively.
Owl Creek Asset Management, L.P. invests in the public equity and fixed income markets, including Healthcare, Financial, Technology, and other sectors. The firm implements a distressed equity strategy along with a capital-structure arbitrage strategy as hedging techniques. The firm had a 13F portfolio of more than $6 billion at the end of Q2.
YRC Worldwide Inc. is a transportation service firm which provides transportation of industrial, commercial, and retail goods. The firm underwent a charter amendment merger on Sep 16th. James Welch will be YRC Worldwide CEO, and Jeff Rogers will be YRC President and Mike Naatz will be Holland President.