Jeffrey Tannenbaum’s Fir Tree Capital reported 5.5% passive stake in MF Global Holdings Ltd. (MF) on November 15th. Fir Tree Capital now takes 9 million MF shares. This is a brand-new position since the firm did not have any share in MF before. It seems that Fir Tree Capital was buying the tip value in MF after David Tepper’s Appaloosa Partners, which reported a 14.25 million shares distressed investment position on November 14th. MF Global reported $191.6 million quarterly loss after the company lost $6 billion in European sovereign debt. It filed bankruptcy on October 31st.
MF was in twelve hedge funds in the second quarter. Eric Bannasch’s Cadian Capital took 10.18 million shares as MF’s largest hedge fund stakeholder. Beside Fine Capital’s second place, other hedge funds had smaller positions in the stock. Chuck Royce’s Royce & Associates had 765 thousand shares, and Ken Griffin’s Citadel Investment Group had 196 thousand shares.
According to Linkedin, Fir Tree is a privately owned hedge fund. The firm manages a series of hedge funds and invests in the public equity and hedging markets of the United States. The firm typically invests in Technology, Financial, Services, Healthcare, Basic Material, and Consumer Goods sector. Fir Tree was founded in 1994 and is based in New York City with an additional office in Miami, Florida
MF Global Holdings Ltd. is a holding company. The company is a commodities and listed derivatives broker in the market. The Company provides access to more than 70 exchanges worldwide. MF Global also provides research and market commentary, as well as providing clearing and settlement services. MF Global Holdings Ltd. was founded in 1981 and is based in New York City, New York.