Monarch Alternative Capital Also Inititates a Position in Trade Street Residential Inc (TSRE)

Michael Weinstock’s Monarch Alternative Capital disclosed in a filing that it has initiated a position in Trade Street Residential Inc (NASDAQ:TSRE), by purchasing 8.45 million shares, which represents a 23.25% stake in the company’s common stock.

Trade Street Residential Inc (NASDAQ:TSRE)

 

Monarch Alternative Capital acquired the shares of Trade Street Residential Inc (NASDAQ:TSRE) for investment purposes, intending to participate in the governance of the company. It is expecting to obtain certain stockholder rights that are granted to the Backstop Investor as per the Backstop Investor’s Stockholders Agreement, following which, the fund will obtain the rights of representation on the company’s board, preemptive rights, liquidity rights, consent rights, registration rights and other rights.

Monarch acquisition, comes only a couple of days after Douglas Silverman and Alexander Klabin‘s Senator Investment Group, also disclosed initiating a stake in the company. Their holding currently involves 9.32 million shares, equal to 25.6% of the common stock.

Trade Street Residential Inc (NASDAQ:TSRE) is a real estate investment trust, which stock has posted a significant gain of over 6,000% for the past year. Last week, Trade Street acquired two communities, with first being a 288-unit apartment community located in Wake Forest at a price of $37.2 million and the other being a 330-unit apartment community located in Memphis, Tennessee at $43.8 million. Recently, the company has completed its $150 million recapitalization of an offering of 15.80 million shares at $6.33 per share and $50 million private placement to certain affiliates of Senator Investment Group LP at $6.33 per share.

Recently, various insiders have shown interest in Trade Street Residential Inc (NASDAQ:TSRE)’s shares. Amongst them are directors Lewis Gold, Mack Pridgen and Michael Baumann, who purchased 16,666 shares, 25,483 shares, and 120,766 shares respectively. David Levin, Vice Chairman and President at Trade Street bought 165,528 shares, while Chief Financial Officer Richard Ross also purchased 1,377 shares on the same date.

Of the hedge funds we track, Forward Management, led by J. Alan Reid, Jr., in the latest 13F revealed owning 1.14 million shares. It is followed by Louis Bacon’s Moore Global Investments, with 90,530 shares, worth $630,000.

Michael Weinstock’s Monarch Alternative Capital concentrates mainly in distressed and bankruptcy situations.

The fund had initiated a position in some of the companies in the third quarter of 2013. It bought 1.52 million shares of American International Group Inc (NYSE:AIG), 3.34 milion shares of WCI Communities Inc (NYSE:WCIC) and 3.87 million shares of Star Bulk Carriers Corp. (NASDAQ:SBLK), during the period.

Disclosure: none

Recommended Reading:

Intrepid Capital Management Cuts Exposure to World Wrestling Entertainment, Inc. (WWE); Closes Stake in EPIQ Systems, Inc. (EPIQ)

Pershing Square Buys Into Platform Specialty Products Corporation (PAH)

Soros Trims Exposure to Exar Corporation (EXAR)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

The 10 Biggest Outlet Malls in USA

The 5 Most Popular Rap Songs of All Time

The 10 Countries that Eat the Most Meat

The10 Most Expensive Countries to Fly To

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!