Par Petroleum Corporation (PARR): Whitebox Advisors Acquires Over 1.5 Million Shares

Whitebox Advisors, managed by Andy Redleaf, has acquired around 1.50 million shares of Par Petroleum Corporation (NYSEMKT:PARR). In a filing with the U.S. Securities and Exchange Commission, Whitebox Advisors reported that it exercised its subscription privileges to acquire up to 1.50 million shares of the company’s stock for $16.00 per share, for an aggregate purchase price of $23.9 million. According to the filing, Whitebox Advisors currently owns 8.62 million shares of Par Petroleum Corporation (NYSEMKT:PARR).

Par-Petroleum-Logo

Par Petroleum Corporation (NYSEMKT:PARR), based in Houston, Texas, is a diversified energy company that manages and maintains interests in a variety of energy-related assets. In July, the company commenced its common stock rights offering, and the subscription period for the rights offering expired at 5:00 p.m., New York City time, on August 13, 2014, according to a statement.

Par Petroleum Corporation (NYSEMKT:PARR) reported a net loss of $24.7 million for the second quarter of 2014. Also, the company posted a negative adjusted EBITDA of $18.8 million for the quarter.

Minneapolis-located Whitebox Advisors was founded in 2000 by Andy Redleaf, and most estimates point to assets under management north of $5 billion. At the end of second quarter of 2014, the value of the fund’s equity portfolio amounted to $2.5 billion.

In an interview on CNBC, Paul Twitchell, a partner at Andy Redleaf’s Whitebox Advisors has revealed some of what he believes to be the best investment opportunities now. He said that at Whitebox, they like to focus on “trades that provide great asymmetry between risk and reward;” this is what led them to the mortgage trade in the first place. Let’s thus take a look at some of the fund’s top picks for the last reported quarter –first quarter of 2014.

In the interview, as Twitchell said, Whitbox likes bonds. Its top nine stakes are placed in bonds from companies like Western Refining, Inc. (NYSE:WNR), JetBlue Airways Corporation (NASDAQ:JBLU) and Tesla Motors Inc (NASDAQ:TSLA). These nine positions were worth more than half a billion dollars by the end of the quarter, and accounted for 27% of the fund’s total portfolio’s value.

Among Whitebox’s top 20 picks, 16 are represented by bonds, one ETF and only three long equity positions.

Disclosure: none

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

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How 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

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!