Sorin Capital disclosed 538,162 shares, or 5.53% passive stake in MPG Office Trust, Inc. (MPG) on December 2nd. According to the filing, Sorin Capital passed the 5% ownership threshold on November 22, indicating that the firm might have paid more than current price to obtain the shares. Now MPG is trading at $2.05, and has decreased by 25% so far in 2011.
Eight hedge funds were bullish about MPG in the second quarter. David Tepper’s Appaloosa Management held 4.70 million shares and was MPG’s largest hedge fund stakeholder at that time. Brian J. Higgins’ King Street Capital took the second with 1.63 million shares. Christian Leone’s Luxor Capital Group initiated its position in MPG in the second quarter and had 1.01 million shares.
According to DealBreaker, Sorin Capital founder Jim Higgins “is a former Bear Stearns executive. He ran Bear’s commercial mortgage business, and started his career as a mortgage lender. Sorin Capital is riddled with former Bear Stearns employees.”
According to Google Finance, MPG Office Trust, Inc., “formerly Maguire Properties, Inc., is a self-administered and self-managed real estate investment trust (REIT). The Company, through its subsidiaries owns, manages and leases real estate located in the greater Los Angeles area of California; Orange County, California; San Diego, California, and Denver, Colorado. These locales consist of office properties, land parcels, parking garages and a hotel. It operates in two segments: office properties and a hotel property. As of December 31, 2010, MPG Office, L.P. (Operating Partnership) indirectly owns whole or partial interests in 24 office properties, a 350-room hotel and off-site parking garages and on-site structured and surface parking (Total Portfolio). As of December 31, 2010, the Company held an approximate 88.4% interest in MPG Office, L.P.”