Charles Davidson’s Wexford Capital reported 72.1% activist stake or 19.98 million common shares (units) of Rhino Resource Partners (RNO) today. Wexford Capital revealed that it bought 6,130 shares on November 3rd, and “made an in-kind distribution of 904,645 common units and 1,294,060 subordinated units to certain of its investors” on December 30th. Rhino Resource Partners is now trading at $21. The stock lost about 11% in 2011.
During the third quarter, Wexford Capital had 8.55 million common units of RNP in its portfolio, while Jim Simons sold out his stake in the stock over the period.
According to the firm’s official website, Wexford Capital LP “is an SEC registered investment advisor with over $5.9 billion of assets under management. The firm, which was formed in 1994, manages a series of hedge funds and private equity funds from its Greenwich, CT headquarters.Wexford manages three hedge funds with over $3.9 billion in AUM: the opportunistic/global macro Wexford Spectrum Fund, the multi-strategy credit oriented Wexford Credit Opportunities Fund and the energy, natural resources and industrials focused Wexford Catalyst Fund.”
According to Google Finance, Rhino Resource Partners LP “was formed to control and operate coal properties and related assets. The company produces, processes and sells coal of various steam and metallurgical grades. It markets its steam coal primarily to electric utility companies as fuel for their steam-powered generators.”