Bridgepoint Education Inc (BPI): Mangrove Partners Becomes 5% Shareholder

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Nathaniel August‘s Mangrove Partners Master Fund has hiked its stake in Bridgepoint Education Inc (NYSE:BPI) to 2.36 million common shares, which account for 5.10% of the company’s outstanding stock. At the end of the second quarter, the fund’s stake stood at 2.07 million shares, as reported in its latest 13F filing.

Bridgepoint Education provides postsecondary education services, running two accredited universities, University of the Rockies and Ashford University. Recently, Bridgepoint Education had to forgive $24 million in private student loans, after it misled students about the actual cost of the loans, according to allegations. Over the past 12 months, the company’s shares have lost 15.7%. In its financial report for the June quarter, Bridgepoint Education disclosed earnings per share of $0.07 and revenue of $137.97 million, compared to a loss per share of $0.01 and revenue of $147.06 million for the corresponding quarter in 2015.

Nathaniel August - Mangrove Partners

Out of the 749 hedge funds followed by Insider Monkey which filed 13Fs for the June quarter, 11 were long Bridgepoint Education (NYSE:BPI), down by two from the March quarter. Among the bullish investors were Jim Simons’ Renaissance Technologies, which held $8.07 million worth of Bridgepoint Education’s shares, Ken Griffin’s Citadel Investment Group, with a position valued at $565,000, Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital, Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital, and John Overdeck and David Siegel’s Two Sigma Advisors.

Investors who lost enthusiasm for Bridgepoint Education (NYSE:BPI) and sold off their positions during the June quarter were Mike Vranos’ Ellington, which said goodbye to $320,000 worth of shares, and Neil Chriss’ Hutchin Hill Capital, which dropped its position valued at $171,000 on March 31.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Mangrove Partners Master Fund, Ltd 98-10834 0 2,362,069 0 2,362,069 2,362,069 5.10%
The Mangrove Partners Fund 0 2,362,069 0 2,362,069 2,362,069 5.10%
Mangrove Partners Fund (Cayman), Ltd 0 2,362,069 0 2,362,069 2,362,069 5.10%
Mangrove Partners 98-065 0 2,362,069 0 2,362,069 2,362,069 5.10%
Mangrove Capital 98-06 0 2,362,069 0 2,362,069 2,362,069 5.10%
Nathaniel August 0 2,362,069 0 2,362,069 2,362,069 5.10%
Nathaniel August
Nathaniel August
Mangrove Partners

Page 1 of 12 – SEC Filing

EDGAR Submission Header Summary

Submission Form Type SC 13G
Filer Mangrove Partners Master Fund, Ltd.
   CIK 0001569227
   CCC xxxxxxxx
   Selected Exchanges  
      Exchange NONE
Confirming Copy No
Subject Company Bridgepoint Education Inc
   CIK 0001305323
   IRS Number 59-3551629
Subject Company Group Names  
   The Mangrove Partners Fund, L.P.  
   Mangrove Partners Fund (Cayman), Ltd.  
   Mangrove Partners  
   Mangrove Capital  
   Nathaniel August  
Submission Contact Filing Department
Contact Phone Number 518-907-0015


SC 13G m920160sc13g.htm

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