Par Capital, managed by Paul Reeder and Edward Shapiro has revealed slightly reducing its majority stake in Global Eagle Entertainment (NASDAQ:ENT). The fund currently holds around 29.5 million shares of the company, versus 31.7 million shares held earlier. The position amasses 42.03% of the company’s common stock.
The holding has been reduced by some 2.3 million shares held as Convertible Promissory Note with maturity date on December 20. Global Eagle Entertainment (NASDAQ:ENT) has paid the fund the principal amount of the note, together with accrued, unpaid interest, the filing with the Securities and Exchange Commission stated.
Global Eagle Entertainment (NASDAQ:ENT) is a small cap firm which “provides content and connectivity to the airline industry.” The company has conducted a public offering where it sold 13.34 million shares of common stock, at $14.25 apiece. The net proceeds are estimated at $183.3 million.
About a week ago, Abrams Capital Management, a fund led by David Abrams has revealed initiating a stake in Global Eagle Entertainment (NASDAQ:ENT). Abrams reported owning 3.0 million shares, equal to 6% of the common stock.
Soros Fund Management, run George Soros is another hedge fund that owns shares of Global Eagle Entertainment (NASDAQ:ENT). Soros has accumulated a total of 200,000 shares, which are valued at $1.87 million. North Run Capital, managed by Thomas Ellis and Todd Hammer, has mopped up close to 136,900 shares, valued at $1.28 million. Millennium Management, led by Israel Englander, has reduced its stake in the firm by 39% and currently holds 105,000 shares, worth $981,000.
Par Capital is a hedge fund which exposes its investors to the gains and losses which are seen in the “travel and online media industries”. It boasts of portfolio worth over $3.25 billion. Other than the services sector, the fund also invests in healthcare and basic materials sectors.