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Green Dot Corp (GDOT): Harvest Capital Strategies Takes Bigger Stake Ahead of Proxy Contest

Joseph Jolson‘s Harvest Capital Strategies has filed a 13D on Green Dot Corporation (NYSE:GDOT) disclosing a large increase to the firm’s position in the company. Mr. Jolson’s firm now owns 4.60 million shares of the bank holding company, up from 3.64 million shares as reported in mid-March, when the firm revealed its plan to nominate three directors for election to the company’s board at its annual shareholders’ meeting, which is yet to have an official date. Mr. Jolson’s firm expressed its discontent with the company’s performance in a letter and presentation on January 25, describing a number of serious issues that the “complacent and misaligned Board of Directors” has failed to address. While shares of Green Dot enjoyed a strong 2013 after Harvest Capital Strategies opened a position in late 2012, they have floundered since, being down by about 9% since the start of 2014.

At Q4’s end, a total of 12 of the hedge funds tracked by Insider Monkey were bullish on this stock, down by 25% from the third quarter. Harvest Capital Strategies held the largest position (it also ranked as the fund’s largest long position), followed by Citadel Investment Group, managed by Ken Griffin, which held a $24 million position. Some other hedge funds and institutional investors with similar optimism contained Peter S. Park’s Park West Asset Management, Malcolm Fairbairn’s Ascend Capital, and Thomas E. Claugus’ GMT Capital.

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
JEFFREY B. OSHER 4,597,000 4,597,000 4,597,000 9.2%
HARVEST CAPITAL STRATEGIES 4,559,640 4,559,640 4,559,640 9.1%
HARVEST SMALL CAP PARTNERS MASTER, LTD 1,968,324 1,968,324 1,968,324 3.9%
HARVEST SMALL CAP PARTNERS 1,481,676 1,481,676 1,481,676 3.0%
HSCP STRATEGIC I 1,000,000 1,000,000 1,000,000 2.0%
HARVEST FINANCIAL PARTNERS 47,466 47,466 47,466 Less than 1%
DONALD DESTINO 109,640 109,640 109,640 Less than 1%
CRAIG BAUM 7,500 7,500 7,500 Less than 1%
SATURNINO FANLO 4,000 4,000 4,000 Less than 1%
GEORGE W. GRESHAM 4,050 4,050 4,050 0%
PHILIP B. LIVINGSTON Less than 1%
Joseph A. Jolson
Joseph A. Jolson
Harvest Capital Strategies

Page 1 of 20 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 3)1
Green Dot Corporation
(Name of Issuer)
Class A Common Stock, par value $0.001 per share
(Title of Class of Securities)
39304D102
(CUSIP Number)
JEFFREY B. OSHER
HARVEST CAPITAL STRATEGIES LLC
600 Montgomery Street, Suite 1700
San Francisco, California 94111
(415) 869-4433
 
STEVE WOLOSKY, ESQ.
ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
March 29, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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