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Insider Trading: Jeffrey Altman’s Owl Creek Asset Management Keeps Selling $YRCW

Jeffrey AltmanJeffrey Altman’s Owl Creek Asset Management filed Form 4 for its third insider sales in YRC Worldwide Inc. (YRCW) on October 17th. According to the filing, Owl Creek Asset Management has sold 5.22 million shares at about $0.0598 since October 13th. Owl Creek Asset Management did not own any share in YRCW in the second quarter. Its previous YRCW position came from the acquisition of 172 million common shares and 154 million shares in convertible notes on September 16th. Owl Creek Asset Management made two large size insider sales on around September 16th and October 7th, with a total amount of 113 million shares. So now Owl Creek Asset Management remains 53.67 million common shares in YRCW. (Click here to see the insider sale on September 16th and October 7th)

Back to the second quarter, YRCW was owned by five hedge funds, including Jim Simons’ Renaissance Technologies, and Randall Smith’s Alden Global Capital. These two hedge funds each took 302 thousand shares and 204 thousand shares respectively.

Owl Creek Asset Management, L.P. invests in the public equity and fixed income markets, including Healthcare, Financial, Technology, and other sectors. The firm implements a distressed equity strategy along with a capital-structure arbitrage strategy as hedging techniques. The firm had a 13F portfolio of more than $6 billion at the end of Q2.

YRC Worldwide Inc. is a transportation service firm which provides transportation of industrial, commercial, and retail goods. The firm underwent a charter amendment merger on Sep 16th. James Welch will be YRC Worldwide CEO, and Jeff Rogers will be YRC President and Mike Naatz will be Holland President.