Tom Brown, Second Curve Capital: Second Curve Capital today disclosed a new addition to its equity portfolio, represented by The First Marblehead Corporation (NYSE:FMD). The hedge fund managed by Tom Brown disclosed ownership of some 6 million shares, representing ownership of 5.3% of the company at a value slightly below $5 million.
First Marblehead Corporation expanded its net loss to $50.2 million, equal to $0.47 per share in the fiscal year ended on June 30, from last year’s net loss of $33.6 million, while the loss from operations narrowed by 21% on the year, and totaled $49.5 million. First Marblehead Corporation is a financial company mainly engaged in providing education loans for K-12 graduate and undergraduate students in the U.S.
Aside from Second Curve Capital, which is a hedge fund that invests primarily in financial stocks, we should mention some other “hedgies” that have been bullish on First Marblehead Corporation in the latest round of 13F filings. The hedge fund with the largest position is Mangrove Partners, managed by Nathaniel August, while Phil Frohlich’s Prescott Group Capital Management is next, followed by Wilmot B. Harkey and Daniel Mack’s Nantahala Capital Management. Check back here for more updates on Tom Brown’s moves.