Carl Icahn’s former lieutenant Mark Rachesky has opened a position in Seahawk Drilling Inc (NASDAQ:HAWK), a stock I’ve covered in some detail (see the post archive here). Rachesky holds the position in his investment vehicle, MHR Fund Management LLC. Rachesky’s most recent 13F filing indicates he picked up around 1.2M shares for around $11.4M, which implies an average purchase price of about $9.72 per share. According to Business Insider:
Rachesky, 49, spent six years working for Icahn, including serving as a senior investment officer and chief investment advisor for his last three years at Icahn Holding Corporation. He left Icahn in 1996 and opened his own New York-based firm, MHR Fund Management, for which he still serves as president.
Rachesky is perhaps best known for his position in Lions Gate:
He first took a 5.9% stake in Lionsgate in August 2005, but he boosted his ownership to 14.1% as of last July and has rapidly increased the size of his position over the past two months—at the same time Icahn enhanced his own stake—after Lionsgate reported its disastrous third-quarter earnings. Up until last week, Rachesky’s investment in Lionsgate was passive, meaning he didn’t seek to influence the company’s operations. But now he’s an active investor in the studio.
The $11.4M holding in HAWK represents around 0.8% of Rachesky’s $1.4B fund.
Hat tip JG.
Long HAWK.
HAWK + HERO + RIG about to have a nice week.
Bought 10 HAWK SEPT 7.50 CALLS for .38
HAWK is getting crushed.
Actually, he has owned shares since the spin. He did however purchase another 300k during the quarter.
Who’s buying call options on HAWK? Might be a better way to play it down here.
Thanks, but that is not the purchase price, it is the price at the end of the quarter. :-)
Thanks for your informative updates on HAWK!