Archive for the '13G Filings' Category

Firefly Value Partners Acquires 5.7% of Alliance Bancorp, Inc. of Pennsylvania (ALLBD)

Posted on January 27, 2011, 10:39 am. Closed

Firefly Value Partners Acquires 5.7% of Alliance Bancorp, Inc. of Pennsylvania (ALLBD).

Alliance Bancorp recently completed a second-step conversion from mutual holding company form to a stock holding company along with a concurrent public stock offering.

According to Alliance’s S-1 filings, price to tangible book right now should be about 65%, perhaps slightly higher given shares are trading above the offering price of $10 per share.

Senator Investment Group LP Acquires 8.59% of Essex Rental (ESSX)

Posted on January 25, 2011, 11:12 pm. Closed

Senator Investment Group LP Acquires 8.59% of Essex Rental (ESSX).

Essex says it owns one of the largest rental fleets of heavy lift crawler cranes in North America. Here are some other tidbits from its investor presentations:

  • 350 cranes and attachments
    • Orderly liquidation value of > $262 million and estimated replacement value of $450 million to $500 million
  • #1 North American “bare” crawler crane rental company
  • 50-year operating history
  • 109 employees

According to Yahoo Finance, enterprise value is about $250mn, which gives us a 50% discount to replacement value.

Trafelet Capital Management, L.P. Acquires 5.66% of MGIC Investment Corporation (MTG)

Posted on January 20, 2011, 2:37 pm. Closed

Trafelet Capital Management, L.P. Acquires 5.66% of MGIC Investment Corporation (MTG):

As of January 6, 2011, several private investment funds for which Trafelet Capital Management, L.P. serves as investment manager, held in the aggregate, 1,850,000 shares of Common Stock and options to acquire 9,500,000 shares of Common Stock. As of the filing date, such private investment funds held, in the aggregate, 1,850,000 shares of Common Stock and options to acquire 7,973,500 shares of Common Stock.

(a)

Amount Beneficially Owned**

Trafelet Capital Management, L.P. – 11,350,000 shares (9,823,500 as of the filing date)
Trafelet & Company, LLC – 11,350,000 shares (9,823,500 as of the filing date)
Remy Trafelet – 11,350,000 shares (9,823,500 as of the filing date)

(b)

Percent of Class

Trafelet Capital Management, L.P. – 5.66% (4.90% as of the filing date)
Trafelet & Company, LLC – 5.66% (4.90% as of the filing date)
Remy Trafelet – 5.66% (4.90% as of the filing date)