Hedge Funds: MHR Fund Management Files 13D on Loral Communications
MHR Fund Management filed a 13D saying it owns 39.9% of the common stock on Loral Communications (NASDAQ: LORL).
MHR Fund Management 13D Filing
The filing came after the announcement by Loral that it was in advanced discussions with Canadian Telesat co‑owner, Public Sector Pension Investment Board, regarding the combination of Loral and Telesat into one public company. As a result of the discussions, Loral felt it was in the best interest of shareholders to return a significant portion of the $243 million of cash that has on the books.
As a result of that decision Loral’s Board of Directors has declared a special dividend of $5.50 per share for an aggregate dividend of approximately $170.5 million. The dividend is payable on May 28, 2020, to holders of record of Loral voting and non-voting common stock as of the close of business on May 14, 2020.
MHR Fund Management is a private equity firm founded by Mark H. Rachesky, a long-time distressed assets investor. Before founding MHR along with Hal Goldstein, Mr. Rachesky worked with Carl Icahn as a senior investment officer and chief investment advisor at Icahn Enterprises.
Along with his the Loral position MHR funds publicly traded holdings include Navistar (NYSE: NAV), Lions Gate Entertainment (NYSE: LFG.B), and PJT Partners.
Latest Alternative Investment News
Pluto, a prominent provider of financial corporate spend management solutions in the UAE, has forged a strategic alliance with Mastercard (NYSE: MA), the global technology giant in the payments sector….
Alternative Investments/Real Estate: Alternative Investing Platform Yieldstreet Acquires Real-Estate Focused Cadre
Yieldstreet, a prominent private market investment platform, has officially announced its acquisition of Cadre, an online real estate-focused investment platform catering to institutional and high net worth investors. This strategic…
Ursa Major Technologies recently closed its Series D and D-1 funding rounds, securing a substantial $138 million investment led by Explorer 1 Fund and Eclipse, with participation from RTX Ventures,…
Artificial Intelligence: Saudi Venture Fund Forced To Sell Shares In Altman-Backed Chip Startup Rain AI
The Biden administration has compelled Saudi Aramco (TADAWUL: 2222)-backed venture capital firm, Prosperity7, to divest its shares from Rain Neuromorphics, a Silicon Valley AI chip startup supported by Sam Altman,…