Hedge Funds: MHR Fund Management Files 13D on Loral Communications

May 7, 2020 | Hedge Funds
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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.

Recent: Private Equity: ICANN Rejects Deal to Sell .Org Registry to Ethos Capital

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