Hedge Fund Farallon Capital Still Shows Energy Partners (EPL) Stake ~ market folly

Monday, April 26, 2010

Hedge Fund Farallon Capital Still Shows Energy Partners (EPL) Stake

Thomas Steyer's hedge fund firm Farallon Capital recently filed a 13G with the SEC regarding Energy Partners Ltd (EPL). As of April 15th, 2010 Farallon Capital shows a 7.1% ownership stake in the company with 2,859,337 shares. This is the exact same amount of shares they owned back on December 31st, 2009 when we covered Farallon's portfolio so there is no adjustment to their position. While nothing major has happened with their stake, we do learn that they at least still hold their position and so we thought we'd pass that information along for those interested.

The hedge fund filed the amended 13G to adjust the managing members of their firm listed as beneficial owners of the stock. As we've detailed in the past, it's extremely likely that Farallon received their equity position in EPL from a debt-to-equity conversion. Thomas Steyer founded Farallon in 1986 and today it is a multi-billion dollar hedge fund that invests in equities, private investments, debt, and real estate. Typically, they focus on risk arbitrage strategies. Taken from Google Finance, Energy Partners is "an independent oil and natural gas exploration and production company."

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