Watershed Asset Management Discloses Erickson Air-Crane Stake ~ market folly

Wednesday, September 25, 2013

Watershed Asset Management Discloses Erickson Air-Crane Stake

Meridee Moore's hedge fund Watershed Asset Management filed a 13G with the SEC regarding shares of Erickson Air-Crane (EAC).  Per the filing, Watershed has disclosed a 5.5% ownership stake in EAC with 755,413 shares.

This position is revealed due to the company's mandatory conversion of their convertible cumulative participating preferred stock (Series A).  The fund received a notice of mandatory conversion dated August 12th.

About Watershed Asset Management

Meridee Moore founded Watershed after being a partner at Farallon Capital for 10 years.  Watershed focuses  on cash flows and catalysts.

About Erickson Air-Crane

Per Google Finance, the company is "engaged in the operation and manufacture of the Erickson S-64 Aircrane (Aircrane), a heavy-lift helicopter. The Company operates in two segments: Aerial Services and Manufacturing / MRO. Aerial Services offers a range of heavy-lift helicopter services through the Company's worldwide fleet, including firefighting, timber harvesting, infrastructure construction, and crewing services. Manufacturing / MRO manufactures Aircranes from existing airframes, manufactures new components on a contract basis, and provides customers with Federal Aviation Administration and European Aviation Safety Agency certified maintenance, and MRO services in the Company's AS9100 certified facility. In September 2013, Erickson Air-Crane Incorporated announced the completion of its acquisition of Air Amazonia Servicos Aeronauticos Ltda and certain related assets from HRT Participacoes em Petroleo S.A."

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