JAT Capital Files 13D on Madison Square Garden (MSG) ~ market folly

Monday, August 25, 2014

JAT Capital Files 13D on Madison Square Garden (MSG)

John Thaler's hedge fund firm JAT Capital has filed a 13D with the SEC regarding shares of Madison Square Garden (MSG).  Per the filing, JAT has disclosed a 6.73% ownership stake in MSG with over 4.2 million shares.

This marks an increase of 2.6 million shares in their position size since the end of the second quarter.  The filing was made due to activity on August 12th.

The 13D filing contains the standard boilerplate that JAT may seek to engage with the board of directors.  It also notes that JAT entered into cash-settled swaps with respect to 2.9 million notional shares and call options referencing 300,000 shares.

JAT was out buying MSG stock throughout mid-August at prices ranging from $60 to $64.84.

Per Google Finance, Madison Square Garden is "a holding company conducting its operations through direct and indirect subsidiaries. The Company is an integrated sports, entertainment and media business company. The Company operates in three segments: MSG Sports, MSG Media and MSG Entertainment. In March 2014, the Company purchased a 50% interest in Tribeca Enterprises."

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