James Pallotta's Raptor Capital Cuts BigString (BSGC) Stake In Half (13G Filing) ~ market folly

Tuesday, September 8, 2009

James Pallotta's Raptor Capital Cuts BigString (BSGC) Stake In Half (13G Filing)

James Pallotta's hedge fund Raptor Capital Management recently filed an amended 13G with regards to their position in BigString (BSGC). Shares of BSGC are traded over the counter and Raptor has disclosed a 3.35% ownership stake in the company with 2,006,780 shares. The amended filing was made due to activity on August 18th, 2009. This is way down from their previous ownership of 7.12% with 4,004,288 shares. So, they have sold over half of their position.

They had previously filed the original 13G back on January 1st, 2009 as Raptor as a firm was just getting started. Remember that James Pallotta used to head the equities team at Paul Tudor Jones' Tudor Investment Corp. Pallotta then spun-off Raptor as its own fund. However, back in June, we learned that Raptor would be winding down. For the rationale behind the move, Pallotta said, "I intend to step back from day-to-day investing for a few months to spend valuable time crafting an optimal investment strategy in order to capitalize fully on the next several years' developing investment opportunity set." We'll keep an eye out for Raptor's revival or possibly a new entity. You can view some of Raptor's prior holdings here.

Taken from Google Finance, BigString is "is a technology company focused on providing online communications. The Company provides a technology that would allow the user of e-mail services to have control, security and privacy relating to the e-mail generated by the user. In addition to its free e-mail service product, it offers e-mail services, products and applications, such as domain/vanity names, post office protocol version 3 (POP3) e-mail client access (a protocol used to retrieve e-mail from a mail server), advanced e-mail management and campaign management tools, which are offered in several different packages by the users of its BigString e-mail service."

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