Maverick Capital Acquires Bluefly (BFLY) Common Stock ~ market folly

Thursday, December 24, 2009

Maverick Capital Acquires Bluefly (BFLY) Common Stock

In a Form 4 filed with the SEC, Lee Ainslie's hedge fund Maverick Capital has updated their position in Bluefly (BFLY). On December 21st, Maverick acquired 665,471 shares through a series of convertible promissory notes. They received these shares at $1.70 and they now own 3,704,101 shares.

Ainslie's hedge fund already owned BFLY and this is an increase in their common stock holdings as the last share total we saw out of Maverick was from their 13F filing where they owned 3,038,628 shares as of September 30th, 2009. To see what else Ainslie holds, we recently detailed Maverick's portfolio holdings. Maverick is an $8+ billion long/short equity hedge fund firm focused on stockpicking.

Additionally, we see that Quantum Industrial Partners have also exchanged convertible promissory notes on Bluefly. Quantum is a subsidiary of George Soros hedge fund firm Soros Fund Management. According to their form 4 filing with the SEC, they also acquired 1,064,400 shares at $1.70. You can view the rest of Soros Fund Management's recent portfolio adjustments.

Taken from Google Finance, Bluefly is "an online retailer of designer brands, fashion trends and superior value. During the year ended December 31, 2008, the Company offered over 50,000 different styles for sale in categories, such as men’s, women’s and accessories, as well as house and home accessories from over 350 brands at discounts."

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