Hedge Fund Passport Capital Sells Some Imperial Sugar (IPSU) ~ market folly

Monday, March 22, 2010

Hedge Fund Passport Capital Sells Some Imperial Sugar (IPSU)

John Burbank's hedge fund Passport Capital has filed a Form 4 with the SEC in regards to shares of Imperial Sugar (IPSU). On March 17th, 2010, Burbank's hedge fund sold 20,394 shares of IPSU at a price of $15.11 and 6,136 shares at $15.05. After these transactions, Passport still owned 1,202,985 shares.

Within the filing, we also see a breakdown of Passport's option position in Imperial Sugar. 24,000 shares are represented by calls with an exercise price of $20, an exercise date of 2/4/2010, and an expiration date of 4/17/2010. 4,400 shares are via $22.50 calls and 15,100 shares via $25 calls, all with the same dates as well. We've previously seen them touch on their IPSU position in their Agriculture Fund investor letter as well. Additionally, for those interested in the sector, you can read Passport's research on the case for agriculture.

Taken from Google Finance, Imperial Sugar is "engaged in processing and marketing of refined sugar in the United States. The Company refine, package and distribute sugar at facilities located in Georgia and Louisiana. In addition, through joint venture operations the Company markets sugar and other sweeteners in Mexico and Canada."

For the rest of Passport Capital's equity positions, check out our coverage of their portfolio.

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