Second Curve Sells Some CompuCredit (CCRT) ~ market folly

Friday, March 18, 2011

Second Curve Sells Some CompuCredit (CCRT)

Tom Brown's hedge fund Second Curve Capital filed a Form 4 with the SEC regarding transactions in shares of CompuCredit (CCRT). Per the filing, Second Curve sold 300,000 shares of CCRT, with 175k shares being exited at $7.01 on March 15th and 125k shares dumped at $6.80 per share on March 16th.

After these sales, the hedge fund reported holding 3,980,630 shares of CCRT. They've been gradually selling shares since 2011 started, down from 4,260,630 held at the end of 2010. Readers will recall that Second Curve was buying CCRT back around $4.94 in September of last year. Other more recent activity out of the hedge fund firm includes acquiring Mercantile Bank (MBWM) shares.

Per Google Finance, CompuCredit is "a provider of various credit and related financial services and products to or associated with the financially underserved consumer credit market. The Company has contracted with third-party financial institutions pursuant, to which the financial institutions have issued general purpose consumer credit cards, and it has purchased the receivables relating to such accounts on a daily basis."

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