MHR Fund Management Files 13D on Titan International ~ market folly

Monday, January 27, 2014

MHR Fund Management Files 13D on Titan International

Mark Rachesky's hedge fund MHR Fund Management has filed a 13D with the SEC regarding Titan International (TWI).  Per the filing, MHR now owns 10.9% of the company with 5.84 million shares.

This is a newly disclosed position and the filing was made due to activity on January 9th.  The position is comprised of both common stock as well as $8.1225 July 2014 call options.

The 13D filing contains the standard boilerplate that MHR intends to seek discussions with management concerning the business and operations of the company.

About MHR Fund Management

If you're unfamiliar with this name, here's what you need to know:  prior to founding MHR Fund Management, Rachesky previously worked as a senior investment officer and managing director to Carl Icahn.  

Rachesky received his B.S. in molecular aspects of cancer from the University of Pennsylvania and an M.D. from Stanford University School of Medicine. Additionally, he also holds an MBA from the Stanford Graduate School of Business.

About Titan International

Per Google Finance, Titan International "through its subsidiaries, is engaged in the manufacturing of wheels and tires. The Company operates in three segments: agricultural, earthmoving/construction and consumer. Titan produces a range of specialty products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction and consumer markets. Titan’s earthmoving/ construction market includes wheels and tires supplied to the mining industry, while the consumer market includes products for all-terrain vehicles (ATVs) and recreational/utility trailers. The Company’s customers include AGCO Corporation, CNH Global N.V., Deere & Company and Kubota Corporation."

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