JAT Capital Increases Madison Square Garden Stake ~ market folly

Thursday, September 4, 2014

JAT Capital Increases Madison Square Garden Stake

In an amended 13D filed with the SEC, John Thaler's hedge fund firm JAT Capital has revealed they now own 7.75% of Madison Square Garden (MSG) with over 4.93 million shares.

This is up from their previous stake of 4.28 million shares when we previously highlighted JAT's activist MSG stake.  The filing was due to activity on August 29th and they used proceeds from outstanding swaps to purchase 3.45 million shares and call options to purchase 1.47 million shares.

Per Google Finance, Madison Square Garden is "a holding company conducting its operations through direct and indirect subsidiaries. The Company is an integrated sports, entertainment and media business company. The Company operates in three segments: MSG Sports, MSG Media and MSG Entertainment. In March 2014, the Company purchased a 50% interest in Tribeca Enterprises.."

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