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divested

As long as we are under assault from Dan Meyers, we’re going to share news with you about the world that he lives in. It doesn’t seem like anywhere we’d want to be…

But wait, there’s more. Happy Valentine’s Day.

2/14/2014 - A prominent Oklahoma hedge fund manager that built up a holding of about 9.4 million shares of First Marblehead Corp. common stock has divested it all. In a U.S. Securities and Exchange Commission filing before business Friday, First Marblehead (NYSE: FMD) said Prescott Group Capital Management LLC had fully divested its holding of FMD common stock.

Between 2009 and 2010, the Tulsa, Okla., hedge fund manager accumulated a 9.3 percent stake in the troubled Boston student lending firm. But Prescott, its founder Phil Frohlich and its Prescott Group Aggressive Small Cap II LP fund “no longer owns shares of common stock of the issuer,” Friday’s filing says.

Prescott is the second hedge fund manager in as many weeks to report a complete divestiture of FMD stock. Last Friday, New York fund manager Mangrove Partners said it had done away with its nearly 300,000 shares. Read on.

2/7/14 - Mangrove Partners, a New York-based hedge fund manager, has divested all of its funds’ holdings in First Marblehead, the troubled Boston student lending firm, according to U.S. Securities and Exchange Commission filings made Thursday.

First Marblehead (NYSE: FMD) is a long way from the almost $60 a share its stock commanded at its peak, so it’s easy to see, as analysts have suggested, that some investors are skeptical about the firm’s strategy and prospects. Friday, FMD stock was trading at around $5.85 a share. That’s nearly 27 percent below the $8 a share it achieved in the drastic 1-for-10 reverse stock split it performed in early December. The reverse split pulled FMD’s per-share price beyond $1 and saved it from delisting, but it didn’t solve the firm’s other problems.

FMD is locked in a dispute with the IRS, which claimed in an audit that the firm owes $300 million plus interest and penalties stemming from refunds it took after selling its stake in a related business in 2009. After reporting an $11.6 million loss on $13.9 million in revenue for the first quarter, FMD CEO and founder Dan Meyers told investors the firm would spend as much as $500,000 a quarter on two top-tier law firms hired to fight the IRS audit. Read on.

 

February 12th, 2014

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