Monday, April 29, 2013

Charge of the Blight brigade: Hedgies join JCP investment cavalry




The smart money is shopping for bargains again at JCPenney.  At least two major hedge funds have amassed significant stakes in the troubled retailer, The NY Post has learned — even as billionaire George Soros last week revealed a surprise stake equal to 7.9 percent of the company.

One of the new pair of investors — a hedge fund worth more than $10 billion, according to one source — has scooped up a stake worth between 5 and 10 percent of the department-store chain, according to Wall Street insiders briefed on the investment.  The identity of the fund couldn’t be learned, but the stake, like the one taken by Soros, is said to be passive. It is expected to be revealed in a securities filing by mid-May…..

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