Luecadia (LUK) owns 28% so together with Fairholme (FAIRX), this could get interesting.
From the 13-D
“The Reporting Persons are in discussions with the Issuer’s management concerning (i) the exchange of certain debt securities of the Issuer held by the Reporting Persons for additional Shares, (ii) the acquisition by the Reporting Persons of asset-backed securities of the Issuer or its affiliate offered in a future securitization transaction, and (iii) an agreement under which the Reporting Persons will refrain from taking certain actions with respect to the Issuer for a specified period and will acquire one seat on the Issuer’s board of directors, and the Issuer will waive the application of the Texas Business Combination Law. The Reporting Persons reserve the right, at a later date, to consult with management and other shareholders of the Issuer from time to time to evaluate the business prospects of the Issuer as well as its present and future intentions.
Except as set forth above, the Reporting Persons have no plans or proposals
that would relate to or would result in: (a) any extraordinary corporate transaction involving the Issuer; (b) any material change in the present capitalization or dividend policy of the Issuer; (c) any material change in the operating policies or corporate structure of the Issuer; (d) any change in the Issuer’s charter or by-laws; (e) the Shares of the Issuer ceasing to be authorized to be quoted in the over-the-counter security markets; or (f) causing the Issuer to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934. The Reporting Persons, however, reserve the right, at a later date, to effect one or more of such changes or transactions in the number of Shares they may be deemed to beneficially own.”
“As of the date hereof, Fairholme may be deemed to be the beneficial owner of 22,853,914 Shares (19.6%) of the Issuer, the Fund may be deemed to be the beneficial owner of 16,692,000 Shares (14.0%) of the Issuer and Bruce R. Berkowitz may be deemed to be the beneficial owner of 22,850,413 Shares (19.6%) of the Issuer, based upon the 116,312,936 Shares outstanding as of August 26, 2008, according to the Issuer.”
Disclosure (“none” means no position):None
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One reply on “Fairholme "In Discussions" with AmeriCredit ($acf)”
This will be interesting to see how this is played out, with to Fairholme upping their stake. Looks like Leucadia and Fairholme will have about half the company.
STOCKMANMARC