BioFuel Energy has not exactly been a winner for David Einhorn’s Greenlight Capital and Daniel Loeb’s Third Point Management since they bought large stakes in the ethanol maker’s IPO in June 2007. The stock is down more than 80 percent since then, and now the two hedge fund managers are trying to help save the company.
上周，他们合作，为公司提供约1940万美元的六个月桥贷款。贷款支付率为12.5％的利息。如果未到期日未充分支付贷款，利率将达到高达14.5％。The hope is that enough investors will then buy into a subsequent rights offering to purchase convertible preferred stock of the company, whose proceeds will be used to repay the bridge loan and BioFuel’s subordinated debt and to make certain other payments — including more than $2.8 million to Cargill, with which BioFuel has a business relationship.
既不是leeb和einhorn都不会发表评论。然而，这项投资对于这两个对冲基金一直是灾难，因为他们在公司的IPO中购买了425万股，以10.50美元。当时，绿灯占股票投票权的36.5％，第三点18.2％。今天，绿光拥有19.6％的股份和第三点控制量17.8％。股票目前正在以劣势为2个POP交易。
当它仍然私密时，两国基金经理都会大量参与生物燃料。早在2006年5月，Einhorn和Loeb都成为公司的董事。那么有很多希望。那一年早些时候，布什总统已经设定了减少75％的中东石油进口的目标，并用可再生燃料替换油脂等乙醇。但乙醇的炒作是短暂的 - 公司从未在整整一年中取得了利润。