According to the latest filing with the Securities and Exchange Commission, the fund has traded in the remaining 24.8 million shares it held in the company for cash at $24.50 per share, raking in over $600 million, according to the terms of the acquisition.
In 2008, Berkowitz swapped bonds of AmeriCredit for stock at about $6 per share helping the company to deleverage itself at the peak of the crisis.
As of June 30, the fund still held 18% of the stock, making Berkowitz one of the top shareholders of the company. The fund had been gradually offloading shares in the market in the last couple of months.--Written by Shanthi Venkataraman in New York
>To contact the writer of this article, click here: Shanthi Venkataraman. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.