Bruce Berkowitz Cashes In on AmeriCredit
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
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