Battle for Bally's Heats Up
This column was originally published on RealMoney on Sept. 13 at 10:40 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.
The activist battle against Bally's Fitness (BFT Quote) is going to another level as Pardus Capital Management appears to be joining Liberation's effort.
I first wrote about Liberation and Bally's on July 25 when the stock was at $3.25. Piggybacking on top of Liberation's efforts has proved successful, with the stock closing Monday at $4.06, a full 25% higher. Pardus revealed that it owned 12% of the company (4 million shares) in a Securities and Exchange Commission filing last week, with a block of 1 million shares being bought last week at $3.93 per share.
In Pardus's (PCM's) filing it stated: ...
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