Just a follow-up to my IGEN post. A 13G filed today confirms that Soros now appears to be out. It's hard to figure out the exact details, though.
This Statement relates to Shares that were acquired by White Rock Management on behalf of certain institutional clients (the "White Rock Clients"), including, but not limited to, Quantum Partners LDC, a Cayman Islands exempted limited duration company ("Quantum Partners"). Effective July 7, 2000, no Shares are held for the account of Quantum Partners. Accordingly, each of SFM LLC, Mr. Soros and Mr. Druckenmiller shall no longer be considered a Reporting Person in connection with this Statement.
In terms of total holdings, White Rock now reports a beneficial interest of around 1 million shares, against the 2.34 million from the last (including Soros) report. So there certainly has been significant selling, which goes a long way towards explaining the stock price.
Of course from a valuation perspective, insistent selling (or for that matter, buying) largely unrelated to the company fundamentals is most likely to produce a "mispriced" stock. Of course we don't know for sure whether the Soros selling was related only to his change in strategy, or whether it also related to his view of the company.
Interestingly, a filing today showed essentially no change in the Soros (via Perseus) holdings of VPHM preferred. Of course there might have been some shorting of the common by Soros that wouldn't be reflected in that filing.
Peter |
