OZ Management Shows 7.32% Stake in Genco Shipping & Trading Ltd. (GNK)

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April 14, 2014 4:45 PM EDT

In a 13D filing on Genco Shipping & Trading Ltd. (NYSE: GNK), Daniel S. Och'S hedge fund OZ Management disclosed a 7.32%, or 3,255,301 share, stake in the company.

Item 4. Purpose of Transaction.

The securities of the Issuer reported in this Schedule 13D were acquired by the Reporting Persons for investment purposes. The Reporting Persons intend to monitor the Issuer’s restructuring process, as first described in the Current Report on Form 8-K filed by the Issuer with the Securities and Exchange Commission on April 3, 2014 (the “Restructuring Process”), with the intent of taking any and all actions that the Reporting Persons deem necessary or appropriate to protect and/or maximize the value of their respective investments in the Issuer’s securities. Such actions may include, but are not limited to, entering into discussions with the Issuer, management and/or the Board of Directors and may result in transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons may consult with other holders of the Issuer’s securities regarding the Restructuring Process.

The Reporting Persons reserve the right to acquire, or cause to be acquired, additional securities of the Issuer or derivatives or other instruments related thereto, to dispose of, or cause to be disposed of, such securities, derivatives or other instruments related thereto at any time and to formulate other purposes, plans or proposals regarding the Issuer or any of its securities.

Except as otherwise set forth in this Schedule 13D, the Reporting Persons do not have any plans or proposals at this time that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

SCHEDULE I

TRANSACTIONS IN THE PAST SIXTY DAYS BY THE ACCOUNTS

The Common Stock transactions described below were effected for cash in the open markets. The Convertible Bond transactions described below were effected for cash in the over-the-counter markets.

Date

 Purchase /Sale Security Type Number of Shares /
Principal of Bonds		 Price per Share / Bond
(per $100 Amount)

2/19/2014

 Purchase Convertible Bond 250,000 $46.00

2/20/2014

 Purchase Common Stock 23,872 $1.3885

2/20/2014

 Purchase Common Stock 1,650,000 $1.5061

2/20/2014

 Purchase Convertible Bond 417,000 $53.00

2/26/2014

 Purchase Convertible Bond 50,000 $57.875

2/28/2014

 Purchase Common Stock 400,000 $1.6664

3/21/2014

 Sale Common Stock 550,000 $1.5391

3/21/2014

 Sale Common Stock 100,000 $1.53

3/21/2014

 Sale Common Stock 1,173,872 $1.5251

3/26/2014

 Purchase Convertible Bond 665,000 $82.83

3/28/2014

 Purchase Common Stock 250,000 $1.6186

3/28/2014

 Purchase Common Stock 250,000 $1.699

3/28/2014

 Purchase Convertible Bond 544,000 $83.50

4/3/2014

 Purchase Convertible Bond 1,000,000 $84.50

4/4/2014

 Purchase Common Stock 780,000 $1.7242

4/4/2014

 Purchase Common Stock 20,000 $1.31

4/4/2014

 Purchase Common Stock 500,000 $1.8883

4/4/2014

 Purchase Common Stock 500,000 $2.1287

4/4/2014

 Purchase Common Stock 150,000 $1.9161

4/4/2014

 Purchase Common Stock 293,576 $1.9331

4/4/2014

 Purchase Common Stock 6,424 $1.97

4/4/2014

 Sale Convertible Bond 1,000,000 $97.625

4/7/2014

 Purchase Common Stock 155,301 $1.7976

4/9/2014

 Sale Convertible Bond 2,242,000 $98.00

4/11/2014

 Purchase Common Stock 100,000 $1.78

For more notable holders of Genco Shipping & Trading Ltd. stock click here.


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Related Categories

13Ds, Hedge Funds

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Daniel Och, Hedge Funds, 13D, Definitive Agreement