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From Rags to Real Estate, Trinity Place Emerges - Michael Price Buys Big
Posted by: Sally Jones (IP Logged)
Date: April 18, 2013 05:12PM
Once again Guru Michael Price, founder of MFP Investments LLC, has timed his buy to cash in on the completion of a company’s major transformation, according to GuruFocus Real Time Picks.
Last September Syms Corp. completed its financial restructuring and emerged from Chapter 11 as Trinity Place Holdings Inc. (TPHS). The company formerly called Syms Corporation was a 52-year-old discount chain that eventually dwindled as competitors like TJ Maxx and Marshalls spiked cheap leftover fashions into a super-hot retail category. Divorced from its discount retailer days, Trinity Place has changed not only its name but also its focus - to 16 commercial real estate properties in nine states and a variety of intellectual properties. CEO of Trinity Place Holdings, Lauren Krueger, described Trinity as “…an entirely new company with attractive real estate and intellectual property assets.”
As of April 11, 2013, Guru Michael Price added Trinity Place Holdings Inc. (TPHS) to his MFP Investors portfolio. Price bought 1 million shares at an average price of $4.35. Price owns 6.01% of shares outstanding.
The current share price is $4.17, with a change from average down 4%. TPHS stock is up 5% year to date.
A self-made billionaire and renowned money manager, Guru Michael F. Price is the 271st richest person in the world, according to Forbes. Price manages the private firm, MFP Investors LLC, with $1.6 billion under management. MFP Investors’ portfolio lists 101 stocks valued at $705 million, with a quarter-over-quarter turnover of 10%.
Guru Irving Kahn of Kahn Brothers is the only other top investor to hold TPHS for 753,680 shares, or a 4.53% of shares outstanding.
GuruFocus "Real Time Picks" reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only. If you are not a Premium Member, we invite you for a 7-day Free Trial.
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Guru Discussed: Michael Price: Current Portfolio, Stock Picks
Stocks Discussed: TPHS,
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