market folly

David Einhorn's hedge fund firm Greenlight Capital just filed an amended 13D with the SEC regarding shares of Einstein Noah Restaurant Group (BAGL).  In it, they disclose a 53.1% ownership stake with 9,233,469 shares.

According to the Form 4 filed with the SEC, Greenlight sold 1,500,000 shares of Einstein Noah Restaurant Group (BAGL) at a price of $15.52 on August 6th.

Per Google Finance, Einstein Noah Restaurant Group is "an owner/operator, franchisor and licensor of bagel specialty restaurants in the United States. ENRGI operates under the Einstein Bros. Bagels (Einstein Bros.), Noah’s New York Bagels (Noah’s) and Manhattan Bagel Company (Manhattan Bagel) brands. ENRGI operates in three business segments: the Company-owned restaurants segment, the manufacturing and commissary segment, and the franchise and license segment. The Company-owned restaurants segment includes the restaurants that it owns. The manufacturing and commissary segment produces and distributes bagel dough and other products to its Company-owned restaurants, licensees and franchisees and other third parties. The franchise and license segment earns royalties and other fees from the use of trademarks and operating systems developed for the Einstein Bros., Noah’s and Manhattan Bagel brands."

For more on this manager, check out Einhorn's presentation from the Sohn Conference.