market folly

Kyle Bass' Hayman Capital Management this morning filed a 13G on shares of Sealy (ZZ).  Per the filing, Hayman has disclosed a 5.9% ownership stake in ZZ with 5,644,245 shares.

This appears to be an increase in Hayman's stake in the company.  In their most recent 13F filing detailing portfolio activity as of June 30th, Hayman disclosed ownership of Sealy 8% senior secured third lien convertible notes due July 2016 (ZZC) worth almost $8 million at that time.

Back then, they did not report an equity stake at the time.  The filing today was required due to portfolio activity on September 10th.

Per Google Finance, Sealy is "engaged in the consumer products business and manufacture, distribute and sell conventional bedding products, including mattresses and box springs, as well as specialty bedding products, which include latex and visco-elastic mattresses."

For more from Hayman's manager, we've posted up thoughts from Bass at the SALT conference earlier this year.