Meridee Moore's hedge fund Watershed Asset Management filed a 13G with the SEC regarding shares of Erickson Air-Crane (EAC). Per the filing, Watershed has disclosed a 5.5% ownership stake in EAC with 755,413 shares.
This position is revealed due to the company's mandatory conversion of their convertible cumulative participating preferred stock (Series A). The fund received a notice of mandatory conversion dated August 12th.
About Watershed Asset Management
Meridee Moore founded Watershed after being a partner at Farallon Capital for 10 years. Watershed focuses on cash flows and catalysts.
About Erickson Air-Crane
Per Google Finance, the company is "engaged in the operation and manufacture of the Erickson S-64 Aircrane (Aircrane), a heavy-lift helicopter. The Company operates in two segments: Aerial Services and Manufacturing / MRO. Aerial Services offers a range of heavy-lift helicopter services through the Company's worldwide fleet, including firefighting, timber harvesting, infrastructure construction, and crewing services. Manufacturing / MRO manufactures Aircranes from existing airframes, manufactures new components on a contract basis, and provides customers with Federal Aviation Administration and European Aviation Safety Agency certified maintenance, and MRO services in the Company's AS9100 certified facility. In September 2013, Erickson Air-Crane Incorporated announced the completion of its acquisition of Air Amazonia Servicos Aeronauticos Ltda and certain related assets from HRT Participacoes em Petroleo S.A."
Wednesday, September 25, 2013
Watershed Asset Management Discloses Erickson Air-Crane Stake
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