market folly

Marc Lasry's Avenue European Management hedge fund has been building a stake in London listed pub company Punch Taverns (LON:PUB). 

Due to trading on the 6th and 10th of January, Avenue now own the equivalent of 8.29% of Punch Taverns' voting rights, all via contracts for difference/derivatives.

Avenue know the company well as Lasry mentioned in an NYT interview in 2012 that they held a position in Punch's debt.

Larry Robbins' Glenview Capital Management are Punch Taverns' largest shareholder with an 18.77% stake which they have held for over five years.

Per Google Finance – “Punch Taverns plc is a United Kingdom-based pub company. The Company is  engaged in the operation of public houses under either the leased model or as directly managed by   the Company. The Company operates in two business segments: punch partnerships, a leased estate   and punch pub company, a managed estate. Punch Partnerships is the Company’s leased division,   comprising 5,967 pubs nationwide. Punch Pub Company is its managed division, comprising 803   pubs nationwide. The leased model involves the granting of leases to tenants who operate the pub   as their own business, paying rent to the Company, purchasing beer and other drinks from it and   entering into profit sharing arrangements for income from leisure machines. Pubs that are directly   managed involve the employment of a manager to operate each managed pub.