Following Huge Pendrell Stock Run, Dondero’s Highland Capital Management Halves Stake
James Dondero’s Highland Capital Management halved its Pendrell Corp (NASDAQ:PCO) stake to 23.57 million Class A common shares following an impressive run by the intellectual property rights company’s stock since the start of 2016.
Highland’s recent 13G Securities and Exchange Commission (SEC) filing reports a cut-down from a former holding of 45.61 million shares as of the company’s end-of-March 13F filing to a stake that still accounts for 11.00% of Pendrell’s outstanding stock. Pendrell, which licenses, invests in and sells a diverse portfolio of intellectual property rights, has seen its stock surge 39.69% overall since January. That banner period leading up to 2016’s halfway point amounted to $45 million in revenue, a lucrative licensing deal announced on May 20 between subsidiary Memory Technologies and Toshiba, and $23.48 million in added operating income.
Highland Capital Management’s managed assets now total approximately a combined $18 billion, making the firm one of the world’s largest alternative credit managers. As president and co-founder with more than 30 years of experience in credit and equity markets, James Dondero’s company specializes in credit hedge funds, collateralized loan obligations (CLOs), distressed and special situations private equity, and long-only funds and separate accounts.
Their broadly invested client portfolio is comprised of foundations, endowments, corporations, governments, public pension plans, and high net-worth individual investors. Though headquartered in Dallas, Texas with offices in New York, Highland has expanded into intercontinental influence with offices in Singapore, Seoul, and Sao Paulo.