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Hedge-Fund Firm Distributed AutoNation Shares to Investors

Wall Street Journal – Hedge-fund manager Edward Lampert is facing some unhappy investors.

His firm, ESL Investments Inc. distributed 9.1 million shares of AutoNation Inc. to investors to meet their requests to withdraw money from his hedge fund, according to a Wednesday regulatory filing. In the same filing, Mr. Lampert disclosed that another ESL entity, called CBL, had given investors an additional 2.1 million shares of the car-dealership company. The total value of AutoNation shares distributed was $515.5 million on June 10, the day they were given out to investors.

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