WEST PALM BEACH, FL (HEDGECO.NET) – San Francisco-based hedge fund, Farallon Partners increased it’s stake in The Mills Corp to a total of 3.68 million shares, or 6.5 percent. Farallon’s increase in shares and voting power follows Mills’ filing last week with the SEC saying it would be late with its quarterly earnings ending March 31. The company has already said would restate its earnings back to 2000.
In February, Mills said it retained Goldman Sachs and JPMorgan Securities as financial advisers to explore strategic alternatives, including a possible sale. The SEC is conducting a formal investigation of Mills.
Also in February, after eliminating 77 jobs, the company hired Balducci’s CEO Mark S. Ordan as chief operating officer to replace Kenneth R. Parent. Ordan is also chairman of the Federal Realty Investment Trust’s board and is serving out his term.
As of May 1, Mills (NYSE: MLS) said it teamed up with Goldman Sachs Mortgage Co. to obtain up to $2.23 billion in financing to help the repay the company’s outstandingdebt and for $385 million of working capital, according to a U.S. Securities and Exchange Commission statement filed Monday.
Alex Akesson
Contributing Writer
HedgeCo.Net
Email: [email protected]
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