MHR Fund Management

MHR Fund Management is a private equity firm focusing on leveraged buyout and distressed securities transactions in the United States. The firm specializes in turnaround, buyouts and undervalued middle-market companies, most notably in the entertainment, communications and energy sectors.[2]

MHR Fund Management
Private
IndustryPrivate Equity
Founded1996
HeadquartersNew York, New York
Key people
Mark Rachesky
ProductsLeveraged buyout, Distressed securities
Total assets$658 million[1]
Websitewww.mhrfund.com

History

MHR Fund Management was co-founded in 1996 by Mark Rachesky, MD and Hal Goldstein.[2] From 1990-1996, Rachesky had worked under Carl Icahn as senior investment officer and chief investment advisor at Icahn Enterprises before opening MHR with Goldstein.[3][4][5] Notable investments have included Lions Gate Entertainment Corporation, Titan Tire Corporation, Leap Wireless and Loral Space & Communications, among others.[5]

In 2004, MHR began accumulating shares in Lionsgate, eventually pitting Rachesky against his former mentor Icahn during a hostile takeover bid attempt by Icahn Enterprises in 2010.[3][6] In 2012, the two activist investors disclosed a stake in Navistar International, indicating a possible takeover of the struggling truck maker.[2][6]

In 2014, MHR failed to consummate a sale for its holding in Loral Space & Communications, purportedly over a matter of a 300 million consent fee [7] in a 2.6 billion dollar acquisition [8]. The total market capitalization of Loral Space & Communications has since fallen to less than 25% of the 2014 value [9]

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References
  1. {{cite web|url=https://fintel.io/i/mhr-fund-management-llc
  2. Effinger, Anthony (20 March 2013). "Activist investor Mark Rachesky again goes toe-to-toe with mentor Icahn". Washington Post. Retrieved 30 October 2017.
  3. Vardi, Nathan (30 October 2013). "The Smart Money Behind 'The Hunger Games'". Forbes. Retrieved 30 October 2017.
  4. Lewis, Hilary (23 March 2009). "Meet Mark Rachesky: The Protege Who Stabbed Icahn In The Back". Business Insider. Retrieved 30 October 2017.
  5. Butt, Rachel (16 June 2016). "Here are the 10 biggest activist money managers and some of their most impressive bets". Business Insider. Retrieved 30 October 2017.
  6. Vardi, Nathan (13 March 2014). "Lions Gate Admits, To Beat Carl Icahn, It Committed Wrongdoing, Settles SEC Charges". Forbes. Retrieved 30 October 2017.
  7. {{cite web|url=https://nypost.com/2014/07/02/loral-sale-talks-hung-up-on-300m-consent-fee
  8. {{cite web|url=https://www.bloomberg.com/news/articles/2014-11-24/canada-funds-said-nearing-telesat-deal-valued-at-7-billion
  9. {{cite web|url=https://finance.yahoo.com/quote/LORL/key-statistics/
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