Highland Capital sells half its shares in Pendrell Corporation
Highland Capital Management has halved its interests in Pendrell Corporation. While the details of this deal have been sketchy, most of the information in the media has been extracted from the SEC 13G form filled for the transfer of shares.
These details have been extracted from a SEC filing that was made to the SEC to signify the transfer of shares as required by law. However, Highland Capital Management still owns a significant amount of shares at the company. James Dondero, through his company, still owns more than 23 million class A shares in the company.
The decision to divest was viewed by many as a lack of confidence in the company but many experts say that Highland Capital is not dumping shares. Rather, they argue that the firm is looking to make a profit through the sale of the shares since the company’s share value has been increasing steadily.
Pendrell Corporation is having a good year. The firm’s share price has gained over 39% in the last one year. Many investors who bought the shares at a low price are looking forward to selling the shares and making profits from their investments.
Pendrell is a NASDAQ listed company that sells, invests, and licenses intellectual property rights. The company has had tremendous growth in revenues in 2016 with its annual revenue being reported at $45 million.
Last year, the company signed a deal through its subsidiary company, Memory Technologies LLC, with Toshiba. This deal has brought the company considerable improvement in its credit ratings and reputation as it has solidified its assets and revenue streams.
Highland Capital Management was founded by James Dondero alongside his partner business Mark Okada over 20 years ago. The company boasts of over $18 billion in assets managed by the company and its subsidiaries. The company’s president has an extensive experience in managing global corporations having worked for Nexbank and Cornerstone Health Group.
Through James Dondero, the company has been able to garner success and an enviable investment reputation over the years. James is a graduate of University of Virginia where he majored in accounting and finance.