A fund called Blackport Capital Fund Ltd.
disclosed in an SEC filing that it has taken a stake in
International Wire Group Inc. (NASDAQ:
ITWG). What is interesting is that Blackport is a fund controlled by founders of
The Blackstone Group, LP (NYSE:
BX). The 498,999 share stake is listed as a 5% passive stake. The 13G
filing shows the following as the filers:
- Blackport Capital Fund Ltd.;
- Blackstone Distressed Securities Advisors LP;
- Blackstone DD Advisors L.L.C.;
- Peter G. Peterson; and
- Stephen A. Schwarzman.
International Wire Group, Inc. engages in the manufacture and marketing of wire products for other wire suppliers and original equipment manufacturers.
As the private equity group looks at distressed assets, you have to wonder if this "passive stake" will become an "activist" filing down the road. There are rules on this that prevent major changes rapidly, but time has a way of working through this issue. It's just too hard to think of any money from these guys being anything at all similar to passive.
