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Monday, October 30, 2006

RLR Capital Partners Raises Stake in Infocrossing (IFOX) to 6.2%

From 13D Tracker

In an amended 13D filing on Infocrossing, Inc. (Nasdaq: IFOX), RLR Capital Partners disclosed a 6.2% stake (1.34 million share) in the company. This is up from the 5.1% stake (1.08 million shares) the firm disclosed in its original 13D filing in June. In the original filing the firm disclosed a letter sent to the company regarding prior meetings with the company and forthcoming value creating strategic and capital structure opportunities. Also in the original filing, the firm said they believe shares of IFOX are "substantially undervalued."

The stock is up from the mid-$10 level when the firm disclosed the letter, currently trading at $12.45. According to calculations, the firm paid an average price of $11.06 each for its shares.

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