In a news item highlighted by the Reuters, Highland Capital has made a transfer of more than 20,000 shares they previously owned in Pendrell Corporation. This represents around half of the shares that Highland Capital owns in Pendrell Corporation.
Even after the news, there has not been an official news release from any of the two companies. Most of the details in the media are being extracted from form 13G that was published by SEC on their website to officiate the transfer of 23,568,047 shares.
James Dondero is the co-founder and president of Highland Capital Management. Alongside his partner Mark Okada, who serves as the chief investment officer, James founded the firm in 1993implying that the firm boasts of over 23 years of operations.
James, through Highland Capital, still owns a significant number of shares in the company. He still owns more than 20,000 class A shares in Pendrell. Experts have stated that James and Highland Capital sold the shares in a move to make profits off the peaking share prices. The company’s shares have been experiencing a steady rise in price thus enabling its investors to make a profit from their sale.
Highland Capital still has confidence in the company considering the millions of shares they still hold in the company. Pendrell Corporation has been performing well and its share price has been steadily rising for the last two years. In 2016 alone, the share prices have gained over 39% and many investors are looking to cash out on their investments.
Market experts are crediting the price rise to the firm’s efforts and landmark deals they have signed with the various companies they work with. The company trades and licenses intellectual property rights on behalf of the companies that hold those rights. In 2016, the company has turned over an annual revenue of more than $45 million dollars.
The deal between Toshiba and Memory Technologies was among the most celebrated. Memory Technologies LLC is a subsidiary company of Highland Capital Management.
Highland Capital credits its success to its able leadership of James Dondero who has over 30 years experience in the credit market. Dondero previously worked in numerous high-profile companies before leaving to found Highland Capital.