Luxor Capital Group, a private equity firm with components in New York and the Cayman Islands, has accumulated a 17.62-percent stake in Valencia developer Five Point Holdings LLC in the last two weeks, SEC records show.
Fund manager Christian Leone, whose firms have more than $3 billion under management and who is known to have a keen eye for undervalued companies, started buying Five Point’s Class A securities at seemingly bargain prices on the open market shortly after March 16. On that date, two things happened: Five Point hosted an investor conference call in which CEO Emile Haddad explained how his company is well positioned to weather the current storm; and an independent analyst issued a report suggesting Five Point shares might be 34 percent undervalued.
Homebuilder share prices fell off a cliff after the novel coronavirus pandemic took hold in the United States in late February, and Five Point has been no exception.
In the conference call, Haddad noted that after two years of active land development, Five Point has sold 781 Valencia homesites (west of Interstate 5) to builders who are expected to open them for sale by the end of the year. The Valencia project isn’t encumbered by debt, he said, so it can sit and wait if it has to. Haddad’s answers to questions about Five Point projects in the Bay Area and Irvine appeared to satisfy analysts from Wells Fargo, JPMorgan and Evercore ISI, as well.
Luxor Capital Group has no relation to the similarly named resort casino in Las Vegas – although it did buy a controlling stake Ocean Resort Casino in Atlantic City last year.
College of the Canyons proudly welcomes composer/lyricist, conductor, pianist and music producer Georgia Stitt to the School of Visual & Performing Arts’ Virtual Industry Insight Series on Wednesday, March 10.
Valencia-based Lundgren Management was honored to be selected by the El Camino Community College District as one of three firms providing on-going construction management services for the next five years.
It’s not how far you go…it’s what happens along the way! The Incredible Chase, the city of Santa Clarita’s socially distanced take on the hit CBS show “The Amazing Race,” is a brand-new competition taking place in May 2021.
For a three-day period starting Tuesday, the William S. Hart Union High School District football players took their first COVID-19 tests as part of the requirements for them to begin full-contact play.
Ken Farley, W. M. Keck Foundation professor of Geochemistry, Division of Geological and Planetary Sciences and the project scientist for the Mars 2020 mission, continues the 2020–2021 Watson Lecture season with a talk about, “Perseverance on Mars," Wednesday, March 10, at 5:00 p.m., via Zoom.
Santa Clarita LLC, which owns the undeveloped 900-plus-acre Whittaker-Bermite site, recently filed for voluntary bankruptcy, and is working to sell it to a global industrial real estate company for possible commercial and residential development, officials said Wednesday.
William S. Hart Union High School District governing board members Wednesday discussed a potential March 29 start date for junior high and high school in-person instruction, provided the number of L.A. County COVID-19 cases continues to decline.
Because of the recent rainfall, Los Angeles County Health Officer, Muntu Davis, MD, MPH, is cautioning residents that bacteria, chemicals, debris, trash, and other public health hazards from city streets and mountain areas are likely to contaminate ocean waters at and around discharging storm drains, creeks, and rivers after a rainfall.
This week, State Superintendent of Public Instruction Tony Thurmond announced the kickoff for the “California Digital Divide Innovation Challenge,” a global competition that will award up to $1 million to the boldest, most revolutionary proposals to eliminate the digital divide and expand high-speed internet access to all Californians.
Los Angeles County Public Health officials on Wednesday confirmed 116 new deaths and 1,759 new cases of COVID-19 countywide, as Henry Mayo Newhall Hospital in Valencia reported its 144th fatality since the pandemic began.
Princess Cruises is extending the pause of its United Kingdom-based cruise vacations, sailing roundtrip from Southampton, through September 25, 2021, on Sky Princess, Regal Princess, and Island Princess.
The Biden-Harris Administration has approved California’s request to use Medicaid (Medi-Cal in California) funding to pay for voluntary COVID-19 testing for low-income students covered by the program, further supporting schools in underserved communities to reopen for in-person instruction.
After receiving athletic protocol updates from the California Department of Public Health (CDPH), the Los Angeles Department of Public Health (LADPH) and California Interscholastic Federation (CIF), the William S. Hart Union High School District has put together a complete athletic program following all state and county guidelines.
The ability to transform data into information and insights that can elevate a business and influence decisions is at the core of the newest major being offered in California State University, Northridge’s David Nazarian College of Business and Economics.
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