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Mackinac Financial Corp (MFNC): Billionaire Michael Steinhardt’s Son Racking Up Big Gains

Published on March 2, 2016 at 1:04 pm by Meena Krishnamsetty in Hedge Funds
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Legendary hedge fund manager Michael Steinhardt’s son David Steinhardt initially disclosed a large activist stake in Mackinac Financial (MFNC) almost 4 years ago when the stock was trading at $6. Today the stock is trading at $10.50 and distributed nearly $0.80 in dividends since then. This week Steinhardt Capital Investors disclosed new purchases in the same stock on February 25th. This is an illiquid micro-cap stock but it may be a good investment for small retail investors. The details of the amended 13D filing can be seen below.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Steinhardt Capital Investors, LL 0 1,044,557 0 1,044,557 1,044,557 16.8%
Steinhardt Capital Management 0 1,044,557 0 1,044,557 1,044,557 16.8%
David R. Steinhardt 0 1,044,557 0 1,044,557 1,044,557 16.8%

Page 1 of 8 SEC Filing

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, DC 20549

 

 

 

 

SCHEDULE 13D

 

 

Under the Securities Exchange Act of 1934
(Amendment No. 2)*

 

 

Mackinac Financial Corporation

(Name of Issuer)

 

Common Stock, no par value

(Title of Class of Securities)

 

554571109

(CUSIP Number)

 

Jeffrey H. Kuras, Partner

Honigman Miller Schwartz and Cohn LLP

2290 First National Building

660 Woodward Avenue

Detroit, MI 48226-3506

(313) 465-7446

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

February 25, 2016

(Date of Event Which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

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