Curreen Capital Partners, LP on Optimum Communications, Inc.

Curreen bought Optimum Communications after the company launched a tender offer to repurchase roughly 40% of its shares for $2.50 each, far above the pre-announcement market price. At the roughly $1.10 to $1.20 purchase range, Curreen calculated that receiving $2.50 on the tendered portion could create a profit even if the remaining shares were subsequently sold at a low price. The manager believed controlling shareholder Patrick Drahi had both the means and incentive to complete the transaction because increasing his ownership would give him greater flexibility in negotiations with Optimum's lenders. The position represented about 3% of the fund and ultimately produced proceeds of $1.873 per share after the tender and subsequent sale of the remaining shares.