Dan Loeb's Third Point Discloses Roomstore Position (Market Folly)

Dan Loeb's hedge fund Third Point LLC filed a 13G with the SEC regarding shares of Roomstore (ROOM) due to activity on May 28th, 2010. Per the filing, Third Point shows a 1.8% ownership stake in Roomstore with 174,644 shares. This disclosure was actually jointly filed with Ian Wallace and River Run Management who disclose a 12.9% stake in the company with 1,255,242 shares.

This is the first time Third Point has disclosed this position because in their last 13F filing that detailed positions as of March 31st, 2010 they did not show a stake. For the rest of Loeb's investments, we covered Third Point's equity portfolio. To get a better idea as to Loeb's overall portfolio allocations, check out Third Point's latest exposure levels.

Taken from Yahoo Finance, Roomstore is "engages in the retail sale of furniture, bedding, and home decorating accessories through its retail stores and Internet operations."




Read more on market folly: http://www.marketfolly.com/

Whitney Tilson of T2 Partners on BP: BP is just too cheap

BP was down more than 5% today, at about $29 a share. However, the T2 Partners manager, Whitney Tilson, sees a good chance of return on his long positions of BP. Here is a video on his comments of his positions on Tuesday when the stock was still trading at about $34.

What I have read this week (June 7)

1 How financial overhaul stands to affect consumers (Yahoo Finance)

2 Small cap picks by hedge funds (the street)

3 Ratings Agencies a 'Public Bad,' Should Be Tossed: Einhorn (CNBC)

4 Debtors’ Prism: Who Has Europe’s Loans? (New York Times)