Pentwater Capital boosts complex options and share position in Avis Budget Group (CAR)
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Pentwater Capital Management LP, reporting as a 10% owner of Avis Budget Group, Inc., reported a series of option trades and exercises conducted for funds it advises. A footnote states Pentwater and its principal disclaim beneficial ownership beyond any pecuniary interest.
On March 6 and 9, Pentwater‑managed funds bought 2,500 call options and sold 2,500 put options on Avis Budget common stock in open‑market transactions. They also exercised in‑the‑money put options, acquiring 600 shares of common stock at exercise prices of $125, $130, and $150 per share.
Following these indirect transactions through the Pentwater Funds, reported indirect holdings of Avis Budget common stock were 4,073,100 shares.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 shares exercised/converted
Mixed
10 txns
Insider
Pentwater Capital Management LP
Role
10% Owner
Bought
2,500 shs ($56K)
Sold
2,500 shs ($26K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Call Option (right to buy) | 1,040 | $21.415 | $22K |
| Sale | Put Option (obligation to buy) | 1,040 | $10.9579 | $11K |
| Purchase | Call Option (right to buy) | 1,460 | $22.8122 | $33K |
| Sale | Put Option (obligation to buy) | 1,460 | $10.3353 | $15K |
| X | Put Option (obligation to buy) | 2 | $0.00 | -- |
| X | Put Option (obligation to buy) | 1 | $0.00 | -- |
| X | Common Stock | 200 | $125.00 | $25K |
| X | Common Stock | 100 | $150.00 | $15K |
| X | Put Option (obligation to buy) | 3 | $0.00 | -- |
| X | Common Stock, par value $0.01 per share ("Common Stock") | 300 | $130.00 | $39K |
Holdings After Transaction:
Call Option (right to buy) — 6,550 shares (Indirect, See footnote);
Put Option (obligation to buy) — 6,550 shares (Indirect, See footnote);
Common Stock — 4,073,000 shares (Indirect, See footnote);
Common Stock, par value $0.01 per share ("Common Stock") — 4,072,800 shares (Indirect, See footnote)
Footnotes (1)
- This Form 4 is filed by Pentwater Capital Management LP ("PCM") and Matthew Halbower ("Mr. Halbower") (collectively, the "Reporting Persons") with respect to securities held by certain funds (the "Pentwater Funds") to which PCM serves as investment adviser. Mr. Halbower is the sole shareholder of MCH PWCM Holdings Inc., the general partner of PCM. Each of the foregoing disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Exercisable at any time.
FAQ
What insider activity did Pentwater report in Avis Budget Group (CAR)?
Pentwater Capital Management LP reported mixed derivative activity in Avis Budget Group. Funds it advises bought 2,500 call options, sold 2,500 put options, and exercised in-the-money puts to receive 600 common shares, ending with 4,073,100 indirectly held shares reported.
Did Pentwater buy or sell Avis Budget Group (CAR) options in this Form 4?
Pentwater-managed funds both bought and sold options on Avis Budget Group stock. They purchased 2,500 call options and sold 2,500 put options in open-market transactions, alongside exercising several put options that were in the money to receive additional common shares.
What is Pentwater’s reported indirect ownership in Avis Budget Group (CAR)?
The Form 4 reports 4,073,100 Avis Budget common shares held indirectly. These shares are held by investment funds advised by Pentwater Capital Management LP, with the reporting persons disclaiming beneficial ownership beyond any pecuniary interest described in the filing’s footnote.