Form 4: Cyrus Capital, Freidheim Disposes 613k Garrett Motion Shares
Rhea-AI Filing Summary
Cyrus Capital Partners and related reporting persons disclosed sales of Garrett Motion Inc. (GTX) common stock on September 9-11, 2025. The filings show three separate dispositions totaling 613,403 shares sold: 23,225 shares on 09/09/2025 at a weighted average price of $13.2501, 239,612 shares on 09/10/2025 at $13.2258, and 350,566 shares on 09/11/2025 at $13.2758. After each reported transaction the beneficial ownership figures were reported as 20,600,123, 20,360,511, and 20,009,945 shares, respectively. The reporting persons are Cyrus Capital Partners, L.P., Cyrus Capital Partners GP, L.L.C., and Stephen C. Freidheim, who disclose indirect beneficial ownership through several Cyrus-managed funds and disclaim beneficial ownership except to the extent of pecuniary interest. Footnotes state the reported prices are weighted averages from multiple executions within specified price ranges and that no derivative securities are reported.
Positive
- Full disclosure of sale dates, aggregated share counts, weighted-average prices, and post-transaction beneficial ownership is provided
- Reporting includes legal footnotes committing to provide per-trade allocation details on request, aiding transparency
Negative
- Substantial dispositions totaling 613,403 shares over three days reduced reported beneficial ownership from 20,600,123 to 20,009,945 shares
- No stated rationale in the filing for the sales (e.g., 10b5-1 plan) leaving motive and potential for further sales unclear
Insights
TL;DR Large block dispositions of GTX shares by a 10% owner reduced reported beneficial holdings by 613,403 shares across three days.
The reported transactions represent meaningful share sales by a significant shareholder over a short window, with weighted average prices around $13.25 per share. While the Form 4 provides clear transparency on volumes and price ranges, it does not include any information on the rationale, timing relative to any 10b5-1 plan, or whether these sales were to rebalance fund holdings. For investors, the filing confirms a reduction in indirect beneficial ownership but leaves open questions about whether further dispositions are planned since the filing contains only these three settlement dates and weighted-average price ranges rather than per-trade detail.
TL;DR Significant insider sales by a director/10% owner were properly disclosed; documentation includes customary footnote disclaimers.
The Form 4 is procedurally complete: it identifies all reporting persons, their relationship to the issuer, and provides weighted-average sale prices with footnote commitments to furnish per-trade breakdowns upon request. The filing discloses indirect ownership through multiple funds and the customary disclaimer of non-beneficial ownership beyond pecuniary interest. From a governance perspective, the filing raises governance transparency points but contains no assertion of rule 10b5-1 plan use or other contractual limitations, so interpretation of the sales must rely solely on disclosed facts.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 350,566 | $13.2758 | $4.65M |
| Sale | Common Stock | 239,612 | $13.2258 | $3.17M |
| Sale | Common Stock | 23,225 | $13.2501 | $308K |
Footnotes (1)
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $13.25 to $13.255, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth herein. These securities of the Company are beneficially owned by (i) Cyrus Capital Partners, L.P. ("Cyrus Capital Partners"), as a result of being the investment manager of certain private investment funds that directly hold the securities, including Cyrus 1740 Master Fund, L.P., Canary SC Master Fund, L.P., Cyrus Opportunities Master Fund II, Ltd., Crescent 1, L.P., CRS Master Fund, L.P., Cyrus Select Opportunities Master Fund, Ltd., Cyrus Select Opportunities Master Fund II, L.P., Peterson Capital Investors LLC, and PJ A Capital LLC (the "Cyrus Funds"), (ii) Cyrus Capital Partners GP, L.L.C. ("Cyrus Capital GP"), as a result of being the sole general partner of Cyrus Capital Partners, and (iii) Stephen C. Freidheim, as a result of being the Chief Investment Officer of Cyrus Capital Partners and the sole member and manager of Cyrus Capital GP (collectively, the "Reporting Persons"). (Continued from footnote 2) Each of the Reporting Persons disclaims beneficial ownership of any securities reported by any person except to the extent of his or its pecuniary interest therein, if any. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $13.25 to $13.4925, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $13.25 to $13.40, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.
