LOR INC restructures Marine Products (MPX) stake into MasterCraft stock and cash
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
LOR INC, a greater-than-10% owner of Marine Products Corporation, reported restructuring transactions involving 20,658,460 shares of Marine Products common stock. The Form 4 shows all these shares as having zero shares remaining after the transactions, reflecting completion of a merger.
Under a Merger Agreement with MasterCraft Boat Holdings, Inc., each Marine Products share was converted into the right to receive $2.43 in cash plus 0.232 shares of MasterCraft common stock. The market price of MasterCraft common stock was $24.64 per share at the close of business on May 14, 2026. The reporting person disclaims beneficial ownership of the securities except to the extent of its pecuniary interest.
Positive
- None.
Negative
- None.
Insights
Large shareholder position in Marine Products was eliminated via merger consideration.
The Form 4 shows LOR INC, a more-than-10% owner of Marine Products, reporting J-code "other" transactions for 20,658,460 common shares. Each line lists total shares following the transaction as zero, indicating the Marine Products position was removed in connection with the merger closing.
The footnote explains that each Marine Products share was converted into $2.43 in cash and 0.232 shares of MasterCraft common stock at the merger’s First Effective Time, with MasterCraft trading at $24.64 on May 14, 2026. This is a structural change tied to the merger, not an open-market sale, so the informational signal for near-term trading sentiment is limited.
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
LOR INC
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock, $.10 Par Value | 19,138,233 | $0.00 | -- |
| Other | Common Stock, $.10 Par Value | 1,065,476 | $0.00 | -- |
| Other | Common Stock, $.10 Par Value | 297,913 | $0.00 | -- |
| Other | Common Stock, $.10 Par Value | 156,838 | $0.00 | -- |
Holdings After Transaction:
Common Stock, $.10 Par Value — 0 shares (Direct, null);
Common Stock, $.10 Par Value — 0 shares (Indirect, Held indirectly through RCTLOR, LLC)
Footnotes (1)
- Pursuant to the Agreement and Plan of Merger, dated as of February 5, 2026 (the "Merger Agreement"), by and among MasterCraft Boat Holdings, Inc. ("MasterCraft"), Marine Products Corporation ("Marine Products"), Titan Merger Sub 1, Inc., a direct wholly owned subsidiary of MasterCraft, and Titan Merger Sub 2, LLC, a direct wholly owned subsidiary of MasterCraft, at the First Effective Time (as defined in the Merger Agreement), each share of Marine Products' common stock, par value $0.10 per share, was converted into the right to receive $2.43 in cash, without interest, and 0.232 shares of MasterCraft common stock, par value $0.01 per share. The market price of MasterCraft common stock was $24.64 per share at the close of business May 14, 2026. The reporting person disclaims for the purpose of Section 16 of the Securities Exchange Act of 1934 the beneficial ownership of such securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission of such beneficial ownership.
Key Figures
Restructured shares (RFA Management Co.): 156,838 shares
Restructured shares (RFT Investment Co.): 297,913 shares
Restructured shares (RCTLOR, LLC): 1,065,476 shares
+5 more
8 metrics
Restructured shares (RFA Management Co.)
156,838 shares
Common Stock, J-code transaction held indirectly through RFA Management Company, LLC
Restructured shares (RFT Investment Co.)
297,913 shares
Common Stock, J-code transaction held indirectly through RFT Investment Company, LLC
Restructured shares (RCTLOR, LLC)
1,065,476 shares
Common Stock, J-code transaction held indirectly through RCTLOR, LLC
Directly held restructured shares
19,138,233 shares
Common Stock, J-code transaction reported as directly held
Total restructuring transactions
20,658,460 shares
Aggregate restructuringShares in transaction summary
Cash per Marine Products share
$2.43
Merger consideration for each Marine Products common share
MasterCraft stock per share
0.232 shares
MasterCraft common stock received per Marine Products share
MasterCraft market price
$24.64 per share
Closing price on May 14, 2026, referenced in footnote
Key Terms
Agreement and Plan of Merger, First Effective Time, Section 16 of the Securities Exchange Act of 1934, beneficial ownership, +2 more
6 terms
Agreement and Plan of Merger regulatory
"Pursuant to the Agreement and Plan of Merger, dated as of February 5, 2026"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
First Effective Time regulatory
"at the First Effective Time (as defined in the Merger Agreement), each share of Marine Products' common stock"
Section 16 of the Securities Exchange Act of 1934 regulatory
"The reporting person disclaims for the purpose of Section 16 of the Securities Exchange Act of 1934 the beneficial ownership"
A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.
beneficial ownership financial
"disclaims for the purpose of Section 16 ... the beneficial ownership of such securities"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission"
Common Stock, $.10 Par Value financial
"security_title": "Common Stock, $.10 Par Value""
FAQ
What did LOR INC report in this Form 4 for Marine Products (MPX)?
LOR INC reported J-code restructuring transactions for 20,658,460 Marine Products shares. All reported common stock entries show zero shares remaining after the transactions, reflecting that its Marine Products holdings were removed as part of the merger with MasterCraft Boat Holdings.
What does transaction code J mean in the LOR INC Form 4 for MPX?
Transaction code J indicates “other acquisition or disposition.” In this filing, four J-code entries are classified as restructuring transactions, reflecting the conversion of Marine Products common shares into merger consideration rather than open-market purchases or sales.
What was the referenced market price of MasterCraft stock in this MPX Form 4?
The footnote cites a MasterCraft market price of $24.64 per share. It states that MasterCraft common stock closed at $24.64 per share on May 14, 2026, providing context for the value of the stock portion of the merger consideration.