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Monday, Aug 15, 2022
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Fund Acquires Stake in Maguire Properties, May Seek Board Seats

JMB Capital Partners Master Fund LP said it has amassed an 8.3 percent stake in Maguire Properties Inc. and may seek seats on its board.


The fund, which is an affiliate of Los Angeles-based Smithwood Advisers LP, said it now owns 4 million shares of Downtown L.A.’s biggest landlord.


JMB Capital said it may seek “board representation” if Maguire’s directors change the company’s board structure, its “financial position” or “strategic direction.” The stake makes JMB the fifth-largest shareholder in Maguire.


Maguire Properties said last week that its chief financial officer and two other senior executives will leave the company and that it plans to sell the 105-acre Park Place development in Orange County. Also, last month the company ousted founder Robert F. Maguire and appointed Nelson Rising his replacement.


Shares in Maguire closed down 3.2 percent to $12.25 Thursday.

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