Dura Automotive director's fund buys 308,188 shares of convertible preferred stock

By Lisa Kerner

Charlotte, N.C., Feb. 2 - Dura Automotive Systems, Inc. investor Pacificor, LLC purchased 308,188 shares of the company's 20% convertible preferred stock from Blackport Capital Fund Ltd. for $2.00 per share, or a total purchase price of $616,376 in a privately negotiated transaction on Jan. 23.

Also on Jan. 23, Pacificor sold 8,188 of the shares of convertible preferred stock to Imperial Capital, LLC in a privately negotiated transaction for $0.002 per share for a total amount of $16.38, according to a schedule 13D/A filed with the Securities and Exchange Commission.

With the 907,017 preferreds issue to Pacificor in Dura's plan or reorganization, the investor now owns 1,207,017 preferreds.

After three years from the effective date of the reorganization, these will convert into 57,847,817 shares, 49.9% of Dura's outstanding stock, if the issuer has not previously redeemed the preferreds.

Pacificor also holds voting and dispository power over 1,093,645 shares, or 15.1%, of Dura's issued and outstanding shares.

Andrew B. Mitchell, managing member, chief executive officer and chief investment officer of Pacificor and a Dura director, is the beneficial owner of 2,262,724 shares, or 31.3%, of the Rochester Hills, Mich.-based automotive parts maker, the filing said.

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