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KapStone Paper and Packaging shareholder Elm Ridge buys 503,800 shares
By Lisa Kerner
Charlotte, N.C., Dec. 24 - KapStone Paper and Packaging Corp. investors led by Elm Ridge Capital Management, LLC upped their stake to 23.7% with the purchase of 298,800 shares on Dec. 10 for $0.10 each and 205,000 shares on Dec. 22 for $0.05 each.
The transactions were reported in a schedule 13D/A filed with the Securities and Exchange Commission.
In a prior SEC filing, Elm Ridge reported the purchase of 693,997 shares of the company's common stock between Oct. 14 and Nov. 11 at prices from $4.50 to $4.95 each.
The investors beneficially own 7,984,096 shares of the company's outstanding stock.
KapStone is a Northbrook Ill.-based producer of kraft paper and converter of inflatable dunnage bags.
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