Tuesday, August 08, 2006

Russian Takes 5.9% Stake in SunCom Wireless (TPC)

In a 13D filed Monday afternoon on SunCom Wireless Holdings, Inc. (NYSE: TPC), Bacarella Holdings disclosed a 5.9% stake (3.7 million share) in the company. Evgeny Novitsky is the beneficial owner of Bacarella and a citizen of the Russian Federation.

According to recent data, Evgeny Novitsky is a director at Sistema, one of Russia’s largest diversified holding companies.

Bacarella Holdings said they originally acquired shares for investment in the ordinary course of business because they believed that the shares, when purchased, were undervalued and represented an attractive investment opportunity. Bacarella also said it intend to engage in discussions with the company, among other things, the restructuring of its operations, changes in its capital structure and improvement in its corporate governance.

SunCom Wireless, based in Berwyn, Pennsylvania, is licensed to provide digital wireless communications services in an area covering 14.8 million people in the Southeastern United States and 4.0 million people in Puerto Rico and the U.S. Virgin Islands.

Shares of SunCom are trading at $1.49 in mid-day action Tuesday, with a 52-week range of $1.16-$4.


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