TIAA-CREF Accumulates 10% Stake in HEALTHSOUTH (HLSH)

Since there haven't been any meaty 13D filing yet today I give members some interesting reading via a 13G filing on HLSH. A 13G is filed by a large investor with a more passive or hands-off approach to its investment.

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In a 13G filing on HEALTHSOUTH Corp. (OTC: HLSH), TIAA-CREF Investment Management disclosed a 10.06% stake (40 million shares) in the company. There is no other recent record showing a stake owned by the investment firm.

HealthSouth is one of the nation's largest providers of outpatient surgery, diagnostic imaging and rehabilitative healthcare services, operating facilities nationwide. The company recently engaged Goldman, Sachs & Co. to assist in the process of evaluating strategic alternatives and announced it has been cleared to submit an application for the listing of its common stock on the New York Stock Exchange. HealthSouth is most recently known for a corporate accounting scandal involving former CEO Richard M. Scrushy.

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I find this filing interesting because TIAA-CREF works with clients from the non-profit and educational sectors. HLSH has been a controversial stock and currently doesn't trade on a major exchange (company may apply to NYSE). The position makes TIAA-CREF the largest shareholder in HLSH.

Let me know if you would like to see more 13G filings here.

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