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Group Raises Its Stake in Jerry's Famous Deli

August 29, 2000|Bloomberg News

A Jerry's Famous Deli Inc. (DELI) shareholder group led by Mitchell Equity Investments, which wants the restaurant company to go private, raised its stake to almost 20%, according to a regulatory filing.

Mitchell Equity, a Los Angeles-based investment partnership controlled by Jonathan Mitchell and Joseph Mitchell, bought more than 300,000 shares for $4.50 apiece in private transactions Aug. 22 and Aug. 25, according to a filing with the Securities and Exchange Commission. The investors also reported the recent purchase of 64,400 shares on the open market for prices ranging from $3.50 to $4.50 apiece, the Schedule 13D filing said.

The group, which includes the Edward D. and Anna Mitchell Foundation, in July reported holding about a 12.1% stake. It now owns about 933,000 shares, the filing said.

Jerry's Famous Deli shares were unchanged Monday at $4.38 on Nasdaq's small-cap market. The company's shares have risen almost 61% so far this year.

Studio City-based Jerry's Famous Deli, headed by Chairman and Chief Executive Isaac Starkman, as of last month said it operated 10 restaurants and one specialty market, under the names Jerry's Famous Deli and Solley's Delicatessen & Bakery in California, and Wolfie Cohen's Rascal House and the Epicure Market in Florida.

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