Greenlight Capital is seeking to buy a green-energy company.
The New York-based hedge fund and the family of real-estate investor James Brickman plan to take a controlling stake in ethanol producer Biofuel Energy Corp., they said last week. Brickman would become CEO of the company after the deal, which would give Greenlight a 49.9% stake in Biofuel.
Greenlight currently owns more than 35% of Biofuel. It will increase its stake through the sale of real-estate assets to Biofuel for cash and stock.
Brickman and his family will own 8.4% of Biofuel after the deal.