Lubar & Co. Amends Hallador Energy Stake

TL;DR

**Lubar & Co. just updated their ownership in Hallador Energy, signaling a potential shift in their investment strategy.**

AI Summary

Lubar & Co., Inc. and its affiliates, including David J. Lubar, Lubar Equity Fund, and Lubar Opportunity Fund I, filed an SC 13D/A Amendment No. 3 on February 27, 2024, regarding their ownership in Hallador Energy Company (NASDAQ: HNRG). This filing updates their previous Schedule 13D, indicating a change in their beneficial ownership stake in the bituminous coal and lignite mining company.

Why It Matters

This amendment signals a change in a significant institutional investor's position, which could influence market perception and future strategic decisions for Hallador Energy Company.

Risk Assessment

Risk Level: low — This is an amendment to a Schedule 13D, indicating a change in ownership rather than a new, aggressive activist position.

Key Players & Entities

• Lubar & Co., Inc. (company) — Filing entity
• David J. Lubar (person) — Group member
• Lubar Equity Fund (company) — Group member
• Lubar Opportunity Fund I (company) — Group member
• Hallador Energy Company (company) — Subject company
• February 27, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — —————— (Name of Issuer) Common Stock, $0.01 par value ———————————————————————————

Filing Documents

• lcoi20240226c_sc13da.htm (SC 13D/A) — 69KB
• 0001437749-24-005660.txt ( ) — 71KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration

of the Schedule 13D is hereby deleted and replaced with the following

Item 3 of the Schedule 13D is hereby deleted and replaced with the following: Prior to February 23, 2024, Lubar Equity Fund, LLC ("LEF"), a Wisconsin limited liability company, held 2,788,685 shares of Issuer Common Stock. Such shares were purchased from the Issuer in private placements or from shareholders of the Issuer in private transactions, for cash from the working capital of LEF. The Reporting Entity, Lubar & Co., Incorporated, is the sole manager of LEF, and as a result, may be deemed to beneficially own the shares of Issuer Common stock held by LEF. Prior to February 23, 2024, Lubar Opportunities Fund I, LLC ("LOFI"), a Wisconsin limited liability company held 1,152,872 shares of Issuer Common Stock. Such shares were purchased from the Issuer upon conversion of two convertible notes issued by the Issuer to LOFI. The Reporting Entity, Lubar & Co., Incorporated, is the sole manager of LOFI, and as a result, may be deemed to beneficially own the shares of Issuer Common stock held by LOFI. On February 23, 2024, the Company elected to pay the interest due on two unsecured convertible promissory notes issued by the Issuer to LOFI in the amount equal to 51,168 shares of the Issuer's Common Stock. The Reporting Entity, Lubar & Co., Incorporated, is the sole manager of LOFI, and as a result, may be deemed to beneficially own the shares of Issuer Common stock held by LOFI. In accordance with the policies and procedures of the Reporting Person, Lubar & Co., Incorporated serves as investment manager over, and exercises in its sole discretion the entire voting and dispositive power with respect to, all shares of the Issuer held by each of LEF and LOFI. Mr. David J. Lubar serves as the CEO of Lubar & Co., Incorporated, and as a result, may be deemed to beneficially own the shares of Issuer Common stock held by LEF and LOFI.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer

of the Schedule 13D is hereby deleted and replaced with the following

Item 5 of the Schedule 13D is hereby deleted and replaced with the following: As of February 23, 2024, Lubar & Co., Incorporated beneficially owns 3,992,725 shares of Issuer Common Stock with shared voting and dispositive power, consisting of 2,788,685 shares held by LEF and 1,204,040 shares held by LOFI. Lubar & Co., Incorporated is the sole manager of each of LEF and LOFI and possesses investment management control over all shares of Issuer Common Stock held by each of LEF and LOFI. In the aggregate, Lubar & Co., Incorporated beneficially owns 3,992,725 shares of Issuer Common Stock, representing 11.49% of the outstanding shares of Issuer Common Stock. As of February 23, 2024, there were 34,756,954 outstanding shares of Issuer Common Stock after the interest payment to LOFI made in shares of Issuer Common Stock.

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 27, 2024 LUBAR EQUITY FUND, LLC By Lubar & Co., Incorporated, Sole Manager /s/DAVID J. LUBAR By: David J. Lubar President and CEO of Lubar & Co. Incorporated, sole manager of Lubar Equity Fund, LLC Dated: February 27, 2024 LUBAR OPPORTUNITES FUND I, LLC By Lubar & Co., Incorporated, Sole Manager /s/DAVID J. LUBAR By: David J. Lubar President and CEO of Lubar & Co., Incorporated, sole manager of Lubar Opportunities Fund I, LLC

View Full Filing

View this SC 13D/A filing on SEC EDGAR