Published On: Thu, Nov 6th, 2014

David Einhorn to Change Ethanol Plant Operator into a Homebuilder

David Einhorn will transition BioFuel Energy into a homebuilder. He recently increased his stake in the company to 15, 650, 727 shares from 1, 427, 825, as reported by Gurufocus. With a 996.1% increase in one fell swoop, there is no guessing that he had some big plans in mind. BioFuel is a shell company that operated ethanol plants, but with a 49% stake and as chairman of the board, Einhorn wants to turn the ethanol plant operator into a homebuilder.

The company announced that it will acquire assets of JBGL Builder Finance and JBGL Capital and become Green Brick Partners. Einhorn said in a statement, “We think this deal is a win-win for everyone involved and creates an exciting platform for Green Brick’s future growth. Homebuilding seems a promising area, as housing starts passed one million for the third time in 2014, rising 6.3%.

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