Tradewinds Master Fund Reports $54.6 Million Stake in Star Scientific

Source from:  CBL 09/02/2011

Tradewinds Master Fund (BVI) Ltd. has reported a 17.2 percent stake worth $54.59 million in Star Scientific Inc. (Nasdaq: CIGX), according to an SEC filing. The British Virgin Islands-based offshore fund said it owned 23.23 million shares in the Glen Allen-based developer of technologies to mitigate the harmful effects of tobacco. The stake's value is based on the stock's closing price of $2.35 per share on Aug. 31. Tradewinds holds the stake through P.V. Partners LP, Feehan Partners LP and director Scott Peters. Star Scientific aims to reduce or eliminate toxins in tobacco research. It has developed products such as CigRx, an alternative to smoking, and Ariva, a dissolvable smokeless tobacco. The company has been led since 1999 by CEO Jonnie R. Williams, previously a co-founder of Star Tobacco Inc. Enditem