Castle Union Quarterly Letter

Hat tip to Hunter for posting Castle Union's recent quarterly letter. For those of you unfamiliar with Castle Union it is a fund run by Toan Tran and Steve White. Q3 was their first real quarter as the fund was launched in July 2012. In the quarter they were up 5.62% net. One of their best performers in the quarter was Eagle Hospitality Preferred Stock. They go on to say that if Blackstone is able to sell of the properties that Eagle Hospitality owns at a 8% caprate it would result in a $15 stock price compard with a $5.25 close on Friday (Castle Union's cost basis is $1.95/share). They go on to discuss how they think Meru Networks is poised to be sold a multiple of gross sales resulting in a multiple of their current trading price. Overall its an interesting letter from an emerging manager. Enjoy. 2012 q3 Letter Ddic