Luminus Management (BATL) details 379,559-share internal restructuring in Battalion Oil
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Luminus Energy Partners Master Fund, Ltd., managed by Luminus Management LLC, reported an internal restructuring of its indirect holdings of Battalion Oil Corp common stock. On April 2, 2026, the Master Fund distributed 379,559 shares of common stock to certain certificate holders who belatedly provided information needed to receive their allocation.
The filing explains that an earlier 5,200,000‑share distribution in kind left 1,145,542 "Segregated Shares" still held by the Master Fund for non‑responding investors, over which it retains voting and disposition power but no economic interest. After the April 2 transaction, the Master Fund’s reported indirect holding stands at 1,626,949 shares, subject to disclaimers that each reporting person only admits beneficial ownership to the extent of its pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
LUMINUS MANAGEMENT LLC
Role
Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 379,559 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 1,626,949 shares (Indirect, See Footnote)
Footnotes (1)
- As previously disclosed, on March 24, 2026, Luminus Energy Partners Master Fund, Ltd. ("Master Fund") effected a distribution in kind of 5,200,000 shares (the "Shares") of common stock of the Issuer in the aggregate to: (i) its two feeder funds, Luminus Energy Partners QP, LP, a Delaware limited partnership ("LEP Onshore"), which received 2,117,138 Shares, and LEP Offshore (through LILP, an intermediary entity which received 2,641,190 Shares); and (ii) two affiliates that have economic interests in the Master Fund, namely LCP Onshore, which received 391,694 Shares, and LCP Offshore, which received 91,930 Shares. Each of the Funds had issued illiquid certificates to their respective investors on April 1, 2020. In connection with the distribution in kind, the Manager planned to distribute 5,200,000 shares of common stock. As Certificate Holders entitled to receive 1,145,542 shares of common stock (the "Segregated Shares") in the aggregate did not either (i) respond or provide the requisite information to the Fund's administrator and the Manager to receive the Segregated Shares, (ii) were unable to accept delivery of the Segregated Shares or (iii) chose not to participate in the distribution (such Certificate Holders being referred to as the "Non Returners"), the Master Fund continues to hold the Segregated Shares and retains both voting and disposition power over the Segregated Shares. The Master Fund, however, has no economic interest in the Segregated Shares as the Master Fund is holding the Segregated Shares for the benefit of the Non Returners. On April 2, 2026, the Master Fund distributed 379,559 shares of common stock to certain Non Returners who provided their information. The Master Fund can, in its discretion, sell the Segregated Shares on behalf of the Non Returners and/or make one or more distribution in kind of the Segregated Shares to the Non Returners who provide their requisite information. Shares reported herein are held by the Master Fund for which Luminus Management, LLC serves as the investment manager. Jonathan Barrett is the ultimate beneficial owner of Luminus Management, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
Key Figures
Internal distribution: 379,559 shares
Post-transaction holdings: 1,626,949 shares
Prior in-kind distribution: 5,200,000 shares
+1 more
4 metrics
Internal distribution
379,559 shares
Common stock distributed on April 2, 2026 to certain certificate holders
Post-transaction holdings
1,626,949 shares
Master Fund indirect Battalion Oil common stock position after transaction
Prior in-kind distribution
5,200,000 shares
Common stock previously distributed in kind by the Master Fund
Segregated Shares
1,145,542 shares
Shares retained for non-responding certificate holders with no economic interest for Master Fund
Key Terms
distribution in kind, Segregated Shares, pecuniary interest, illiquid certificates, +1 more
5 terms
distribution in kind financial
"effected a distribution in kind of 5,200,000 shares"
pecuniary interest financial
"disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest"
illiquid certificates financial
"Each of the Funds had issued illiquid certificates to their respective investors"
beneficial ownership financial
"disclaims beneficial ownership of the shares reported herein"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
