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Atlas Resource Partners Files Chapter 11

Atlas Resource Partners, L.P.  has entered into a Restructuring Support Agreement (“RSA”) with 100% of its Revolving Credit Facility lenders, 100% of its Second Lien lenders and approximately 80% of its Senior Noteholders. The agreement (the “Restructuring Plan”), if completed, will immediately reduce the Partnership’s debt by approximately $900 million and interest expense by $80 million…

Female beagle dog portrait, acrylic painting on canvas
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Halcón Resources Files Chapter 11

Link to Docket: http://dm.epiq11.com/Halcon Halcón Resources Corporation, and certain of its subsidiaries, today announced that they had filed voluntary petitions under chapter 11 of the Bankruptcy Code to pursue a pre‐packaged plan of reorganization in accordance with its previously announced comprehensive balance sheet restructuring efforts (the “Restructuring Plan”). Under the Restructuring Plan, the Company will eliminate…

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Alpha Natural Emerges from Chapter 11

Alpha Natural Resources, Inc. (ANRZQ) announced that, contingent upon the finalization of certain definitive documentation and the entry of an order in the coming days, the United States Bankruptcy Court for the Eastern District of Virginia approved the Plan of Reorganization for Alpha and certain of its wholly owned subsidiaries.  The Plan will become effective…

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Vajra Has Lots of Issues with Angie’s List

July 21, 2016 Angie’s List, Inc. 1030 E. Washington Street Indianapolis, IN 46202 Attention: Members of the Board of Directors Re: Corporate Governance Issues Dear Members of the Board of Directors: Vajra Fund III, LLC, a shareholder of Angie’s List, Inc. (the “Company”) that beneficially owns 5,322,563 shares of the Company’s common stock as of the date of this…

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Novation Companies Files Chapter 11

Novation Companies, Inc. and certain of its subsidiaries filed voluntary petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the District of Maryland (Baltimore Division).  Novation’s board of directors unanimously determined that a chapter 11 reorganization is in the best interest of the Company and its stakeholders. The process allows Novation and…

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C&J Energy Files Chapter 11

Link to Docket: https://www.donlinrecano.com/Clients/cje/Index C&J Energy Services Ltd. has commenced cases for a voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.  The reorganization cases contemplate implementing the previously announced Restructuring Support Agreement (as amended, the “RSA”) that C&J executed with…

olive soap and towels on a table
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Petrus Supports Bulldog on Hill International

Board of Directors Hill International, Inc. c/o William H. Dengler, Jr., Corporate Secretary One Commerce Square 2005 Market Street 17th Floor Philadelphia, PA 19103 Ladies and Gentlemen, Petrus Securities, L.P. (“Petrus”), one of the largest shareholders of Hill International, Inc. (“Hill”) with a 5% stake, intends, at the Hill 2016 Annual Meeting, to vote for…

Autumn scene landscape of waterfalls and gorge at Letchworth State Park
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Verso Emerges from Chapter 11

Verso Corporation (NYSE:VRS) has emerged from bankruptcy following a successful financial restructuring and confirmation of its Chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the District of Delaware on June 23, 2016. “Our emergence from bankruptcy less than six months after our Chapter 11 filings would not have been possible without the…

Colmar, Petit Venice, at dusk water canal and traditional colorful houses. Alsace, France.
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Overseas Shipholding to Spin Off Int’l Unit

Overseas Shipholding Group, Inc. announced the filing of a registration statement on Form 10 with the U.S. Securities and Exchange Commission, in connection with the Company’s previously announced plan to separate its international and domestic businesses. OSG expects that any separation would be achieved through a spin-off of OSG International, Inc. in the second half…

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Privet’s Case for Frequency Electronics

July 5, 2016 Martin Bloch Frequency Electronics 55 Charles Lindbergh Blvd Mitchel Field, NY 11553 cc: Board of Directors Dear Martin: The purpose of this letter is to respond to your written communication to us following our most recent (fairly unproductive) series of discussions and to clearly articulate our view of the best path forward…

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Corvex Lays Out Reasons for Resignation from Williams

July 1, 2016 The Williams Companies, Inc. One Williams Center Tulsa, Oklahoma 74172 Attn: Board of Director   RE: Resignation from the Board of Directors of The Williams Companies, Inc. Dear Board Members: This letter confirms my resignation from the Board of Directors of The Williams Companies, Inc. which was effective yesterday. I have resigned because I…

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C&J Energy’s Out-of-Court Restructuring

C&J Energy Services Ltd. announced an agreement in principle with its secured lenders on the key aspects of a proposed restructuring transaction, subject to the negotiation of specific terms and definitive documentation.  The agreement in principle contemplates a complete deleveraging transaction pursuant to which approximately $1.4 billion of the Company’s outstanding debt will be converted…

ceramics painted blue shapes plate typical from Spain
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Triangle Petroleum Files Chapter 11

Link to Docket: https://cases.primeclerk.com/TUSA Triangle USA Petroleum Corporation (“TUSA”) and its affiliates today filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to implement the terms of a Plan Support Agreement (“PSA”) that will facilitate the restructuring of its balance sheet….

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Altimas Prefers ZAIS Liquidation ($114M)

June 23, 2016 Mr. Michael Szymanski, Chief Executive Officer ZAIS Financial Corp. Two Bridge Avenue, Suite 322 Red Bank, New Jersey 07701-1106 Dear Mr. Szymanski, My name is Ron Mass, Managing Principal and founder of Almitas Capital, and my firm has been a holder of ZAIS Financial Corp. (“ZFC”) since 2013. I have been a…

Sandstone formations in Utah, USA
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Neustar to Split into Two ($1.32B)

Neustar, Inc. (NSR) announced its intention to separate into two independent and publicly traded companies. One company will consist of the majority of Neustar’s Information Services, while the other will focus on providing Order Management & Numbering Services. Neustar intends to accomplish the separation through a tax-free spin-off. “Five years ago, Neustar embarked on a…

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Board Seat Doesn’t Guarantee Full Club Membership ($126M)

On May 27, 2016, Mr. Singer was elected to the Board with overwhelming stockholder support, receiving approximately 80% of the votes cast at the Annual Meeting.  Mr. Singer interpreted the voting results from the Annual Meeting as a clear and urgent mandate from stockholders to address the Issuer’s underperformance.  In order to fulfill this mandate and discharge…

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Elliott Files 13D on LifeLock ($1.47B)

The Reporting Persons believe the securities of the Issuer are undervalued and have initiated a dialogue with the Issuer’s Management and Board of Directors (the “Board”) on opportunities to enhance shareholder value.  The Reporting Persons believe there is material upside from the Issuer’s share price level on May 20, 2016 of $12.19 per share, which…

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Lansdowne Says Alexza Deal is Unfair ($20M)

The Reporting Persons believe that the tender offer commenced by a subsidiary of Grupo Ferrer Internacional, S.A. (and agreed to by the Board of Directors (the “Board”) of the Issuer) to purchase all of the outstanding Shares at a price of $0.90 per Share (the “Offer”) is neither fair nor in the best interests of…

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Roumell Says Time to Sell Covisint ($95M)

June 15, 2016 Mr. Sam Inman Chief Executive Officer Covisint Corporation 26533 Evergreen Rd., Suite 500 Southfield, MI 48076 Dear Sam: Per our telephone conversation last week on June 6th, I want to reiterate our position that a costly proxy fight does not serve shareholders and should be avoided.  To that end, simply naming two new…