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“Worst-in-Class” Governance at Mattress Firm

February 8, 2016 Board of Directors Mattress Firm Holding Corp. 5815 Gulf Freeway Houston, TX 77023 To the Board of Directors: For over three years, investment funds managed by 40 North Management LLC (“40 North”) have been shareholders of Mattress Firm Holding Corp. (“Mattress Firm” or the “Company”) and currently hold approximately 8.5% of the…

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Best & Worst 2014 Spin-Offs

Ticker Co Name Mkt cap($MM) Began Trading 1st Day Close Current Price Return 52-Wk-H Off 52-W-H PGNPF Paragon offshore 7 7/23/14 $11.68 $0.08 -99% $3.40 -98% SSE Seventy Seven Energy 18 6/17/14 $24.64 $0.32 -99% $6.30 -95% CRC California Resources 399 11/13/14 $8.10 $1.03 -87% $9.86 -90% CTRV ContraVir Pharma 27 2/10/14 $0.75 $0.98 31%…

Colmar, Petit Venice, at dusk water canal and traditional colorful houses. Alsace, France.
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Fortress Commences Dutch Tender for Shares

Fortress Investment Group LLC (NYSE:FIG) (“Fortress” or the “Company”) announced today the commencement of a modified “Dutch auction” self-tender offer to repurchase up to $100,000,000 in cash of its Class A shares, representing limited liability company interests in the Company, at a price per share within the range of $4.25 to $4.75, less applicable withholding…

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Starboard Goes Active on Marvell Tech

On Feb 3, 2016, Starboard disclosed a 6.7% ownership in a 13D; The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares…

Broadwood Concerned Re STAAR’s Governance

The Reporting Persons have been and may continue to be in contact with members of the Issuers management, the Issuers Board of Directors, other significant shareholders and others regarding alternatives that the Issuer could employ to improve shareholder value. The Reporting Persons believe that the Issuers improved management team is continuing to make progress in…

Vaalco to Review Strategic Alternatives

VAALCO Energy, Inc. announced that its Board of Directors has formed a strategic committee to explore a range of strategic alternatives to further enhance shareholder value. The strategic alternatives process will explore options for the future of the Company including, but not limited to securing additional investment to support existing projects and growth opportunities, joint…

Xerox To Split into Two

Xerox announced today the results of its review of the company’s portfolio and capital allocation options announced in October 2015. The Board of the company has unanimously approved management’s plan to separate Xerox into two independent publicly- traded companies, each of which will be a leader in its respective industry. “Today Xerox is taking further…

Second Sight Files for Rights Offering

Second Sight Medical Products, Inc., a developer, manufacturer and marketer of implantable visual prosthetics to provide some useful vision to blind patients, today announced it filed a registration statement on Form S-1 with the Securities and Exchange Commission for a rights offering to its existing stockholders. Under the proposed rights offering, Second Sight would distribute…

Radix Calls for Capital Senior Sale

(a)-(j) On January 25, 2016, the Reporting Persons released (i) an investor presentation, available at ww.UnlockCSUValue.com, detailing their views on the opportunities to realize shareholder value at the Issuer and (ii) a related press release. The release of the presentation follows the Issuer’s failure to retain a qualified financial advisor to explore strategic alternatives by…

Red Mountain Follows Up on iRobot

On January 25, 2016, Red Mountain delivered a letter to Colin Angle, iRobot’s Chairman and Chief Executive Officer, and iRobot’s board of directors (the “Board”), a copy of which is attached as Exhibit 99.3 hereto and is incorporated by reference herein. In the letter, Red Mountain describes, among other things, the constructive dialogue between iRobot’s and…

Harvest Capital Says Green Dot CEO Must Go

January 25, 2016 The Board of Directors Green Dot Corporation 3465 East Foothill Blvd Pasadena, CA 91107 Dear Mmes. Dent and Bridgforth-Hodges and Messrs. Altman and Shaheen: Harvest Capital Strategies and affiliates (“Harvest”) currently beneficially own 3,250,000 shares of Green Dot Corporation (“Green Dot” or the “Company”), representing 6.2% of the outstanding shares and making…

Activist Fund Calls for NorthStar Recombination

January 22, 2016 David Hamamoto Executive Chairman NorthStar Asset Management 399 Park Avenue New York, NY 10022 Dear David: We believe NorthStar Asset Management (NYSE: NSAM) (“NSAM” or the “Company”) is materially undervalued and there are numerous paths to unlock that value. There is one straightforward solution that should be at the top of the…

Scholatic Cancels Dutch Tender Citing Market!

Scholastic Corporation today announced that it had terminated its offer to purchase up to $200 million of its common stock through a modified “Dutch Auction” tender offer which was due to expire at 11:59 p.m. on Tuesday, January 26, 2016. As a result of this termination no shares will be purchased in the offer and all…

Now Carlson Capital Wants Changes at Forestar

Carlson Capital upped its ownership to 8.6%; This Forestar situation is beginning to look like the Road Runner Cartoon  – – only there is one (evasive) bird and several Wile E. Coyotes in pursuit.  I mean how many activist funds will it take to unlock value? Purpose of Transaction The Reporting Persons initially acquired the…

Doucet Reiterates Case for AdCare Health

January 19, 2016 AdCare Health Systems Attention Board of Directors 3050 Peachtree Road NW Suite 355 Atlanta, GA 30305 Dear Board of Directors: According to SEC filings, Doucet Asset Management is the largest holder of ADK stock. In addition to the holdings in common stock held personally and in managed accounts, we also placed millions…

Iroquois Highlights Problems at LRAD

LRAD Corporation 16990 Goldentop Road, Suite A San Diego, CA 92127 Attn: Members of the Board of Directors Dear Board Members, Iroquois Capital Management, LLC (“Iroquois Capital”, “we” or “us”), together with funds managed by it and members of its Schedule 13D reporting group, is one of the largest shareholders of LRAD Corporation (“LRAD” or…

Sessa Gears up for Proxy Fight with AHP

Sessa Capital (Master), L.P. (“Sessa”), owner of 8.2% of the outstanding common shares of Ashford Hospitality Prime, Inc. (NYSE: AHP) (“Ashford Prime” or the “Company”) and Ashford Prime’s third largest shareholder, today announced it will nominate a slate of five highly-qualified, independent directors for election at the Company’s 2016 Annual Meeting of Stockholders. Sessa’s nominees…

MetLife to Separate Retail Unit

MetLife, Inc. today announced a plan to pursue the separation of a substantial portion of its U.S. Retail segment. MetLife is currently evaluating structural alternatives for such a separation, including a public offering of shares in an independent, publicly traded company, a spin-off, or a sale. The Company is also undertaking preparations to complete the required…

Apollo Education to Explore Strategic Alternatives

Apollo Education Group, Inc. announced today that the Board of Directors has made the determination to explore strategic alternatives while the Company continues to execute its ongoing business transformation. The Board is currently in discussions that could potentially lead to a change of control of the Company. The Board believes that these actions will support…

Starboard Sends Presentation to Macy’s

January 11, 2016 Terry Lundgren, Chief Executive Officer Karen Hoguet, Chief Financial Officer Macy’s, Inc. 7 West Seventh Street Cincinnati, Ohio 45202 cc:        Board of Directors Dear Terry and Karen, We appreciate the discussions we have had with you and members of the Board of Directors (the “Board”) over the past few months.  As you…