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Liberty to Issue Rights for Atlanta Braves ($520M)

Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) (“Liberty”) announced today certain proposed terms for its previously announced distribution of subscription rights to holders of its Series A, Series B and Series C Liberty Braves common stock to acquire shares of its Series C Liberty Braves common stock (the “Series C Liberty Braves…

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CHC Group Files Chapter 11

Link to Docket: http://www.kccllc.net/chc CHC Group today announced that the Company and certain of its wholly-owned subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas to facilitate the restructuring of its balance sheet and fleet, and position…

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Aéropostale, Inc. Files Chapter 11

Link to Docket: https://cases.primeclerk.com/aeropostale/ Aéropostale, Inc. took the next steps in its ongoing business transformation by filing voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The Company expects to use the Chapter 11 process to optimize its store footprint, access additional…

Colmar, Petit Venice, at dusk water canal and traditional colorful houses. Alsace, France.
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Lone Star: Vaalco Energy Sale Best Outcome ($68M)

Lone Star Value Management owns 3,750,000 (6.4%) of Vaalco per 13D filed on 5/2/2016. The Reporting Persons, collectively referred to as Lone Star Value (“LSV”), purchased the Shares based on their belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to…

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Fairway Group Files Chapter 11

Link to Docket: https://cases.primeclerk.com/fairway Fairway Group Holdings Corp., the parent company of Fairway Market, the iconic New York food retailer that offers customers a differentiated one-stop shopping experience “Like No Other Market”, today announced that the Company has reached an agreement with its senior secured lenders holding more than 70% of the Company’s senior secured debt…

Sandstone formations in Utah, USA
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Biogen to Spin Off Hemophilia Unit ($60B)

Biogen Inc. intends to spin off its hemophilia business as an independent, publicly traded company. The strategic goal of this transaction is to create two focused companies dedicated to driving current and future value in their respective therapeutic areas of expertise. “We expect that the new company will be a leader in discovering, developing, and commercializing…

ceramics painted blue shapes plate typical from Spain
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Edenbrook Capital Wants More from YuMe ($131M)

Edenbrook Capital owns 1,756,937 shares (5%) of YuMe per Form 13D/A filed on April 29, 2016. The Reporting Persons acquired the Common Stock to which this Schedule 13D relates for investment purposes in the ordinary course of business. The Reporting Persons acquired the Common Stock because they believed that the Common Stock reported herein, when…

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Ultra Petroleum Files Chapter 11

Link to Docket:  http://dm.epiq11.com/UPT/Project On April 29, 2016, Ultra Petroleum Corp. and seven (7) subsidiary companies (collectively, the “Debtors”) filed petitions in the United States Bankruptcy Court for the Southern District of Texas seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors are seeking to have their cases jointly administered for…

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Midstates Petroleum Files Chapter 11

Link to Docket: http://www.kccllc.net/midstates Midstates Petroleum Company, Inc. and Midstates Petroleum Company LLC have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The Chapter 11 filing will facilitate a pre-arranged restructuring of the Company’s consolidated balance sheet through…

Colmar, Petit Venice, at dusk water canal and traditional colorful houses. Alsace, France.
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Pinnacle Entertainment Completes Spin ($679M)

Gaming and Leisure Properties, Inc. and Pinnacle Entertainment, Inc. have successfully completed the previously announced transactions pursuant to which GLPI has acquired substantially all of Pinnacle’s real estate assets. The acquisition was effected through a series of transactions, including the spin-off of Pinnacle’s operating business, real property of Belterra Park Gaming and Entertainment Center and certain…

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The Curious Case of Hercules Offshore

Yesterday, I sent an email on post-reorg equity Hercules Offshore and thought, why not share it with my readers?  So here it is: Dear X, I am bringing HERO to your attention because last year you wrote about Hercules stock trading at 50 cents. Since your March 2015 write-up, the company restructured its balance sheet…

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Swift Energy Emerges from Bankruptcy

Link to Docket: https://www.kccllc.net/swiftenergy Swift Energy Company (“Swift” or the “Company”) (OTC PINK:SFYWQ-FORMER) announced it has completed its financial restructuring and emerged from Chapter 11. The Company officially concluded its reorganization after completing all required actions and satisfying the remaining conditions to its Plan of Reorganization, which was confirmed by the US Bankruptcy Court for the…

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SunEdison Files Chapter 11

Link to Docket: https://cases.primeclerk.com/sunedison/ SunEdison, Inc. has commenced a process to restructure its balance sheet and position the Company for the future.  To facilitate this restructuring, SunEdison and certain of its domestic and international subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern…

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Seventy Seven Energy Files Chapter 11

Seventy Seven Energy Inc. has entered into a Restructuring Support Agreement with certain lenders representing 92.0% of the outstanding principal amount under the Company’s Incremental Term Supplement loan and certain noteholders collectively owning or controlling in excess of 57.7% of the aggregate outstanding principal amount of the Company’s 6.625% senior notes due 2019. The terms…

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Vestis Retail Group Files Chapter 11

Link to Docket: http://www.kccllc.net/vestisretailgroup As part of its ongoing strategic review process, Vestis Retail Group, LLC (“Vestis” or “the Company”), the parent company of Eastern Mountain Sports (“EMS”), Bob’s Stores (“Bob’s”) and Sport Chalet, today announced a series of steps that will collectively provide a stronger financial foundation for the Company. These steps focus on supporting…

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Lawndale Sees Value in P&F Industries ($32M)

Lawndale Capital disclosed an 11.3% ownership in a 13D/A filing dated April 13, 2016. Item 4. Purpose of Transaction As disclosed in prior filings, the Filers (“Lawndale”) have been in contact with P&F Industries’ (“PFIN”, “P&F” or the “Company”) management and members of P&F’s Board of Directors (the “Board”) regarding concerns relating to the Company’s…

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Clover Nominates Directors for FISI ($411M)

Clover partners disclosed a 5.5% ownership in a 13D/A filing dated April 13, 2016. Purpose of the Transaction The MHC Mutual Conversion Fund Group purchased the Common Stock for investment purposes.  The MHC Mutual Conversion Fund Group’s intent is to influence the policies of the Issuer and assert shareholder rights, with a goal of maximizing the…

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RESI Shareholders Group’s Open Letter ($668M)

RESI Shareholders Group owning approximately 2.4% of the outstanding shares of Altisource Residential Corporation responded today to the filing of RESI’s preliminary proxy statement on April 8, 2016, in connection with the upcoming 2016 annual meeting of stockholders. Dear Fellow RESI Shareholders: Over the past few months, RESI Shareholders Group has attempted to constructively engage with the…

olive soap and towels on a table
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Amer Farmland to Review Alternatives ($110M)

American Farmland Company, a specialized real estate investment trust focused on the ownership, acquisition, development and management of a portfolio of diversified, high-quality U.S. farmland, today announced that its Board of Directors has authorized the Company to commence a review of strategic alternatives to enhance shareholder value. Since the Company’s October 19, 2015 initial public…