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Why Ingevity Spin-Off Quickly 2-Bagged?

I recently updated the spreadsheet in which I track spinoff pipeline and post-spin stock performance.  Next I pulled up stock charts of spins from the past 12 months: I noticed a mix of losers, winners and even some flat-liners.   But one thing becomes crystal clear in looking at these charts: A very large majority…

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Pending US Spins List.. Shadow of Former Self

Announced (linked) Parent Tkr Parent Co Name Spin Tkr Spin-off name Transaction Date 5/16/15 ACAS American Capital, Ltd ACAP American Capital Income TBD 8/4/14 APTS Pref. Apartment Comm. TBD New Market Properties Mid-Late 2017 12/11/2015 DOW/DD Conglomerate TBD TBD Post merger 9/7/2016 HPE Hewlett Packard Ent MCRS Microfocus (London) 2H-2017 FY 10/28/2016 HUN Huntsman Corporation…

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Ancora Wants Edgewater Board Held Accountable

Ancora Advisors Delivers Letter to Edgewater Technology Stockholders Responds to the Board’s Recent Letter Filled with Scare Tactics and Half-Truths Designed to Protect the Problematic and Value-Destructive Status Quo Confident that Stockholders Will See Directly Through Edgewater’s Obvious Distortions and Misrepresentations and Focus on the Facts Highlights the Real Issues that the Board Is Trying…

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Don’t Fret This Ocwen Short Attack

Quick commentary by Ocwen shareholder John Devaney of United Capital Markets (unedited): Yesterday Ocwen Financial Corp ( NYSE: OCN) declined 13%.     I continue to be a substantial holder of Ocwen Equity and supporter of the company and their  future prospects..   I’ve followed the “trade flows”, news, and  the fundaments for almost two years  now.      I continue …

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Interexon Spinoff Aquabounty Trading When-Issued

Intrexon Corporation, a leader in the engineering and industrialization of biology to improve the quality of life and health of the planet, today announced that, in connection with the previously announced special stock dividend of 1,776,557 shares of AquaBounty Technologies, Inc. (“AquaBounty”) common stock (after taking into account the 1:30 reverse stock split of AquaBounty…

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Icahn Enterprises to Conduct Rights Offering

Icahn Enterprises L.P. (IEP) (“Icahn Enterprises”) announced today that the board of directors of its general partner approved a rights offering to raise proceeds of approximately $600 million. The purposes of the rights offering are: (i) to enhance Icahn Enterprises’ depositary unit holder equity; (ii) to endeavor to improve Icahn Enterprises’ credit ratings; and (iii)…

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C&J Energy Emerges from Chapter 11

C&J Energy Services, Inc. (as successor to C&J Energy Services Ltd. (“Legacy C&J”), and together with its subsidiaries, “C&J” or the “Company”) today announced that effective as of January 6, 2017, the Company has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, having satisfied all of the conditions to the effectiveness of its…

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Bonanza Creek Files Chapter 11

Link to Docket: https://cases.primeclerk.com/bcei Bonanza Creek Energy, Inc. (BCEI) (“Bonanza Creek” or the “Company”) and certain subsidiaries today announced that they had filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the District of Delaware to pursue a prepackaged plan of reorganization (“Prepackaged Plan”), in accordance with the…

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Energy XXI Emerges from Chapter 11

Energy XXI Ltd has successfully completed its financial restructuring and emerged from Chapter 11. Through this process, Energy XXI has substantially improved its financial position by eliminating more than $3.6 billion of debt from its balance sheet. Since its founding in 2005, Energy XXI has become one of the largest operators on the Gulf of…

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Basic Energy Services Emerges from Chapter 11

Basic Energy Services, Inc. To Continue Listing New Shares Of Common Stock And Resume Trading Under Ticker “BAS” Following Emergence From Chapter 11 Reorganization FORT WORTH, Texas, Dec. 22, 2016 /PRNewswire/ — Basic Energy Services, Inc. (NYSE: BAS) (“Basic” or the “Company”) today announced that the Company received approval to list its new common stock with…

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Dakota Plains Files Chapter 11

Dakota Plains Holdings, Inc.  and six of its wholly owned subsidiaries filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Minnesota (the “Bankruptcy Court”) on Tuesday, December 20, 2016, initiating a process intended to preserve value and accommodate an eventual going-concern sale of Dakota Plains’ business operations. Dakota Plains…

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Violin Memory Files Chapter 11

Link to Docket: https://cases.primeclerk.com/VMEM Violin Memory has commenced a process to streamline its operations and balance sheet, while simultaneously pursuing a sale of its business to a buyer committed to supporting its core customer base. To facilitate this restructuring, Violin Memory has filed a voluntary petition for reorganization under chapter 11 of the U.S. Bankruptcy Code…

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Stone Energy Corp Files Chapter 11

Link to Docket: http://dm.epiq11.com/StoneEnergy Stone Energy Corporation (NYSE: SGY) (“Stone” or the “Company”), and its domestic subsidiaries (together with the Company, the “Debtors”), today announced that they had filed voluntary petitions under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of…

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Key Energy Emerges from Chapter 11

Key Energy Services Emerges from Bankruptcy, to Relist on the New York Stock Exchange and Resume Trading Under Ticker “KEG”   • Company exits restructuring with stronger balance sheet, sees improving demand for services   • Platinum Equity, Key’s controlling shareholder upon emergence, views Key as platform for growth and consolidation HOUSTON, December 15, 2016 /PRNewswire/…

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Cemtrex to Conduct Rights Offering

Cemtrex, Inc. has approved a non-transferable subscription rights offering. The offering will allow Cemtrex’s stockholders of record to purchase units, each consisting of one share of series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and two five-year series 1 warrants, upon the exercise of subscription…

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Highland Cap Outlines Plan For RAIT

December 5, 2016 VIA EMAIL The Board of Trustees RAIT Financial Trust Two Logan Square 100 N. 18th Street, 23rd Floor Philadelphia, PA 19103 Attn: Michael J. Malter, Chairman of the Board Re: Proposed Transaction with RAIT Financial Trust Dear Mr. Malter: We are writing to follow up on our previous letter to you dated November…

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Overseas Shipholding Completes INSW Spin-Off

Overseas Shipholding Group, Inc. has completed the previously announced separation of OSG into two independent, publicly traded companies: Overseas Shipholding Group and International Seaways (NYSE:INSW). “Today marks the start of an exciting new chapter for OSG. We are now a more sharply focused company with a leading and diversified position in the Jones Act market,”…

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Raging Involved in GulfMark Re-Capitalization

Purpose of Transaction. Item 4 is hereby amended to add the following: On November 23, 2016, the Issuer entered into a Securities Purchase Agreement (the “Purchase Agreement”) with MFP Partners, L.P. (“MFP”) and Franklin Mutual Advisers, LLC (“Franklin” and collectively with MFP, the “Investors”), to issue and sell in a private placement (the “Private Placement”)…