Monthly Archives: September 2010

Fairholme Capital Comments on AIG

FAIRHOLME CAPITAL MANAGEMENT ISSUES STATEMENT ON AIG ANNOUNCEMENT Miami, FL – September 30, 2010 – Fairholme Capital Management today issued the following statement: On behalf of our approximate 440,000 shareholders and clients, Fairholme owns approximately 24% of the outstanding common stock, 38% of the mandatory convertible bonds and other debt instruments of American International Group,…

Aventine Distributes PR Stock

Sept. 30, 2010 — Aventine Renewable Energy Holdings (AVRW) has commenced a pro rata quarterly distribution of shares of the company’s common stock to holders of the company’s former 10% senior unsecured notes due 2017 and to holders of allowed general unsecured claims against the bankruptcy estate of the company. In connection with the quarterly…

Tronox Eq Committee Withdrawl Motion

PLEASE TAKE NOTICE that Pillsbury Winthrop Shaw Pittman LLP hereby withdraws, without prejudice, each of the following documents: (1) The Motion of the Official Committee of Equity Security Holders for Entry of an Order Approving the Equity Committee Disclosure Statement (ECF # 1964); (2) The Motion of the Official Committee of Equity Security Holders for…

SUNH Sets Date to Approve Spinoff

On September 30, 2010, Sun Healthcare Group announced that it will be holding a special stockholder meeting on Thursday, Nov. 4, 2010 at the Irvine Hilton Hotel. At this meeting, stockholders will vote on the previously announced restructuring pursuant to which Sun is separating its operating assets and its real property assets by means of a distribution of SHG Services, Inc. stock.

Finc’l Edge Fund Says FSBI is Undervalued

(Filed September 29, 2010) This is the PL Capital Group’s first amendment to its initial Schedule 13D filing. The PL Capital Group acquired shares of Common Stock because it believes that the Common Stock is undervalued even after adjusting for potential future losses on the Company’s holdings in trust preferred and other investment securities. On…

Leeward Capital Letter to Sonoma West

For a brief period in the Fall of 2008, your family made public its desire to take the Company private by acquiring the balance of the shares not held by family members. Whether or not that desire continues to exist, we believe that the shareholders should be given a clear idea of the Company’s plans for realizing shareholder value going forward.

Stadium asks Bluelinx to Reject Cerberus Offer

we articulated our strong view that Cerberus’s Offer was priced at a significant discount to BlueLinx’s intrinsic value, and our objection to the fact that the Offer was designed to coerce the Company’s minority shareholders to sell at an unfairly low price through a subsequent “short-form” merger transaction. In addition, we communicated our belief that Cerberus failed to disclose information adequate to allow BlueLinx’s minority shareholders to make an informed decision about whether to tender their shares.

Nicusa Asks For Management Change at Bioclinica

We continue to believe that the Company’s core imaging business has the potential to create shareholder value and is worth substantially more than the current stock price. However, management’s eclinical acquisition strategy is flawed and is destroying shareholder value. Furthermore, management has failed to demonstrate that there are any synergies between the two businesses.

MMI Letter to EMS Technology

In our view it will take a strategic streamlining as well. Therefore we strongly urge the formation of a special committee of independent directors to pursue all strategic alternatives, including the potential sale of the company in whole or parts, to maximize value for EMS stockholders (please see the attached analysis).

Capstone – Close to Announcing Results

On Sep 13, 2010, Capstone (CAPS) announced that participating subjects had reached the planned twelve-month timepoint in the first of its two ongoing AZX100 Phase 2a clinical trials in keloid scarring. Data analysis for these subjects was underway. Per protocol and the original clinical development plan, results of the two keloid scarring trials will be pooled for analytical purposes and are scheduled for release during 4Q2010.

Sun Healthcare Spinning off REIT

In May 2010, Sun announced a plan to restructure its business by separating its real estate assets and its operating assets into two separate publicly traded companies through a series of internal restructurings, subject to the approval of stockholders and other conditions.

Get insights in your inbox with the Oozing Alpha monthly newsletter.
Join Now!
Newsletter