Monthly Archives: March 2011

Pershing Square’s 13D Filing on ALEX

PS has disclosed a 9.9% stake in ALEX. Item 4.   Purpose of Transaction. The Reporting Persons believe that the Common Shares are undervalued and are an attractive investment. The Reporting Persons expect to engage in discussions with management, the board and other stockholders of the Issuer and other relevant parties concerning the business, assets,…

More Icahn on Mentor Graphics

New York, New York, March 31, 2011 Contact: Susan Gordon (212) 702-4309 Carl C. Icahn announced today that the following letter has been delivered to the board of directors of Mentor Graphics Corporation:  Board of Directors Mentor Graphics Corporation Gentlemen and Ladies: Your basis for rejecting our offer to acquire Mentor Graphics was that it…

Nierenberg Dissatisfied with Asset Acceptance

Asset Acceptance (AACC) has a market cap of $165 mm; Nierenberg Investment is a 16.1% Holder =============================================== Item 4. Purpose of Transaction Item 4 of the Schedule 13D is supplemented with the following: We have reviewed AACC’s definitive proxy statement for the 2011 Annual Meeting of Shareholders, filed with the United States Securities and Exchange…

Xyratex Announces $50 mm Buyback

Xyratex has a market cap of $338 mm (.. and lower post close today) and an EV of $250 mm. Share Repurchase Plan The Board of Directors has authorized a recommencement of the share repurchase plan it initially approved during the first quarter of 2008, and to increase the maximum value of shares that may…

Seneca No Longer Pursuing Consent Soliciation at Dynegy

Seneca is a 9.3% holder of DYN. Item 4. Purpose of Transaction Item 4 is hereby amended to add the following information: Seneca Capital intends to continue to engage in discussions with members of Dynegy’s Board of Directors and management concerning efforts to maximize shareholder value, including as to Dynegy’s capitalization, operations, management and the…

Icahn Offers Mentor Graphics Alternate Financing

(See earlier posts on MENT dated 3/29/11) CARL C. ICAHN 767 Fifth Avenue, 47th Floor New York, New York 10153 March 29, 2011 VIA FEDERAL EXPRESS AND EMAIL —————————– Board of Directors Mentor Graphics Corporation 8005 S.W. Boeckman Road Wilsonville, OR 97070-7777 Gentlemen and Ladies: To preempt your proposed dilutive convertible debt offering, which may…

Icahn Protests Against Mentor Graphics

(See earlier post dated 3/10/11 on MENT) March 29, 2011 Board of Directors Mentor Graphics Corporation Gentlemen and Ladies: In the dark of night, just one day after its Board rejected our offer of $17 per share, on March 29, 2011, the Company announced that it is going to offer to sell, in a private…

E-House (China) Holdings Announces $50 mm Buyback

E-House (EJ) has a market cap of $917 mm and cash of $560 mm. SHANGHAI, March 29, 2011 /PRNewswire-Asia-FirstCall/ — E-House (China) Holdings Limited (NYSE:EJ – News) (“E-House” or the “Company”), a leading real estate services company in China, today announced that its board of directors has approved a share repurchase program. E-House has been…

Transocean May Spin off Unit

Source: Barrons.com Oil service stocks have been gaining steam for some time, but today revisited their 2008 highs. As MarketWatch reported, the Philadelphia Oil Service Index moved up 1.8% to 297, eclipsing its level of 293 on March 3, the loftiest level the index of oil and gas drillers has been since 2008. The move…

Harry & David Files Pre-Negotiated Ch 11

Harry & David does not have a publicly traded stock and it remains to be seen if the post-reorg shares will develop a public market or not. ======================================================================================= MEDFORD, Oregon, March 28, 2011 – Harry & David Holdings, Inc., a leading multi-channel specialty retailer and producer of branded premium gift-quality fruit, gourmet food products and…

Riley/Miller Withdraw Offer to Buy WPCS

See earlier post on WPCS dated 9/17/10. Item 4. Purpose of Transaction. Item 4 is hereby amended to add the following: TGI has ceased to have an interest in pursuing an acquisition of the Issuer. Accordingly, TGI is no longer a member of the Section 13(d) group and shall cease to be a Reporting Person…

Hawaiian Telecom – Valuation Overview

Hawaiian Telecom (HWLT) emerged from bankruptcy on October 28, 2010. Prior to the filing, it was a private company.  The stock trades on the Pink Sheets. HWLT reported Q4-10 and 2010 results this morning. The Company generated $114 mm in EBITDA on $409 mm in revenues in 2010. Its enterprise value is comprised of the following:…

McDonald SA Franchisee’s IPO

NEW YORK (Reuters) – Arcos Dorados Holdings Inc, a large South American franchisee of U.S. fastfood chain McDonald’s Corp, is planning to raise about $875 million in a stock offering and list its shares on the New York Stock Exchange. Arcos Dorados said in a filing with U.S. regulators that it is the hamburger chain’s…

Sevan Marine Plans IPO of Unit

  Friday, March 25, 2011 The board of Sevan Marine ASA (“Sevan Marine”) will today submit an application for a listing of Sevan Drilling ASA (“Sevan Drilling”) as an independent company on the main list of the Oslo Stock Exchange. Sevan Marine has decided to organize Sevan Marine’s drilling activities into a new company to…

Insight Emerges from Chapter 11

We can not ascertain whether this Company will have any publicly traded stock but will keep an eye.. According to the Disclosure Statement, Enterprise Value is estimated at $360 mm and Shareholder’s Equity at $147 mm. Here is the link to the PoR and DS: http://docs.bmcgroup.com/insight/docs/Solicitation%20Package.pdf ====================================================== LAKE FOREST, Calif. ? March 23, 2011 ?…

Senator to Engage with Avis Budget

Avis Budget Group (CAR); Market Cap = $1.9 Billion Senator Investment Group is a 7.24% Holder. Item 4. Purpose of Transaction. The Reporting Person is engaged in the investment business. In pursuing this business, the Reporting Person analyzes the operations, capital structure and markets of companies, including the Issuer, on a continuous basis through analysis…

“Shame on You” Says Q Funding to Cedar Fair

ITEM 4. PURPOSE OF TRANSACTION. Item 4 is hereby amended by adding at the end thereof the following: On March 24, 2011, the Reporting Persons sent the following letter to the Issuer’s Board of Directors: Dear Gentlemen: You claimed in an SEC filing on June 17, 2010 that Jack Falfas, the Chief Operating Officer, “resigned.”…

AirMedia Group Authorized $20 mm Buyback

AirMedia Group (AMCN) has a market cap of $298 mm and cash of $106 mm. BEIJING, March 24, 2011 /PRNewswire-Asia-FirstCall/ — AirMedia Group Inc. (Nasdaq:AMCN – News) (“AirMedia” or the “Company”), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that its board of directors has approved a share repurchase…

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