Monthly Archives: April 2011

Manchester’s Response to PR Co Mgmt

(See earlier post dated 4/20/11 on Vermillion – VRML) To my fellow shareholders of Vermillion, Inc. and the Board of Directors, A quick response to the company’s latest communication which was attached to the 8-K filed on April 20, 2011:   1.It is not completely correct to say that we refused to come over the…

Henry Partners Criticizes Vicon Industries

(See earlier post dated 4/14/2011 on VII) Vicon has a market cap of $21.5 mm and an EV of $7 mm. Henry Partners is a 5.3% holder. “The Reporting Persons believe that the Issuer is retaining an excessive amount of liquidity on its balance sheet for no apparent reason, that its shares are materially undervalued…

Boise Inc. Announces $0.40 Special Div

BZ has a market cap of $700 mm. BOISE, Idaho – Boise Inc. (NYSE: BZ) announced today a special cash dividend of $0.40 per common share, payable May 13, 2011, to shareholders of record at the close of business on May 4, 2011.    “This special cash dividend is consistent with our stated intention to opportunistically…

Wintergreen Opposes Consolidated-Tomoka Re-Election

(see earlier posts on CTO dated 3/17/11, 11/29/10 and 11/12/10) Wintergreen  Advisers  to  Vote  Against   Bill  McMunn  in  2011  elections  of Consolidated-Tomoka Land Company April 19, 2011 Wintergreen Advisers, LLC  (“Wintergreen”)  supports all but one  of the matters presented  in  this  year’s  Consolidated-Tomoka  Land  Company  (“CTO”)  proxy. Wintergreen  supports  the  improved   corporate  governance  concerning  annual…

Manchester Displeased with VRML Performance

Vermillion emerged from bankruptcy on January 22, 2010. Manchester is a 9.2% holder. (This is a really long letter) ================================================================================================ To the Board of Directors of Vermillion, and my fellow shareholders,    I am writing to request in the strongest possible terms that the board of directors of Vermillion (the “Board”) move to make three significant…

Summit Objects to LaBranche & Co Merger

March 28, 2011 Mr. George M. L. LaBranche, IV Chairman, CEO and President 33 Whitehall Street New York, NY 10004   Dear Michael: Summit Capital, its funds, and separately managed accounts are substantial and long term oriented shareholders of LaBranche, currently owning 2,787,300 shares, or approximately 6.8% of the company. Our investment in LaBranche was…

Bulldog’s Filing on Federated Premier Inter.

Bulldog is a 31% Holder of FPT. Exhibit A: Special Opportunities Fund, Inc. 615 East Michigan Street Milwaukee, WI 53202 *** Brooklyn Capital Management LLC Park 80 West, 250 Pehle Avenue, Suite 708 Saddle Brook, NJ 07663 (201) 556-0092 // Fax: (201) 556-0097 pgoldstein@brooklyncapitalmanagement.com April 12, 2011 Federated Premier Intermediate Municipal Income Fund Federated Investors…

Follow-Up on ATNA Resources

(See earlier post dated 3/29/11); Miller is a 12.2% Holder of ATNAF Item 4.Purpose of the Transaction Item 4 of the Statement is hereby amended and restated in its entirety as follows: The Shares covered by this Schedule 13D were acquired by Mr. Miller for investment purposes in the ordinary course of his business as…

13D Filing on Vicon Industries

Vicon (VII) has a market cap of $22 mm and an EV of $8 mm. The 13D filer is a 11.3% Holder. ========================================================= Item 4. Purpose of Transaction The Trust acquired the Shares for investment purposes. The Trust continually reviews the performance of this investment and its investment alternatives. The Trust has become increasingly concerned…

CompuCredit Announces Results of Tender Offer

We have been loosely following CCRT because it is spinning off its micro-lending division and came across this press release (see below). Why is this stock down 25% today? The only thing we could find was an analyst note from March 14 (when the tender was first announced) which speaks about the impact this buyback might…

Composite Tech Files Chapter 11

IRVINE, Calif.–(BUSINESS WIRE)–Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC), today announced that it has filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code. Its wholly owned subsidiary, CTC Cable Corporation, the leading producer of high-capacity energy efficient composite core conductors for electric transmission and distribution lines, also has filed for Chapter 11…

Why Celera Warrants Closer Inspection?

When not one but two funds with solid track records in activist situations jump on a name, we pay close attention. On April 4, we posted a letter sent by Biotechnology Value Fund to the CEO of Quest, in which BVF asserted that Celera’s management had not obtained the potential value of certain pipeline drugs…

Expedia Splitting in Two

BELLEVUE, Wash., April 7, 2011 /PRNewswire/ — Expedia, Inc. (Nasdaq:EXPE – News) announced today that its Board of Directors has preliminarily approved a plan to separate Expedia, Inc. into two publicly traded companies: •TripAdvisor, which will include the domestic and international operations associated with the TripAdvisor® Media Group, which includes its flagship brand as well…

Ramius Joins BVF in Objecting to the Celera Merger

(see earlier posts on CRA dated 1/5/11, 1/4/11 and 3/23/11) Kathy Ordonez Chief Executive Officer Celera Corporation (CRA:$8.23,00$0.02,000.24%) 1401 Harbor Bay Parkway Alameda, CA 94502 Dear Kathy: Starboard Value & Opportunity Fund (“Starboard”), formerly known as Ramius Value & Opportunity Fund, is a large shareholder of Celera Corporation. On February 25, 2011, we submitted to…

Ingersoll-Rand Announces $2B Buyback

IR has a market cap of $15.8 Billion. SWORDS, Ireland–(BUSINESS WIRE)– Ingersoll-Rand plc (NYSE:IR – News), a world leader in creating and sustaining safe, comfortable and efficient environments, announced that its board of directors declared a quarterly dividend of 12 cents per ordinary share of the company, reflecting a 71 percent increase. The board also…

More on Tessera Technologies Spinoff

Did you catch Tessera’s announcement yesterday to split the Micro and Imaging businesses and possibly spinoff the latter? The stock is at $18.20 with no debt and cash of $9.31 per share. We took a peek. Micro is a royalty business which generated $223 mm in EBIT in 2010 and Imaging generated a loss of…

Tessera Technologies Looks to Spin Off

Tessera has a market cap of $929 mm and an enterprise value of $439 mm. SAN JOSE, Calif.–(BUSINESS WIRE)– Tessera Technologies, Inc. (Nasdaq:TSRA – News) announced today two corporate initiatives to enhance the strategic positioning and value of its operations for its stockholders, customers and employees. Micro-electronics Tessera announced today the formation of a new…

Elliott Supports Apax Partners on Epicor Software

(Elliott Associates controls 17.9% of the common shares of EPIC)   For More Information Contact: Scott Tagliarino (212) 974-6000 (917) 922-2364 (cell) ELLIOTT SUPPORTS APAX PARTNERS ACQUISITION OF EPICOR SOFTWARE NEW YORK (April 4, 2011) – Elliott Associates, L.P., a major shareholder of Epicor Software Corporation (NASDAQ: EPIC) which owns 13.5% of common stock of…

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