Monthly Archives: May 2011

Lone Pine Carve-Out Priced Below Expectation

(See earlier post dated 5/12/11 on Forest Oil’s Lone Pine spinoff.) Lone Pine Resources Inc.’s initial public offering of 15 million shares priced at $13 each. The Alberta-based oil and gas explorer, formerly known as Canadian Forest Oil Ltd., said in December it planned to raise up to $375 million in an IPO to help…

Columbia Pacific Wants to Buy Out Bitstream Shares

Bitstream Inc (BITS) has a market cap of $62 mm and an EV of $50 mm; Columbia Pacific Opportunity Fund owns 19.55%. ITEM 4. Purpose of Transaction Based on recent developments in the company, including operational improvements and changes in senior management, Columbia Pacific is now exploring a potential transaction to acquire the outstanding shares…

Clinton Group: Other Ways to Maximize Value of CPKI

Earlier today, California Pizza Kitchen (CPKI) agreed to be acquired by Golden Gate Capital for $18.50 per share.  Clinton Group owns 5.1% of CPKI shares. Item 4. PURPOSE OF TRANSACTION. The Reporting Persons acquired the Shares for investment in the ordinary course of business. The Reporting Persons believe that the Shares at current market price…

Sino Clean Distributing Litigation CVR to Shareholders

Sino has a market cap of $63 mm. XI’AN, China, May 25, 2011 /PRNewswire-Asia-FirstCall/ — Sino Clean Energy Inc. (Nasdaq:SCEI – News) (“Sino Clean Energy,” or the “Company”), a leading producer and distributor of coal-water slurry fuel (“CWSF”) in the People’s Republic of China (“China”), today announced that the Board of Directors of Sino Clean…

Andalusian Files 13D on Cash Rich Versant Corp

Versant stock is trading at $12.85 with cash of almost $8 per share and no debt.  It has a market cap of $41 mm; Andalusian owns 5.1%. Item 4.   Purpose of the Transaction The Reporting Persons acquired the shares of Common Stock for investment purposes and, except as described below, do not have any present…

Jackson Hewitt Files Chapter 11

PARSIPPANY, N.J., May 24, 2011 /PRNewswire/ — Jackson Hewitt Tax Service Inc. (“Jackson Hewitt”) (OTCQB: JHTX), the nation’s second largest tax preparation firm, today announced that it has reached a definitive agreement with its secured lenders on a restructuring plan that will significantly reduce the company’s outstanding debt and interest expense, while putting the company…

El Paso Corp to Split into Two

EP has a market cap of $14.6 Billion and an EV of $29.2 Billion. El Paso Corporation announced today that its Board of Directors has granted initial approval of a plan to separate the company into two publicly traded businesses by year end 2011. Following the completion of the proposed spinoff, El Paso Corporation will…

Syms Corp Urged to Stem Losses Sell RE

SYMS has a market cap of $106 mm; Co-incidently, I used to work one block from the 42 Trinity Place building mentioned in this article.  It is a decrepit structure but located in a very desirable location in Manhattan.  In the three years I spent walking past it twice a day, I never saw a single soul walk…

Fortune Brands to Sell Golf Unit – Was Slated for Spinoff

DEERFIELD, Ill.–(BUSINESS WIRE)– Fortune Brands, Inc. (NYSE:FO – News) today announced a definitive agreement for the sale of its Acushnet Company golf business, featuring the iconic Titleist and FootJoy brands, to a group led by Fila Korea Ltd., the owner of the Fila brand globally, and Mirae Asset Private Equity, the largest private equity firm…

CORRECTION – PL Capital Points to Low P/TBV

The headline of our post (below) from yesterday was incorrect.  PL Capital Points to 58% Price Drop Tuesday, May 17, 2011    (PL Capital owns 8.3% of FFFD which has a market cap of $22 mm) Item 4. Purpose of Transaction   This is the PL Capital Group’s first amendment to its initial Schedule 13D filing.  The PL…

Busted IPO FXCM Announces $30 mm Share Buyback

FXCM, which went public in December 2010, has a market cap of $160 mm, cash of $202 mm and no debt. NEW YORK–(BUSINESS WIRE)– FXCM Inc. (NYSE:FXCM – News), a leading online provider of foreign exchange, or FX, trading and related services, today announced that its board of directors has authorized the repurchase of up to…

PL Capital Points to Low P/TBV of FFFD

(PL Capital owns 8.3% of FFFD which has a market cap of $22 mm) Item 4. Purpose of Transaction   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.  On May 13, 2011, the Common…

JMB Supports KSA Capital on AEP Industries

(JMB Capital is a 10% onwer; See earlier post on AEPI dated 5/13/11 in which KSA Capital suggested that the Co go private) The Reporting Persons originally acquired the Shares because they believed that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.   The Reporting Persons intend to continue to review…

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