Monthly Archives: June 2011

Icahn’s Initial 13D Filing on Oshkosh

(Oshkosh has a market cap of $2.6 billion and an EV of $3.3 billion; Icahn owns 9.51%) Item 4. Purpose of Transaction The Reporting Persons acquired the Shares in the belief that the shares were undervalued. The  Reporting Persons intend to seek to have conversations with management of  the  Issuer  to  discuss  enhancing  shareholder  value….

ECB Bancorp’s Cap-Raise & Rights Offering

ECB Bancorp has a market cap of $32 mm. ENGELHARD,N.C.–(BUSINESS WIRE)–ECB Bancorp, Inc. (NASDAQ:ECBE) (“ECB” or the “Company”), the parent company of East Carolina Bank (the “Bank”), announced today that it has entered into an agreement with certain institutional investors to issue $75 million in Company common stock in a private placement offering, subject to…

McGraw-Hill To Buy Back Up To 17% Shares

McGraw-Hill has a market cap of $12.4 billion and an EV of $12.3 billion. The McGraw-Hill Companies (NYSE:MHP – News) today announced that its Board of Directors has authorized a new stock repurchase program for up to 50 million shares, or approximately 17% of the Company’s outstanding shares. “Our Board is sharply focused on appropriately…

Liberty Media Adds to Live Nation Holding – – Again

Live Nation (LYV) has a market cap of $2 billion and an EV of $2.7 billion.  John Malone’s Liberty Media now owns 20.8%.  The Company has been increasing its holding in LYV stock, disclosed as follows: 2/1/10      14.6%     24.5 mm shares 11/10/10    15.8%   27.4 mm shares 11/22/10     18.4%   31.9 mm shares 2/9/11      18.6%     33.7 mm…

13D Filing on a Highly Cash Rich UTStarcom

UTStarcom has a market cap of $237 mm and an EV of negative $75 mm; Shah Capital owns 9%; We have not come across this Fund before – according to its last filing, the Fund disclosed $185 mm AUM and holdings consist of some value and mostly Chinese stocks. Item 4. Purpose of the Transaction The purpose…

Yahoo! Updates on Spinoff

See earlier post dated 4/26/11. (Source: Forbes) Yahoo this afternoon announced plans to spin of its open source Apache Hadoop technology into a new company called Hortonworks. Hortonworks will be funded by Yahoo and venture capital firm Benchmark Capital. Financial details on the spin were not disclosed. The company said the formation of Hortonworks “increases investment in…

Nierenberg Will Vote Against Zoran Merger

See earlier posts on Zoran (ZRAN) dated 5/10/11 and going all the way back to 12/6/10; Nierenberg owns 5.1% of ZRAN shares.   Item 4.    Purpose of Transaction The Reporting Persons acquired their shares of Common Stock for investment purposes in the ordinary course of their business.  The Reporting Persons reserve the right to increase…

Post-Reorg Saratoga Resources Initiates Recapitalization

Saratoga Resources (SROE) trades on the pinksheets and has a market cap of $97 mm. Saratoga Resources, Inc. announced today that it plans to offer, subject to market and other conditions, $125 million of senior secured notes and $30 million of common stock. The notes will be offered and sold to qualified institutional buyers pursuant to…

Harry and David Plan Filed

(Harry and David Holdings did not have publicly traded equity prior to Chapter 11 filing.  Looks like it might, post emergence.)   Harry & David Holdings filed with the U.S. Bankruptcy Court a First Amended Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure  Statement, “The Plan contemplates the reorganization of the…

VN Capital Adds to Holdings in Breeze-Eastern

(Breeze-Eastern was first highlighted by us on Nov 27, 2010 upon VN Capital’s filing.  This ammended filing discloses an increased 6.4% holding.  See earlier posts on BZC dated 6/21/11, 6/15/11 and 11/27/10). Item 4. Purpose of Transaction. Each of the Reporting Entities acquired beneficial ownership of the shares of Common Stock to which this Statement relates in order to obtain a…

TOP Ships Announces Reverse Split

(TOP ships has a market cap of $11 mm and an EV of $351 mm.  The Co is in breach of its loan covenants and is in discussion with banks.) ATHENS, Greece, June 23, 2011 (GLOBE NEWSWIRE) — TOP Ships Inc. (Nasdaq:TOPS – News), an international maritime shipping company that provides transportation services for crude oil,…

Asta Funding Announces $20 mm Buyback

Asta Funding (ASFI) has a market cap of $108 mm and is trading at a P/TBV of 0.6X. ENGLEWOOD CLIFFS, N.J., June 22, 2011 (GLOBE NEWSWIRE) — Asta Funding, Inc. (Nasdaq:ASFI – News) (the “Company”), a consumer receivable asset management and liquidation company, today announced that its Board of Directors has authorized a share repurchase…

Western Copper Spinoffs Announced

Western Copper has a market cap of $269 mm. VANCOUVER, BRITISH COLUMBIA–(Marketwire – 06/23/11) – Western Copper Corporation (“Western Copper” or the “Company”) (TSX:WRN – News)(AMEX:WRN – News) is pleased to announce that its Board of Directors has unanimously approved a proposal to undertake a spin-out transaction that would reorganize the business and capital structure…

Sears to Spinoff Hardware Stores Stake

HOFFMAN ESTATES, Ill., June 23, 2011 /PRNewswire-FirstCall/ — Sears Holdings Corporation (“Holdings,” “we,” or “our”) (NASDAQ:SHLD – News) today announced that Orchard Supply Hardware Stores Corporation (“Orchard”), which currently operates 89 full-service hardware stores in California, has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission in connection with Holdings’ plan…

Shareholder Accuses Benihana BoD of Self Dealing

(Benihana has a market cap of $161 mm; Filer Benihana of Tokyo owns 36.8%) Board of Directors of Benihana Inc. Dear Members of the Board: As the largest stockholder of Benihana Inc. (“Benihana” or the “Company”), with an aggregate ownership of 2,153,744 shares of common stock, we are writing to you to express our significant…

Relational Asks L-3 Comm to Change Strategy

L-3 Communication has a market cap of $9.3 billion and an EV of $12.3 billion; Relational owns 6%; see earlier post on LLL dated 4/26/11. Item 4.    Purpose of Transaction The Reporting Persons acquired the Shares reported in this Statement because, in their opinion, such Shares are undervalued by the market at the present time….

Western Liberty Announces Strategic Review

(Western Liberty has a market cap of $43 mm and a TBV of $5.78 per share as of 3/31/11.) LAS VEGAS, June 22, 2011 (GLOBE NEWSWIRE) — Western Liberty Bancorp, Inc. (Nasdaq:WLBC – News), the holding company for Service1st Bank of Nevada (Service1st Bank), today reported it has taken a number of steps to improve…

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