Monthly Archives: December 2011

Activist Fund Questions BoD Investor-Unfriendly Actions

(Filed by Starboard Value & Opportunity Fund) The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make…

Starboard Sends Letter to AOL

Starboard Value LP, today announced a 4.5% ownership stake in AOL Inc. making it one of the Company’s largest shareholders.  Starboard also delivered a letter to the Company’s Chairman and CEO, Tim Armstrong , and the Company’s Board of Directors.  In the letter, Starboard expressed that based on its detailed research and analysis, AOL is deeply…

Bristol Questions Jaguar Mining Board’s Diligence

(Filed by Bristol Investment) The Reporting Persons originally purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase…

Turning Point in Omega Navigation Bankruptcy

Today is a good day for shareholders and not so good for creditors of Omega Navigation. The Judge denied Seniors, Juniors and Unsecureds joint Motion to dismiss or convert the case (Doc #470). Motion to extend exclusivity period was granted – now Debtors have at least until 5/30/2012 to file a Plan (Doc 467). The Judge has…

NTN Buzztime Registers For a Rights Offering

NTN Buzztime, Inc. announced that it filed a registration statement on Form S-3 with the Securities and Exchange Commission for a rights offering to existing stockholders to purchase up to 12,903,226 shares of its common stock at a subscription price of $0.31 per share.  The Company is seeking to raise up to $4 million in the…

General Growth Provides Details on Pending Spin-Off

General Growth Properties, Inc. board of directors has approved the spin-off of its subsidiary, Rouse Properties, Inc. The spin-off will be completed through a pro rata taxable dividend of voting common stock of Rouse Properties held by GGP on Thursday, January 12, 2012 to GGP stockholders of record as of the close of business on December 30,…

Owl Creek Takes Somewhat Opposing view to Icahn

(Filed by Owl Creek) The Reporting Persons originally acquired the shares of Common Stock in the ordinary course of business because they believed that the shares, when purchased, were undervalued and represented an attractive investment opportunity.  The Reporting Persons have engaged, and expect to continue to engage, in discussions with management, the board of directors, other…

Sprott Resource Concludes Strategic Review

Sprott Resource Corp. announced the 2012 capital expenditure program for its 81% (basic interest) owned subsidiary Waseca Energy Inc. and the conclusion of a previously announced process to review strategic alternatives available to the Company. 2012 Capital Expenditure Program The Company has approved its 2012 capital budget of $36 million which will be directed toward the drilling…

WestFire Energy Initiates Strategic Review

WestFire Energy Ltd. has decided to initiate a process to identify, examine and consider a range of strategic alternatives available to the Company with a view to enhancing shareholder value. Strategic alternatives may include, but are not limited to, a sale of all or a material portion of the assets of WestFire, either in one…

Overview of Delta Petroleum Bankruptcy

Company Description: Delta Petroleum is an independent oil and gas company engaged primarily in the exploration for, and the acquisition, development, production, and sale of, natural gas and crude oil.  Natural gas comprises over 90% of its production services. The core area of Delta’s operations is the Rocky Mountain Region of the United States, where…

Shareholders Push for Sale of Miranda Technologies

Miranda Technologies Inc. announced today that two of its shareholders, JEC Capital Partners, LLC and JMB Capital Partners Master Fund, L.P., which together hold approximately 10.2% of Miranda’s outstanding common shares, have requisitioned the board of directors of Miranda to call a special meeting of shareholders for the purpose of removing four directors from the board…

Ardsley Nominates Three Directors for Comverge

(Filed by Ardsley Partners)   On December 14, 2011, Ardsley Energy, in compliance with the bylaws of the Issuer, submitted its formal notice of intent to nominate directors at the 2012 annual meeting of shareholders of the Issuer (including any adjournment or postponement thereof or any special meeting held in lieu thereof, the “Annual Meeting“)…

Becker Drapkin’s 13D Filing on Pixelworks

(13D Filed by Becker Drapkin) Item 4. Purpose of Transaction  The Reporting Persons originally purchased Common Stock based on the Reporting Persons’ belief that the shares of Common Stock, when purchased, were undervalued and represented an attractive investment opportunity. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and…

Tucows to Commence Dutch Tender of 12.2% Shares

Tucows Inc., provider of domain names, email and other Internet services, announced today that it intends to commence a modified “Dutch auction” tender offer to repurchase up to 6.5 mm shares of common stock, representing approximately 12.2% of Tucows’ outstanding shares. The tender offer is expected to commence on Tuesday, December 20, 2011 and to expire,…

Covidien Spin-Off Announced

Covidien plc has announced plans to spin off its pharmaceuticals business into a standalone public company.  Covidien’s pharmaceuticals business produces bulk acetaminophen, opioid pain medications and generic pharmaceuticals.  In addition, Covidien’s pharmaceuticals business supplies generators used to produce technetium-99m, a critical diagnostic medical isotope. It also manufactures diagnostic contrast media in prefilled syringes and injectors. Post spin-off, Covidien medical products business would have annual sales…

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