Monthly Archives: January 2012

Clinton Group Requests Records from Porter Bancorp

(Filed by Clinton Group) Item 4 is hereby amended by the addition of the following: In December, the Reporting Persons requested a meeting or phone call with the independent directors of the Issuer. On December 21, 2011, representatives of the Reporting Persons had a conference call with Mr. David Hawkins and Ms. Maria Bouvette, respectively…

Follow-Up Filing by MAST Capital on LodgeNet

(Filed by MAST Capital)  Item 4 is hereby amended to add the following:   The Reporting Persons have serious concerns with certain corporate governance provisions of the Issuer, which the Reporting Persons believe are meant to entrench the members of the Issuer’s Board of Directors (the “Board”) and reduce accountability to stockholders.   These provisions…

Starboard Disappointed PRGS Mgmt did not Extend Nomination Deadline

  January 30, 2012 Jay Bhatt President and CEO Progress Software Corp 14 Oak Park Bedford, MA 01730   cc:           Board of Directors   Dear Jay, We appreciate the continued dialogue between Progress Software Corporation (“Progress” or the “Company”) and Starboard Value LP (“Starboard”).  Starboard and its affiliates currently own 5.1% of Progress, making us one of…

Jarden Corp Commences $500 MM Tender Offer

Jarden Corporation has commenced a “modified Dutch auction” self-tender offer to purchase up to $500 million in value of its common stock at a purchase price of not greater than $33.00 or less than $30.00 per share, net to the seller in cash. The tender offer will expire at 12:00 midnight, Eastern Standard Time, on February…

Murphy Oil Contemplating Spin-Off of Retail Unit

(Notes from Earnings Call Transcript – 1/26/2012) “Impactful prospects will be drilled throughout the year with the notable wells, as I mentioned, in Congo, Australia and Kurdistan having big upsize. Reserve booking for 2011 was strong at over 200% of production replacement. U.S. retail continued its excellent performance and provided a solid contribution in 2011…

Pershing Square Issues a Press Release on Canadian Pacific

  January 24, 2012 Pershing Square Announces Nominees for Election to the Board of Directors of Canadian Pacific Railway Pershing Square Capital Management, L.P. (“Pershing Square”), today announced its slate of five directors for election to the Board of Canadian Pacific Railway Limited (“Canadian Pacific”) (TSX: CP; NYSE: CP) at Canadian Pacific’s annual meeting of…

Raging Capital Wants Emerson Radio to Return Excess Capital to Shareholders

  (Filed by Raging Capital) Item 4. Purpose of Transaction. 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…

Attention: Activist Filing on Cash-Rich RCM Technologies

(Filed by Michael O’Connell) ITEM 4. Purpose of Transaction. The Reporting Persons acquired the Common Shares for investment purposes. The Reporting Persons intend to engage in discussions relating to options for enhancing shareholder value and other matters relating to the business and affairs of the Company, including with members of the Company’s management and board of…

JANA’s 13D on Marathon Petroleum

(13D filed by JANA Partners) Item 4. PURPOSE OF TRANSACTION. The Reporting Person acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity.  The Reporting Person has had discussions with the Issuer’s management relating to the Issuer’s business strategy, corporate and asset structure, capitalization, dividend and repurchase policy, governance…

Lawndale Capital’s 13/D Filing on Sparton Corp

(Filed by lawndale Capital)   Item 4.                      Purpose of Transaction   As previously disclosed, the Filers (“Lawndale”) and Sparton Corporation (“Sparton” or the “Company”) entered into an agreement on September 17, 2008 (the “Agreement”), that provided, among other items, the appointment of two independent and highly experienced individuals to Sparton’s board.  The foregoing description of the Agreement…

Overview of Eastman Kodak Bankruptcy Filing

  1.  As of Sep 30, 2011, EK had assets of $5.102 billion and total liabilities of $6.751 billion.  Interestingly enough, a footnote says “Current Value calculated  in accordance with GAAP…Debtor carries intellectual property at cost , rather than market value”.  (My comment: It is well-known that EK was looking to monetize its IP prior to filing…

Omagine, Inc. Issuing Rights & Warrants

Omagine, Inc. today announced that its Board of Directors has approved a Rights Offering as well as a distribution of Warrants to its shareholders. Pursuant to the Rights Offering, each Company shareholder as of the Record Date will receive, at no charge, one Right for each 4 Common Shares held by such shareholder as of the Record…