Monthly Archives: January 2013

Brigade Asks Greektown to Conduct Open Auction Process

January 29,  2013   Greektown Superholdings, Inc. 555 East Lafayette Street Detroit, Michigan  48226   To the Board of Directors of Greektown Superholdings, Inc. (“Greektown”):   As you know, we are a large shareholder of Greektown, holding approximately 12% of Greektown’s total capital stock, as well as warrants that permit us to acquire additional stock….

Potomac Capital Wants PLX Technology to Review Strategic Alternatives

January 25, 2013  VIA ELECTRONIC DELIVERY & OVERNIGHT MAIL The Board of DirectorsPLX Technology, Inc.870 W. Maude AvenueSunnyvale, California 94085 Dear Members of the Board, Potomac Capital Management II, LLC, together with its affiliates (“Potomac”), is a significant shareholder of PLX Technology, Inc. (“PLX” or the “Company”). We have carefully studied and analyzed PLX’s business, history…

Pamplona Capital Unhappy with Nabors’ Stock Performance

Item 4. PURPOSE OF TRANSACTION       The Reporting Persons initially acquired beneficial ownership of the Common Stock of the Issuer for investment purposes because they believed the Issuer’s Common Stock represented an attractive investment opportunity. The Reporting Persons have become increasingly concerned about the underperformance of the Common Stock relative to its peer group and the market,…

CVR Energy to Pay $5.50 per Share Special Dividend

CVR Energy, Inc.recently contributed its petroleum refining and related logistics assets to CVR Refining, LP, a newly-formed master limited partnership, and successfully completed the initial public offering of CVR Refining’s common units. CVR Energy currently retains an approximate 84% interest in CVR Refining and the new unitholders hold the remaining approximate 16%. Pursuant to its…

Myrexis to Pay Special Div of $2.86 Per Share

Myrexis, Inc. Board of Directors cancelled the special meeting of its shareholders scheduled for January 23, 2013 at which the Company had been intending to seek approval by the shareholders of a Plan of Complete Liquidation and Dissolution. The Board of Directors has decided, after extensive and careful consideration of strategic alternatives, to abandon the Proposed Plan…

Starboard Files 13D on Calgon Carbon Corp

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 would make the purchase or…

Starboard Files 13D on Calgon Carbon Corp

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 would make the purchase or…

Relational / CalSTRS Up Stake in Timken Co

In November 2012, Relational/CalSTRS had filed a joint 13D disclosing a 6.15% ownership of Timken Company (see SSM alert dated 11/28/2012).  In this filing, the activists had made a case for breaking up the company: “The Reporting Persons believe that the market significantly undervalues the Company due to its combination of two incongruent, core businesses and that…

Vecima Networks to Pay Spec Div of $1 Per Share

Vecima Networks Inc. has completed its previously announced review of strategic alternatives to maximize shareholder value. This review concluded with the Board of Directors today authorizing the Company to seek shareholder approval to permit a special cash distribution to common shareholders, in the form of a return of capital, of $1.00 per share. Vecima began…

First Manhattan Files 13D on VIVUS

The Reporting Persons initially acquired beneficial ownership of the shares of Common Stock of the Issuer for investment purposes because they believed the Shares represented an attractive investment opportunity.  Recently, the Reporting Persons have become concerned about the declining value of the shares of the Issuer and the strategic direction of its management.    In…

Roumell Wants Tecumseh Products to Maximize SH Value

January 14, 2013 Dear Board of Directors of Tecumseh Products Company: Following a meeting between Jim Roumell and Kent Herrick, the Chairman of Tecumseh’s board of directors (the “Board”), on Friday, January 11, 2013, we felt compelled to share certain information with other shareholders.  Also, while we have been a patient and generally passive investor,…

Globecomm Systems Hires Banker for Strategic Alternatives

Globecomm Systems Inc.  has retained Needham & Company to act as its financial advisor to review potential strategic alternatives to enhance shareholder value. There can be no assurance that this process will result in any transaction or any change in the Company’s overall structure or business model. In connection with the Company’s normal quarterly review…

Elliott Assoc Sends Follow-Up Letter to Compuware

January 14, 2013 Members of the BoardCompuware CorporationOne Campus MartiusDetroit, Michigan  48226 Dear Members of the Board: Over the past several weeks, I have spoken on several occasions with Mr. Karmanos and Mr. Paul regarding Elliott’s offer to acquire all of the common stock of Compuware for $11.00 per share in cash.  These conversations were…

Clinton Group files 13D on Digital Generation

The Reporting Persons acquired the Common Stock for investment in the ordinary course of business. The Reporting Persons believe that the Common Stock at current market prices are undervalued and represent an attractive investment opportunity. The Reporting Persons may make further purchases of shares of Common Stock from time to time and may dispose of…

Starboard Sends Scathing Letter to Wausau Paper

January 14, 2013 Wausau Paper Corp.100 Paper PlaceMosinee, WI 54455Attn: Thomas J. Howatt, Chairman of the Board cc: Board of Directors, Henry C. Newell Dear Tom, Starboard Value LP, together with its affiliates, currently owns 14.8% of the outstanding common stock of Wausau Paper Corp. (“Wausau” or the “Company”), making us the Company’s largest shareholder. …

Marxe & Greenhouse Unhappy With PFSweb

PFSweb, Inc.Board of Directors500 North Central Expressway, Suite 500Plano, TX 75074 To the Board of Directors of PFSweb, Inc., We are disappointed that we have not received a response to our letter of November 28th 2012.  Subsequent to our letter we also sent an email which went unanswered. As we stated, we have serious concerns…