Monthly Archives: April 2013

Discovery Group Wants Anaren to Find Highest Price Buyer

April 30, 2013 Independent CommitteeBoard of Directorsc/o John L. SmuckerChairman, Independent CommitteeAnaren, Inc.6635 Kirkville RoadEast Syracuse, NY 13057 Dear Independent Committee Members: Discovery Group, a 5.9% shareholder, is updating our recommendation to the Board of Directors after learning that Anaren has received an offer from Vintage Capital to acquire the remaining shares of Anaren that…

JANA Pushes Oil States to Spin Off a REIT

JANA Partners disclosed a 9.1% position at an average cost of $68 per share. 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 corporate structure including a discussion on April 26,…

Green Dragon to Spin Off Unit to Shareholders

The Board of Green Dragon Gas Ltd. (AIM:GDG), one of the largest independent companies involved in the production of CBM gas and the distribution and sale of wholesale gas in China, is pleased to announce that is intending to demerge its engineering business by means of a dividend in specie of shares in Greka Engineering…

Esopus Creek Wants Trinity to Rescind CEO Engagement Agreement

The Board of Directors ofTrinity Place Holdings, Inc.One Syms WaySecaucus, New Jersey 07094 Re:           CEO Appointment Dear Sirs and Madam: As shareholders we are perplexed and disturbed by the events described in the Company’s Form 8-K filed on Friday. Giving the Board the benefit of the doubt, we can understand how it would be possible to overlook the unambiguous…

Post Reorg Ambac to Emerge with New Common and Warrants

United States Bankruptcy Court for the Southern District of New York approved a settlement with the United States that brings resolution to claims filed against  Ambac by the Internal Revenue Service and related litigation. Additionally, the Bankruptcy Court approved Ambac’s entry into an amendment to the existing tax sharing agreement with Ambac  Assurance Corporation as…

Post Reorg Ambac to Emerge with New Common and Warrants

United States Bankruptcy Court for the Southern District of New York approved a settlement with the United States that brings resolution to claims filed against  Ambac by the Internal Revenue Service and related litigation. Additionally, the Bankruptcy Court approved Ambac’s entry into an amendment to the existing tax sharing agreement with Ambac  Assurance Corporation as…

BlueMountain Files 13D on Lexmark International

The Reporting Persons hold the 3,560,000 shares of Common Stock for the purpose of investment and in the ordinary course of business, and intend to review this investment on a continuing basis. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Representatives of the Reporting Persons may have discussions…

Jacksonville Bancorp to Conduct Rights Offering

Jacksonville Bancorp, Inc. intends to conduct a rights offering to existing shareholders of up to $5 million.  The proposed rights offering would be made through the distribution of nontransferable subscription rights to all eligible shareholders as of a record date, which has yet to be determined.  Certain shareholders who were offerees [is that a real word??]…

Continental Says Time for Smithfield to Focus on SH Return

“On April 25, 2013, CGC publicly issued a presentation titled “Smithfield Foods: It’s Time to Focus on Shareholder Return”. The presentation sets out CGC’s analysis of the Issuer’s ongoing record of underperformance and the basis for CGC’s belief that, despite its valuable assets, the Issuer will not realize its potential without an overhaul in strategic…

Theravance Announces Spin-Off

•Intention to create two independent publicly traded companies with differing business objectives and opportunities •One company will continue to manage the late-stage partnered respiratory assets and associated potential royalty revenues with the intention of returning capital to stockholders •The other company will be a separate biopharmaceutical company focusing on the discovery, development and commercialization of…

Want to Invest Alongside Apollo and TPG via a Rights Offering?

Caesars Entertainment Corporation has approved a strategic transaction intended to improve the company’s capital structure and provide support for new projects. As part of the transaction, Caesars will form a new growth-oriented entity, Caesars Growth Partners, LLC, to be owned by Caesars and participating Caesars stockholders. The transaction is intended to provide capital to allow…

Redux Sends Letter to PMC Commercial Trust

April 12, 2013 Board of Trust Managers PMC Commercial Trust   Gentlemen:  As you may be aware, REIT Redux recently participated in a block trade of PMC stock sold by the Rosemore brothers which necessitated the filing of a 13-D. We are writing today to suggest that the Board consider adding a member of our…

Starboard’s Letter to Office Depot’s BoD

On April 22, 2013, Starboard Value delivered a letter to the Board of Directors of the Issuer expressing strong disappointment at the Board’s failure to work constructively with Starboard to reconstitute the Board and informing them of its filing of a preliminary consent statement with the Securities and Exchange Commission seeking to remove and replace a…

Harmonic to Conduct Dutch Tender

Harmonic Inc. expects to commence a modified “Dutch Auction” tender offer to purchase up to 16 million shares of its common stock at a price per share not less than $5.75 and not greater than $6.25. The tender offer is expected to commence on April 26, 2013, and to expire on May 24, 2013, unless…

International Paper Announces Spinoff

International Paper is in talks with Unisource regarding a proposed business combination of xpedx, International Paper’s distribution business, and Unisource.  Both xpedx and Unisource are business-to-business distributors of printing, packaging and facility supplies. The discussions were initiated when Unisource approached International Paper about a possible merger, and on April 19, 2013, the parties entered into a…

Clinton Group Believes a Turnaround at Gleacher is Possible

Certain of 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 believe that the Common Stock at current market prices is undervalued.   On April 8, 2013, CREL, in compliance with the…

KIT digital to File Pre-packaged Bankruptcy

KIT digital, Inc. has reached an agreement with three of the Company’s largest shareholders, Prescott Group Capital Management, JEC Capital Partners, and Ratio Capital Partners, to sponsor a reorganization of the Company under chapter 11 of the U.S. Bankruptcy Code. The reorganization is expected to be effectuated pursuant to a Plan of Reorganization. This is…

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