Monthly Archives: August 2013

SC Fundamental Presses Transcept on Share Buyback

 (Market Cap $48 million; EV negative $25 million) August 28, 2013 Mr. Glenn A. Oclassen Chief Executive Officer, President, Director Transcept Pharmaceuticals, Inc.  Dear Mr. Oclassen: Following our conversation last week, I wanted to memorialize our thoughts for your benefit. I would appreciate it if you would confirm receipt of this letter and share it…

Gordmans Stores to Pay Special Dividend

(Market Cap $262 million) The Company’s Board of Directors has declared a special cash dividend of $3.60 per share of common stock, payable on September 23, 2013 to shareholders of record on September 9, 2013. The Company will fund the $70 million special dividend through available cash balances and a new $45 million senior term…

Dan Loeb Files 13D on Sotheby’s

(Market Cap $3.3 billion ; Third Point owns 5.7% at an average cost of $39.92 per share) The Reporting Persons originally acquired their shares of Common Stock subject to this Schedule 13D for investment purposes. The Reporting Persons intend to engage in a dialogue with members of the Board or management of the Issuer or other…

Zuckerman Investment Gp Discloses Letter to CSWC

(Market Cap $524 million) Zuckerman Investment Group (ZIG) originally acquired, for investment purposes on behalf of the accounts of certain investment advisory clients of ZIG over which ZIG has investment discretion, common shares of the Issuer. As a result, ZIG currently exercises control or discretion over approximately 6.8% of the Issuer’s shares of common stock…

SunEdison to IPO its Semiconductor Unit

(Market Cap $1.6 billion) SunEdison, Inc. has approved an initial public offering of its semiconductor business to create SunEdison Semiconductor, Inc.  SunEdison plans to sell a minority ownership interest in the semiconductor business to the public. SunEdison expects to use proceeds from the separation to fund initiatives related to the solar business, to repay existing indebtedness…

Jacobs Entertainment Disappointed at MTR Gaming

(Market Cap $105 million) August 15, 2013 Mr. Steven M. Billick Chairman of the Board, MTR Gaming Group Dear Mr. Billick: We are disappointed that we were unable to come to an agreement with respect to MTR Gaming’s acquisition of Jacobs Entertainment, Inc. As of August 15, 2013, we withdraw our proposal and terminate negotiations…

Wynnefield Asks Telos Corp to Settle With Preferreds

Wynnefield Capital, Inc. today called upon Telos Corp. to immediately settle the $150 million liability owed to its Exchangeable Redeemable Preferred Stock holders.  Wynnefield is a 20-year holder of approximately 12% percent of Telos’ ERPS.  This liability includes $32million in principal plus $120 million in dividend arrearages built up over twenty years.  If redeemed in full,…

SC Fundamental Finds Transcept’s Strategy Flawed

(Market Cap $51 million) SC Fundamental LLC  August 9, 2013  Mr. Glenn A. OclassenChief Executive Officer, President, DirectorTranscept Pharmaceuticals, Inc.BY EMAIL  Dear Mr. Oclassen:  Further to our conversation Wednesday, I would like to reiterate our belief that the repurchase of Transcept shares currently represents an extremely attractive opportunity for the company to enhance shareholder value…

BlackBerry to Conduct Strategic Review

BlackBerry Limited’s Board of Directors has formed a Special Committee to explore strategic alternatives to enhance value and increase scale in order to accelerate BlackBerry 10 deployment. These alternatives could include, among others, possible joint ventures, strategic partnerships or alliances, a sale of the Company or other possible transactions. The Special Committee of the Board…

Gleacher Hires Banker to Look for Strategic Alternatives

Gleacher & Company, Inc. has  retained Blackstone Advisory Partners L.P. to provide  financial advisory services in connection with potential transactions.  Under the terms of the engagement letter, Blackstone will work with the  Company to consider potential mergers, acquisitions or other business  combinations. There can be no assurance that any transaction will occur or if so, on  what…

Why Brandes is Opposed to AsiaInfo’s Take-Private Deal?

(Market Cap $840 million) Board of Directors of AsiaInfo-Linkage Inc. Dear Sirs:  As you may be aware, Brandes Investment Partners, L.P. (“Brandes”), on behalf of its investment advisory clients, is a significant investor in shares of AsiaInfo-Linkage (“AsiaInfo”). Our clients, in aggregate, currently hold in excess of 5% of the AsiaInfo common shares. As long-term…

Meruelo Moves to Declassify Digital Generation BoD

Alex Meruelo and Meruelo Investment Partners LLC today issued the following statement regarding Digital Generation, Inc. (Nasdaq: DGIT) (“DG,” “Company”): Alex Meruelo, Meruelo Investment Partners LLC together with related entities (“Meruelo”) are the largest stockholders of DG with beneficial ownership exceeding 14%.  Meruelo recently learned that while the Company has been operating under a classified…

Perry Capital Has Something to Say on JC Penney

(Market Cap $2.8 billion)   August 9, 2013    Dear Mr. Engibous and the J. C. Penney Company Board of Directors,   Perry Capital currently owns shares representing beneficial ownership of 7.26% of J. C. Penney Company. Shareholders and creditors have increasingly lost confidence in the company, as evidenced by the recent significant decline in…

Synergy Pharma Announces Spin-Off

Synergy Pharmaceuticals Inc., a developer of new drugs to  treat gastrointestinal diseases and disorders, is planning a spin-off of its FV-100 assets into a separate publicly traded  company. Synergy’s newly formed subsidiary, ContraVir Pharmaceuticals,  Inc., the company which will hold the FV-100 assets (“ContraVir”), has  filed a Form 10 Registration Statement (“Form 10”) with the U.S.  Securities…

WebMD to Tender for 10% Shares

(Market Cap $1.6 billion) WebMD Health Corp. intends to commence a tender offer within the next week to purchase up to 5,000,000 shares of its common stock at a price per share of $34.00.  The number of shares proposed to be purchased in the tender offer represents approximately 10% of WebMD’s currently outstanding common shares.  The…

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