Monthly Archives: December 2013

Zazove files 2nd Amended Complaint Against Emmis Communications

(Equity Market Cap $108M) On October 15, 2012, Corre Opportunities Fund, L.P., Zazove Assocaites, LLC, DJD Group LLLP, First Derivative Traders LP and Kevin A. Fight filed a second amended complaint (the “Complaint”) against Emmis Communications Corporation (the “Company” or “Emmis”). A copy of the Complaint is attached as an Exhibit to this Scedule 13D. (Link to the Complaint)…

Rangeley Deems OBAF as Too Small to Stay Independant

(Market Cap $68M) OBA Financial Services, Inc., Board of Directors Mr. Charles Weller, CEO, President and Director 20300 Seneca Meadows Parkway Germantown, MD 20876   Dear Board of Directors:   Rangeley Capital Partners, LP, the investment partnership that I manage has been an owner of OBAF since 2012.   The partnership owns 212,400 shares, approximately 5.26% of…

Details of Gyrodyne’s Liquidating Dividends

(Market Cap $106M) Gyrodyne Company of America, Inc. has determined the final details of its previously declared special dividend in the amount of $98,685,000, or $66.56 per share of the Company’s common stock, which is payable on December 30, 2013 to shareholders of record as of November 1, 2013. As required by NASDAQ rules governing…

Biglari Wants to Bid For Cracker But..

SARDAR BIGLARI, CHAIRMAN December 24, 2013 Mr. James W. BradfordChairman of the BoardCracker Barrel Old Country Store, Inc.305 Hartmann DriveLebanon, Tennessee 37087 Dear Jim: We have called upon the Board of Directors of Cracker Barrel Old Country Store, Inc. to undertake a value maximization process by reviewing all potential extraordinary transactions, including the sale of…

Starboard Files 13D on Darden

(Market Cap $7.1B; Starboard owns 5.6% at an average cost of $50.66 per share) Starboard Value LP, together with its affiliates (“Starboard”), invested in the Issuer based on Starboard’s belief that the Issuer is deeply undervalued and represents an attractive investment opportunity.  Starboard believes that opportunities exist within the control of the Issuer’s management and…

Transforce Trumps Manitoulin’s Offer for Vitran

(Market Cap $101M)   BY E-MAIL CONFIDENTIAL December 18, 2013 Vitran Corporation Inc. 185 The West Mall Suite 701 Toronto, Ontario M9C 5L5 Attention: Richard D. McGraw, Chairman of the Board Dear Sirs: Further to your press release of December 9th,, 2013 announcing that Vitran Corporation Inc. (“Vitran”) had entered into a definitive Arrangement Agreement under which…

Linktone Down 30% on Move to Pinks

  Linktone Ltd., a provider of media and entertainment content and services in Asia, intends to voluntarily delist its American Depositary Shares from the NASDAQ Global Select Market and thereafter intends to deregister its ordinary shares under the Securities Exchange Act of 1934, as amended. The Company expects the Form 25 to be filed with…

Ancora wants Hubbell to Collapse Dual Class Shares

(Market Cap $6.3B) December 17, 2013  Board of DirectorsHubbell Incorporated40 Waterview DriveShelton, CT 06484 Dear Board of Directors: We write to you as a significant shareholder of the super-voting class of Hubbell, Inc. The intent of this letter is to open a dialog between Hubbell’s shareholders and its executive leadership in order to explore alternatives…

Avenue Capital Files 13D on YRC Worldwide

(Market Cap $152M; Avenue owns 13.71% through 10% Series A Convertible Senior Secured Notes and 10% Series B Convertible Senior Secured Notes; YRC is in the process of negotiating with its labor union to facilitate a refi of its debt) Purpose of Transaction. The securities covered by this Schedule 13D were acquired for investment purposes. Representatives…

Darden to Spin Off Red Lobster

(Market Cap $6.9B) Darden Restaurants, Inc. expects to execute a tax-free spin-off of Red Lobster to its shareholders, but may also consider a sale of the Red Lobster business. Red Lobster is a full service dining seafood specialty restaurant operator in North America with 705 restaurants in the United States and Canada.  It had annual sales…

Clinton Group Looking to Take Wet Seal Private

(Market Cap $220M; Clinton has upped its ownership to 8.10% at an average cost of $3.45 per share) The Reporting Persons are exploring financing alternatives to enable the Reporting Persons or one of their affiliates to make an offer to purchase the equity of the Issuer in a “going private” transaction.

Bulldog Cuts Deal with Javelin

ITEM 4. PURPOSE OF TRANSACTION Bulldog Investors, LLC has entered into a Purchase Agreement with JMI to sell 516,000 shares pursuant to JMI’s share repurchase program. Bulldog Investors, LLC has also entered into a Standstill Agreement with JMI and in connection therewith has withdrawn its slate of nominees for election to JMI’s Board of Directors and has agreed to…

Roumell Applauds Transcepts’s Steps

(Market Cap $62M) December 16, 2013 Board of DirectorsTranscept Pharmaceuticals, Inc.1003 W. Cutting BlvdSuite 110Pt. Richmond, CA 94804 Dear Members of the Board: Roumell Asset Management, LLC filed a 13D on September 5, 2013 to begin a dialogue with the board of directors to effectuate a change in the company’s direction. We recommended that the…

Corvex / Soroban File Joint 13D on Williams

(Market Cap $24B; Corvex and Soroban jointly own 5..28% through common shares at an average cost of $33.97 per share plus call options bring ownership interest up to 8.82%) The responses to Items 3, 5 and 6 of this Schedule 13D are incorporated herein by reference. After the close of business on December 4, 2013…