Monthly Archives: January 2014

STR Commences Dutch Tender

STR Holdings, Inc. is commencing a “modified Dutch auction” self-tender offer to repurchase for cash up to $30 million of shares of its common stock at a price per share no greater than $1.54 nor less than $1.00, that will enable the Company to purchase the maximum number of shares of common stock having an aggregate…

Large Holder Wants Anchor to Sell Itself

(Market Cap $43M; Book Value as of 12/31/2014 was $52M; Joel Lawson 5.1%) The Reporting Person purchased the Shares based on his 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 Person, and the availability of Shares at…

Farpoint Goes Below 5% on Cadus Corp

The Reporting Persons acquired the Company’s shares in the belief that the shares were undervalued.  On January 22, 2014, the Company announced it was entering a new line of business concurrent with the announcement of the acquisition of residential real estate in Florida.  As a result, the Reporting Persons sold a small number of shares in the…

Post Foods CEO Adds to Herbalife Stake

(The person filing this statement is William P. Stiritz, a U.S. citizen, whose address is 790 Briar Hill Road, Belleville, Illinois 62223, United States of America.  Mr. Stiritz’s current principal occupation or employment is serving as Chairman of the Board of Directors and Chief Executive Officer of Post Foods, Inc., a manufacturer, marketer and distributor of…

Emerson to Explore Strategic Alternatives

(Form 8-K) The Board of Directors of Emerson Radio Corp. has empowered a Special Committee to evaluate possible strategic alternatives intended to enhance stockholder value. The Special Committee has engaged Lazard Middle Market LLC as financial advisor to advise and assist the Special Committee in analyzing the Company’s business and financial condition, and exploring and…

RMG Networks Offering Shares to Warrant Holders

(Market Cap $55MM) RMG Networks Holding Corporation, a provider of video advertising and visual communications solutions, has commenced an offer to exchange one share of its common stock for every eight outstanding public warrants of the Company tendered by the holder for exchange pursuant to the offer. The warrants currently trade under the symbol RMGNW on…

Community Health CVR Has Begun Trading

Community Health Systems, Inc. completed its acquisition of Health Management Associates, Inc yesterday, January 27, 2014. HMA has ceased trading on the New York Stock Exchange. HMA shareholders received $10.50 per share in cash plus 0.06942 shares of CHS common stock for each HMA share they own. HMA shareholders also received one Contingent Value Right…

Rayonier Announces Spinoff

(Market Cap $5.7B) Rayonier Inc. intends to separate its Performance Fibers business from its Forest Resources and Real Estate businesses. The separation will result in two independent, publicly-traded companies by means of a tax-free spin-off of the Performance Fibers business to Rayonier shareholders. The separation is expected to be completed in mid-2014. Following completion of the…

Monarch Discloses 23% Stake in Trade Street

(Market Cap $84M; On 1/16/14, the REIT completed a $150M rights offering backstopped by Senator Investment Group; Sentor now owns 25.6% of the company; A substantial portion of the offering proceeds were used to fund real estate properties) The Monarch Filers acquired their shares of Common Stock for investment purposes, with a view toward participating…

Corvex 13D on Signet Jewelers and Co Response

(Market Cap $6B; Corvex owns 7.8% through shares and call options) The Reporting Persons acquired the Shares over which they exercise beneficial ownership in the belief that the Shares are undervalued and are an attractive investment. Certain of the Reporting Persons have had and may continue to have discussions with the Issuer’s management and members…

Altai Supports Starboard’s Case for Wausau Paper

The Common Stock held for the account of ACMF was acquired in the ordinary course of the Reporting Persons’ business of purchasing, selling and trading in securities. Depending upon market conditions and other factors that it may deem material, the Reporting Persons may purchase additional securities of the Issuer, including shares of Common Stock and/or…

Starboard Wants Darden to Delay Spin Off

(Market Cap $6.7B) On January 21, 2014, Starboard Value LP delivered a letter to the Issuer’s Chairman and CEO, Clarence Otis, and its Board of Directors.  In the letter, Starboard stated that while it is pleased to have gained a better understanding of the Issuer through recent discussions with certain members of management, including the announced…

Kimball Int’l to Spin Off Unit; Eliminate Dual-Class Share Structure

(Market Cap $535M) Kimball International has approved a tax free spin-off of its electronic manufacturing services (EMS) segment. The separation will result in two standalone publicly-traded companies: Kimball International, Inc., a manufacturer of office and hospitality furniture and Kimball Electronics, Inc., a provider of electronic manufacturing services to the automotive, medical, industrial, and public safety…

Biglari Calls a Special Meeting at Cracker Barrell

(Market Cap $2.4B) On January 16, 2014, the Reporting Persons filed with the Securities and Exchange Commission a preliminary solicitation statement to call a special meeting of the Issuer’s shareholders to, inter alia, approve a non-binding proposal for the Board to immediately pursue all potential extraordinary transactions, including the sale of the Issuer. Link to Filing  

DG Capital Follows Falcone’s Lead on PTGI

(Market Cap $49M)      January 14, 2014   PTGi Holding, Inc. 460 Herndon Parkway Suite 150 Herndon, VA  20170 Attention:  Board of Directors   Gentlemen:   As of the date hereof, DG Capital Management, LLC owns 1,028,591 shares of the common stock of PTGi Holding, Inc. (the “Company”), which makes us one of the three largest shareholders…