Monthly Archives: February 2014

Attn: Ashford to Spin Off Asset Manager

Ashford Hospitality Trust, Inc. announced that its Board of Directors has unanimously approved a plan to spin-off its asset management business into a separate publicly traded company in the form of a taxable distribution.  The distribution is expected to be completed in the third quarter of 2014 and will be comprised of common stock in…

Dan Loeb Accuses BoD of Being Entrenched

(Market Cap $3.45B) Item 4 of the Original Schedule 13D is amended by adding the following: The Reporting Persons initially filed a Schedule 13D in August after concluding that Sotheby’s – one of the world’s foremost luxury brands – was languishing and lacked the resolve to change despite the obvious need to do so. We commend the…

Lasry of Avenue Capital Launches Blank Check Co

Boulevard Acquisition Corp. closed its previously announced initial public offering of 21,000,000 units at $10.00 per unit, for gross proceeds to the Company of $210,000,000. Boulevard Acquisition Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination…

Starboard’s Open Letter to Darden Shareholders

(Market Cap $6.7B) On February 24, 2014, the Reporting Persons filed with the Securities and Exchange Commission (the “SEC”) a Preliminary Solicitation Statement (the “Preliminary Solicitation Statement”) in furtherance of seeking shareholder support to demand that the Issuer call a special meeting of the Issuer’s shareholders (the “Special Meeting”). Under Florida law and the Issuer’s…

Founder of Microcap BONE Considering Taking Co Private

(Market Cap $30M; Cook owns 19.4%) Mr. Cook is the founder of the Issuer and served as its chairman, chief executive officer and president until April 2013. Prior to the date of this report, the Reporting Persons acquired the shares of Common Stock reported herein solely for investment purposes, and not with any plans or proposals…

Chesapeake Considering Strategic Alternatives

(Market Cap $17.7B) Chesapeake Energy Corporation is pursuing strategic alternatives for its oilfield services division, Chesapeake Oilfield Services (COS), including a potential spin-off to Chesapeake shareholders or an outright sale. COS’ operations are currently conducted through Chesapeake’s wholly owned subsidiary, Chesapeake Oilfield Operating, L.L.C. COS had revenues in 2013 of approximately $2.2 billion, and its…

Leon Cooperman Files 13D on mREIT Chimera

(Market Cap $3.2B; Cooperman owns 7.6%) Mr. Cooperman has acquired Issuer Common Shares for investment purposes.  Mr. Cooperman intends from time to time to review his investment in the Issuer on the basis of various factors, including the Issuer’s business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in…

Kerrisdale Capital’s Case for JGW

Conclusion JGW is the leading player in its industry, with 60-70% market share, a well-established consumer brand, and unparalleled operational expertise. Its ability to tap the securitization market gives it an attractive cost advantage over competitors. The Company generates enviable returns on investment in its core business and has clear opportunities to grow, both through accretive acquisitions and expansion…

MHR Continues to Engage with Titan International

(Market Cap $927M; MHR owns 10.9%) Item 4 is hereby amended by adding the following paragraph as the second paragraph of such Item: Representatives of the Reporting Persons have, at the Issuer’s invitation, toured some of the Issuer’s facilities and discussed the business and operations of the Issuer with representatives of the Issuer. The Reporting…

Icahn Sends Open Letter to Ebay Shareholders

(Market Cap $71B) Dear Fellow eBay Stockholders, We have recently accumulated a significant position in eBay’s common stock because we believe there is great long-term value in the business. However, after diligently researching this company we have discovered multiple lapses in corporate governance. These include certain material conflicts of interest, which we believe could put…

Osmium Partners Wants to Revitalize Spark Networks

(Market Cap $142M; Osmium owns 14.1%) Introduction Osmium Partners, LLC has been a significant stockholder of Spark Networks, Inc. for four years. In early 2010, when Great Hill Partners proposed to partner with the Company’s management to take the Company private at an extremely low share price of $3.10 per share, we publicly criticized this…

Vitacost.com Shareholder Wants Co Sold

(Market cap $196M) The Reporting Person initially acquired its shares for investment in the ordinary course of business. However, the Reporting Person believes that the Issuer should now consider appropriate strategic alternatives with a view to maximizing shareholder value, as discussed below. Ryan Drexler, in his capacity as President of Consac, LLC, sent a letter…

World Energy Solutions to Review Strategic Alternatives

(Market Cap $51M) Representatives of World Energy Solutions, Inc., under the guidance of the Board of Directors, have engaged in preliminary discussions with representatives of Ardsley Partners regarding the size, structure and membership of the Company’s Board of Directors, and will continue to explore these discussions. In connection with this, Dr. Edward Libbey, Chairman of…

Engaged Capital Nominates 5 for Abercrombie BoD

(Market Cap $2.6B) Engaged Capital (“Engaged”), an investment firm specializing in small and mid-cap North American equities and stockholder of Abercrombie & Fitch Co. (“Abercrombie”, “ANF” or the “Company”) (ANF:NYSE), announced today that it has nominated: Alexander P. Brick, former Chief Executive Officer of Specialty Retail Group Robert D. Huth, former Chief Executive Officer of…

JANA Target Safeway Considering Sale

(Reuters) Safeway Inc, the second-largest U.S. mainstream grocery store operator, said on Wednesday it is in talks about a possible sale of the company. A handful of buyout firms, including Cerberus Capital Management LP, have been exploring a deal for all or part of Safeway, Reuters reported in October. Cerberus is currently in talks with…

Nokia Looking to Buy Elliott Assoc Target JNPR

According to a Reuters report, Finland’s Nokia is considering buying U.S.-based Juniper Networks to merge into its telecommunications network gear business, German’s Manager Magazin Online reported, citing unidentified sources. Nokia Solutions and Networks Chief Executive Rajeev Suri travelled to the United States late last year to discuss with Juniper’s management closer cooperation and a possible…

Cash Rich CafePress to Look for Strategic Alternatives

(Market Cap $91MM; Enterprise Value $56MM) (Press Release 2/13/2014) Exploration of Strategic Alternatives “CafePress announced today that its Board of Directors has authorized the review of various strategic alternatives to enhance value for stockholders. Raymond James & Associates has been retained as exclusive independent financial advisor to assist the Board of Directors in the evaluation of…

Starboard Losing Patience with Wausau Paper

(Market Cap $661M; Starboard owns 15.1%) On February 18, 2014, Starboard Value LP delivered a letter to the Board of Directors of the Issuer. In the letter, Starboard stated that the time has come for real change at the Issuer. Starboard further stated that it is not the only shareholder who has lost patience with…

Shareholder Blasts Donegal Group Management

(Martket Cap $394M) Mr. Shepard announced today that he is voluntarily withdrawing his Form A applications to increase his holdings in Donegal Group Inc. (“Donegal”), as filed with the insurance departments of Pennsylvania, Iowa, Virginia, Wisconsin, Michigan, and Maryland. Mr. Shepard stated: “The focus of the insurance departments is to have people and entities in…

Occidental Announces Spin-Off

(Market Cap $76B) Occidental Petroleum Corporation has authorized the separation of Occidental’s California assets into an independent and separately traded company. The new California company will have 8,000 employees and contractors and will establish its headquarters in the state. It will be California’s largest natural gas producer and the state’s largest oil and gas producer…