Monthly Archives: February 2015

Town Sports Hires Banker to Sell Co

Town Sports International Holdings, Inc. announced that Daniel Gallagher has been appointed Chief Executive Officer and Robert Giardina has been appointed Executive Chairman of the Board. Mr. Gallagher had been TSI’s President and Chief Operating Officer since January 2014, and prior to that the Chief Financial Officer. Mr. Giardina had been TSI’s CEO since 2010….

NorthStar to Spin Off European REIT

NorthStar Realty Finance Corp. has approved a plan to spin-off its European real estate business into a separate publicly-traded REIT, NorthStar Realty Europe Corp. NorthStar Realty Europe is expected to be listed on the New York Stock Exchange and the Company is evaluating a dual-listing in Europe. NorthStar Realty Europe will be managed by NorthStar…

Park City Points to Undervaluation of Resonant

 Mr. Terry Lingren  Chairman and CEO  Resonant Inc.  Dear Terry,  Park City Capital, LLC is a private investment firm based in Dallas, TX. As you know from prior conversations, investment funds that we manage have acquired a 4.35%1 interest in Resonant Inc. (“RESN” or the “Company”) bringing our position to 300,000 shares of common stock. Based…

Barnes & Noble to Separate into Two

Barnes & Noble, Inc. will effect a separation of Barnes & Noble Education (which comprises the Barnes & Noble College business) from Barnes & Noble’s Retail and NOOK Digital businesses. The planned separation will, when consummated, create two independent, publicly traded companies. The separation is intended to be a tax-free distribution to Barnes & Noble…

Marathon Sends Letter to Shutterfly BoD

February 26, 2015 Shutterfly, Inc. 2800 Bridge Parkway Redwood City, CA 94065 Attn:       Philip A. Marineau Chairman of the Board of Directors   Cc: Board of Directors   Dear Phil,   Marathon Partners Equity Management, LLC, together with its affiliates (“Marathon Partners”), currently owns approximately 5.45% of the outstanding shares of common stock of Shutterfly,…

Kingstown Opposes NRZ-HLSS Merger

  Purpose of Transaction. The Reporting Persons purchased the Shares based on the Reporting Persons’ 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 Persons, and the availability of Shares at prices that would make the purchase or sale…

River Road Wants Strategic Actions at PICO

ITEM 4. PURPOSE OF TRANSACTION The Stock was acquired for investment purposes in the ordinary course of business. As such, the Filer may purchase, hold, vote, trade, dispose, sell or otherwise deal the Stock for the benefit of their clients depending on changes in the per share price of the Stock, or related to changes in the Issuer’s operations,…

Metalico Gets Offer from Large Shareholder

February 23, 2015   Via Facsimile and Overnight Mail   Carlos E. Aguero Chairman, President and Chief Executive Officer Metalico, Inc. 186 North Avenue East Cranford, NJ 07016   Dear Mr. Aguero:   As you know, I am a significant stockholder of Metalico, Inc. (“Metalico” or the “Company”), currently owning approximately 11.7% of the outstanding…

Jet Capital Losing Patience with SXC

February 20, 2015       The Board of Directors   Suncoke Energy, Inc.   1011 Warrenville Road, Suite 600   Lisle, Illinois 60532     Dear Members of the Board   Jet Capital Management and its affiliates currently hold 4,119,161 shares of Suncoke Energy Inc. (“Suncoke” or the “Company”), comprising approximately 6.2% of the…

Marcato Sends Follow Up Letter to Sothebys

February 20, 2015 Domenico De Sole Lead Independent Director Sotheby’s 1334 York Avenue New York, New York 10021 Domenico, I am writing in response to Sotheby’s announcement on February 13th that “there will be no return of capital to shareholders at this time”.1 In the 18 months since Marcato’s initial investment in Sotheby’s, we have outlined numerous opportunities…

Atlas Stub to Begin Trading When-Issued on Feb 24

Atlas Energy Group, LLC, a wholly-owned subsidiary of Atlas Energy, L.P. that will be an independent company following its planned spin-off from Atlas Energy, announced that it currently expects annualized cash distributions to be $0.70 to $0.80 per common limited partner unit based on initial expectations of cash flow to its business. The current forecast…

Chieftain Capital Backs H Partners on Tempur Sealy

February 19, 2015   The Board of Directors Tempur Sealy International, Inc. 1000 Tempur Way Lexington, Kentucky 40511   Dear Members of the Board of Directors:   Chieftain Capital Management, Inc. manages accounts for clients owning approximately 3.5 million shares of Tempur Sealy International, Inc. (TPX), or 5.8% of shares outstanding. Founded in 1984, Chieftain…

Clinton Group Wants Significant Changes at CCG

February 16, 2015  Campus Crest Communities, Inc. 2100 Rexford Road Suite 414 Charlotte, NC 28211 Attention: Board of Directors  Gentlemen: I write on behalf of Clinton Group, Inc. (“Clinton Group”), the investment manager of several funds and partnerships that collectively own a stake in the common stock of Campus Crest Communities, Inc. (“Campus Crest” or…

Barrington Capital Nominates Two for EML BoD

Barington Capital Group, L.P. announced today that one of its affiliates has notified The Eastern Company of its intention to nominate two persons for election to the Board of Directors of Eastern at the Company’s 2015 Annual Meeting of Shareholders. Barington has been deeply disappointed by the performance of the Company, which has significantly underperformed…

FNFV to Tender for Shares

Fidelity National Financial Ventures, a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc. has approved the repurchase of up to $185 million of FNFV common stock at a price range between $14.30 – $15.40 per common share through a modified Dutch auction tender offer. Under this…

JEC Nominates Three to Synacor BoD

On February 23, 2015, the Reporting Persons delivered a letter to the Issuer notifying the Issuer that they are seeking to nominate Dilip Singh, Jeff Misthal and Scott Williams (the “Nominees”) as nominees to the Board of Directors of the Issuer at the Issuer’s 2015 Annual Meeting of Stockholders or any other meeting held in…

Armstrong World to Spin Off Flooring Unit

Armstrong World Industries, Inc. has approved a plan to separate the Company’s Flooring business from its Ceilings (Building Products) business, creating two independent publicly traded companies. The separation is intended to be a tax-free spin-off of the Flooring business to the Company’s shareholders, and is expected to be completed in the first quarter of 2016….

H Partners’ Concerns Regarding Tempur Sealy

(Market Cap $3.5B) Purpose of Transaction.   Item 4 is hereby amended to add the following:   On February 17, 2015, H Partners Management, LLC (“H Partners Management”) delivered a letter (the “Letter”) to certain members of the Issuer’s Board of Directors (the “Board”). The Letter outlines in detail H Partners Management’s significant concerns regarding…

Milikowsky Nominates Slate for GrafTech

(Market Cap $567M) February 11, 2015 Mr. Randy Carson Chairman GrafTech International Holdings Suite 300 Park Center I 6100 Oak Tree Boulevard Independence, OH 44131 Dear Randy, In response to your letter of January 26, 2015, let me start by saying that I sincerely share your disappointment that we find ourselves facing another proxy contest this year. That…