Monthly Archives: October 2015

Monarch Deeply Disappointed with Scorpio

October 28, 2015 Independent Members of the Board of Directors Scorpio Bulkers Inc. (the “Company”) Le Millenium, 9, Boulevard Charles III Monaco, 98000 Monaco Dear Sirs: We are writing to you to express our frustration and displeasure with the slow speed and reluctant responsiveness of the Board to the several suggestions that we presented to…

Elliott Discloses 11% Ownership in Cabela’s

Purpose of Transaction. The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that such securities are significantly undervalued by the public market and represent an attractive investment opportunity. The Reporting Persons believe that, in light of the robust environment for private equity investment in retail companies, potential strategic interest…

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Einhorn’s Case for Sticking with CONSOL

I just got done reading Greenlight’s Q3-2015 Investor Letter.  The fund was down 17% YTD as of the end of Q3 so David Einhorn had a bit of explaining to do and he did.  Three holdings have performed “abysmally” for Greenlight: SunEdison (SUNE), CONSOL Energy (CNX) and Micron (MU).  The letter provides a detailed update…

Lexmark to Explore Strategic Alternatives

Lexmark International, Inc. today announced that its Board of Directors has authorized the exploration of strategic alternatives to enhance shareholder value. The Board believes that Lexmark has created value through its actions to transform the company and believes that a full review of strategic alternatives, beyond the operational and financial actions the company has taken…

Sterling Cap Objects to UTIW Deal

Sterling Capital Management acquired the common stock of the issuer on behalf of our clients for investment purposes. We believe that the issuer is significantly undervalued and the proposed purchase value placed on the common stock  by DSV A/S of $7.10 per share does not reflect a reasonable private market value for the business. While we…

Yum! to Spin Off China Unit

Yum! Brands, Inc. today announced that it intends to separate into two independent, publicly-traded companies, each with compelling and distinct strategies and investment characteristics. The transaction will create two powerful, best-in-class companies, each with a separate strategic focus: Yum! China, a market leader with decades of accumulated consumer loyalty and world-class operations in China, will…

Carlson Capital 13D on Vitamin Shoppe

Item 4 of the Schedule 13D is amended to add the following: As previously disclosed, the Reporting Persons and their representatives have, from time to time, engaged in discussions and correspondence with management and the Board regarding, among other things, the Issuer’s business, management and strategic alternatives and direction. The Reporting Persons believe that the Issuer’s Common…

TCS Capital’s Letter to Angie’s List

TCS CAPITAL MANAGEMENT, LLC 888 Seventh Avenue Suite 1504 New York, NY 10106 October 13, 2015 Angie’s List, Inc. 1030 E. Washington Street Indianapolis, IN 46202 Attn: John H. Chuang, Chairman of the Board cc: Angie’s List Board of Directors Dear John, TCS Capital Management, LLC and myself (“TCS”, “we” or “us”) currently own approximately 9% of the outstanding shares of common stock of Angie’s List, Inc. (“Angie’s…

Central Square Wants to Reconstitute PICO BoD

On October 13, 2015, Central Square Management (together with its affiliates, “Central Square”) delivered a letter to the Issuer’s Chair, Kristina Leslie, and the Issuer’s Board of Directors (the “Board”). In the letter, Central Square stated, among other things, that despite multiple attempts over the past year to engage in constructive dialogue with the Board…

Magnum Hunter to Explore Strategic Options

Magnum Hunter Resources Corporation has hired PJT Partners LP as financial advisor, and Kirkland & Ellis LLP, as special legal advisor, to advise management and the Company’s Board of Directors regarding potential strategic alternatives to enhance liquidity and address the Company’s current capital structure. As previously disclosed, the Company has actively worked to manage its balance…

Vertex Asks Support.com to Preserve Cash

October 9, 2015 Support.com, Inc. 900 Chesapeake Drive, Second Floor Redwood City, California 94063 Attn: Board of Directors To the Board of Directors: We are a group of shareholders of Support.com, Inc. (“Support” or the “Company”) who together own approximately 12.3% of its outstanding common stock, making us the largest owners of the Company.  The Company’s…

Wynnefield Remains Skeptical of OME Management

Purpose of the Transaction Item 4 of the Schedule 13D is hereby amended by the addition of the following: During the course of informal communications with the Issuer’s management and Board of Directors (the “Board”), the Wynnefield Reporting Persons have strongly recommended that the Issuer (i) conduct a thorough review of strategic alternatives to enhance…

Groveland Capital Presentation on ITIC

Purpose of Transaction. The Reporting Persons believe that the Issuer is undervalued and overcapitalized.  See presentation attached hereto as Exhibit 99.2.  We encourage the Issuer to evaluate strategic options that will enhance shareholder value including: a tender offer or share buyback program; a special dividend; a synergistic merger or acquisition to facilitate expansion into new markets; a…

Vertex Wants YuMe to Self-Tender

Purpose of Transaction. The Reporting Persons believe that the Issuer’s stock is materially undervalued, trading at an enterprise value of $27 million, which is less than 2x EBITDA of the Issuer’s core business. With the Issuer’s stock having declined by 68 percent since its August 2013 initial public offering, the Reporting Persons believe that the…

BAM To Spin Off Business Unit

Brookfield Asset Management Inc. intends to spin off approximately 35% of Brookfield Business Partners L.P. (“BBP”) by distributing to shareholders a special dividend estimated to be worth US$0.50 per share, or approximately US$500 million, in the form of units of BBP. BBP will be the primary vehicle through which Brookfield will own and operate the business…

Elliott Wants PLCM and MITL to Merge

On October 8, 2015, the Reporting Persons delivered a letter to the Issuer outlining the Reporting Persons’ perspective that the Issuer undertakes a full strategic review of potential alternatives, with a particular focus on an industry consolidation strategy as the likely best path forward. In the letter, the Reporting Persons encouraged the Issuer, given the…

Group 42 Follows Up on VAALCO

October 5, 2015 The Board of Directors VAALCO Energy, Inc. 9800 Richmond Ave., Suite 700 Houston, TX 77042 Board members: As you know, Bradley Radoff (and related entities) and Group 42, Inc. (together the “Group”) collectively own 11.1% of the outstanding common stock of VAALCO Energy (the “Company”) in comparison to 1.9% of the Company’s…

Starboard Outlines Steps for Brink’s Co

On October 5, 2015, Starboard Value LP (together with its affiliates, “Starboard”) delivered a letter to the Issuer’s CEO, CFO and Board of Directors, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In the letter, Starboard outlines the Issuer’s history of poor performance and missed execution as well…

DG Capital Thinks KCAP is Undervalued

October 6th, 2015 KCAP Financial, Inc. 295 Madison Avenue, 6th Floor New York, NY 10017 Attn: Board of Directors Dear KCAP’s Board of Directors, Funds managed by DG Capital Management LLC and its affiliates own 1,151,334 shares of KCAP Financial (“KCAP” or the “Company”) or about 3.1% of shares outstanding, making us the Company’s  third…

ValueAct Partners to Engage with Baker Hughes

Item 4. Purpose of Transaction The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that the securities were undervalued and represented an attractive investment opportunity. The Reporting Persons intend to have conversations with members of the Issuer’s management and board of directors to discuss ways to enhance shareholder value….