Monthly Archives: November 2015

MFP Bullish on S&W Rights Offering

.. umm, the last rights offering that I recall MFP backstopped (twice actually) was Cache which went to zero. S&W Seed Company closed a non-brokered private placement of its common stock with MFP Partners, L.P. for proceeds of approximately $4.9 million. The company issued 1,180,722 shares of its common stock at a purchase price of…

TCS Wants Angie’s List to Take the Deal

TCS CAPITAL MANAGEMENT, LLC 888 Seventh Avenue Suite 1504 New York, NY 10019   November 30, 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, This letter is a follow-up to my recent meetings with you and certain other members of the Board…

Icahn Takes Activist Position in Xerox

Icahn disclosed a 7.3% holding in XRX shares; The Reporting Persons acquired their positions in the Shares in the belief that the Shares were undervalued. The Reporting Persons intend to have discussions with representatives of the Issuers management and board of directors relating to improving operational performance and pursuing strategic alternatives, as well as the…

Wintergreen Calls for Liquidation of CTO

Consolidated-Tomoka Land Co. c/o Daniel E. Smith, Corporate Secretary Post Office Box 10809 Daytona Beach, FL 32120-0809 November 20, 2015 Dear Mr. Smith: Wintergreen Advisers, LLC presents the following shareholder proposal for inclusion in Consolidated-Tomoka Land Co.’s 2016 proxy statement: Recommending Shareholder Information: The recommending shareholder is Wintergreen Advisers, LLC (the “Adviser”), 333 Route 46…

Raging Cap Sees Value in Gulfmark

{Raging Capital disclosed a 19.9% position in GLF shares acquired at an average cost of $13.37 per share or 61% above current trading price of $5.20.  The bonds are trading at 60.} The Reporting Persons purchased the securities of the Issuer reported herein based on the Reporting Persons’ belief that such securities, when purchased, were…

And Yet Another Shareholder Letter to PICO

On November 23, 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 that despite its persistent efforts to engage in constructive dialogue with the Board and management team over the past year,…

Elliott Sees Alcoa Dramatically Undervalued

Elliott filed a 13D disclosing a 6.4% position in Alcoa via shares, call options and swaps. The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that such securities are dramatically undervalued by the public market. The Reporting Persons believe the spin-off transaction recently announced by management will create value…

ConAgra Foods to Split into Two

ConAgra Foods, Inc. today announced plans to pursue the separation of the Company into two independent public companies: one comprising its robust consumer portfolio of diverse and leading brands and the other comprising its market leading foodservice portfolio of innovative frozen potato products. The consumer brands business will be renamed Conagra Brands, Inc. (“Conagra Brands”) and…

Citrix to Spin Off GoTo

Citrix Systems, Inc. today announced plans to spin off its GoTo family of products into a separate, publicly traded company. The transaction, which is intended to be a tax-free spinoff to Citrix shareholders, is expected to be completed in the second half of 2016. Citrix’s announcement to pursue a separation follows a thorough review of strategic…

Wynnefield Sends Another Letter to OME

November 17, 2015   Mr. Gary R. Goodwin, Chairman of the Board Each of the Members of the Board of Directors Omega Protein Corporation 2105 City West Blvd. Suite 500 Houston, Texas 77042 Gentlemen: Wynnefield Capital Management, LLC and its affiliates (“Wynnefield”) are longtime and significant shareholders of Omega Protein Corporation (the “Company”). This letter…

Elliott Wants ACAS to Nix Spin-Off

Elliott Management Corporation, which manages funds that hold an approximately 8.4% interest in American Capital, Ltd., today filed a presentation with the SEC urging ACAS stockholders to vote AGAINST the Company’s spin-off proposal. Elliott has also created a website, www.BetterACAS.com, where ACAS stockholders and other interested parties can view the presentation and other materials regarding…

Liberty Media to Issue Tracking Stocks

(BTW, I have never understood how this perpetual financial engineering can create so much value but Liberty seems to keep doing it over and over again..  more intriguing to me is the fact that if tracking stocks do indeed unlock value then why don’t we see other firms replicate this strategy? Does Liberty own a…

Vertex Sends Another Letter to Support.com

November 10, 2015 Support.com, Inc. 900 Chesapeake Drive, Second Floor Redwood City, California 94063 Attn: Board of Directors To the Board of Directors: As you know, we own 8,070,495 shares of Support.com, Inc. (“Support” or the “Company”), representing approximately 14.7% of the Company’s outstanding shares and making us collectively the Company’s largest shareholder. Since we…

Krensavage Asks RTIX Board to Sell Co

130 E 59th St 11th Floor New York, NY 10022 November 9, 2015 Dean H. Bergy Chairman RTI Surgical, Inc. 11621 Research Circle Alachua, FL 32615 cc: Board of Directors Dear Mr. Bergy, RTI Surgical, Inc.’s slashing of its 2015 earnings target provides another reminder RTI needs new leadership. Directors should consider exploring all strategic…

Ashe Capital to Engage with Allison Transmission

Ashe Capital Management disclosed a new 5.5% position in ALSN acquired at an average of $29.14 per share. Item 4. PURPOSE OF TRANSACTION. The Reporting Persons acquired the Shares for investment purposes in the ordinary course of business. The Reporting Persons acquired the Shares because they believed that the Shares reported herein, when purchased, represented…

Trinity Place to Commence Rights Offering

Trinity Place Holdings Inc. has commenced its previously disclosed $30.0 million rights offering. Under the terms of the rights offering, the Company will distribute 0.248362 non-transferable subscription rights to purchase shares of its common stock, for each share of its common stock held by a stockholder as of 5:00 p.m., New York time on the record…

Sachem Head Finds Autodesk Shares Undervalued

This is an initial 13D filing; Sachem Head Capital Management owns 5.7% of the stock.   Item 4. Purpose of Transaction The responses to Items 3, 5 and 6 of this Schedule 13D are incorporated herein by reference. The Reporting Persons believe that the Issuer’s Common Stock is undervalued and is an attractive investment. The…

Vertex Implores YuMe Board to Buy Back Shares

Vertex Capital owns 7.2% of the stock, up from 5.3% disclosed on October 7, 2015.  The aggregate purchase price of the 2,431,294 shares beneficially owned by Vertex Opportunities is approximately $6,758,748, excluding brokerage commissions or $2.78 per share versus current share price of $2.87. Item 4.                       Purpose of Transaction. Item 4 is hereby amended to add…

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