Monthly Archives: May 2016

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Corvex Hopeful About Signet’s Actions ($7.81B)

Corvex Management disclosed an 8.3% position in a 13D/A dated 5/27/16. The Reporting Persons commend the Issuer for the announcement in its quarterly earnings call on May 26, 2016 of its commitment to conduct, along with its advisor Goldman Sachs, a strategic evaluation of its credit portfolio.  The Reporting Persons strongly support the Issuer’s review of…

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Tourbillion Presses for a SunOpta Sale ($414M)

May 27, 2016   The Board of Directors SunOpta, Inc. 2233 Argentia Road Mississauga, Ontario L5N 2X7, Canada   Attn: Alan Murray, Chairman of the Board Attn: Rik Jacobs, Chief Executive Officer   Dear Alan, Rik and Members of the Board: I am writing to you on behalf of Tourbillon Capital Partners, L.P. (together with…

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Harbert Wants Changes at 1347 Property Insurance ($42M)

Harbert Discovery Fund disclosed a 5.6% position in a 13D/A dated 5/27/16. 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 have had conversations with the Issuer’s management and board of directors regarding possible ways…

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Spear Point Unhappy with TheStreet ($43M)

May 25, 2016   “If voting made any difference, they wouldn’t let us do it.” — Mark Twain   Stockholders of TheStreet, Inc.   Re:                             Our Vote to Deny Quorum   Dear Fellow Shareholders:   Our group holds nearly 10% of the outstanding Common Stock of TheStreet, Inc. (the “Company”).  We are writing to express our disapproval with…

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Hercules: Fastest Chapter 22 Ever?

See my note “The Curious Case of Hercules Offshore” dated April 27, 2016 for background information.   I have never seen such a messed up case ever before where a company needed to re-file Chapter so fast.  This one will surely go down as an example of how a company should not be reorganized in…

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Varian to Spin Off Components Unit ($8B)

Varian Medical Systems plans to spin off its Imaging Components business as a new, stand-alone public company via a tax-free distribution to Varian stockholders in a transaction anticipated to be completed by the end of calendar year 2016. “The spin-off will create two strong, independent companies,” said Dow Wilson, CEO of Varian Medical Systems.  “It…

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Halcón Planning a Chapter 11 Restructuring

Halcón Resources Corporation has reached an agreement in principal on terms of a plan to restructure its balance sheet with select holders of its 13.0% 3rd Lien Notes due 2022, its three tranches of senior unsecured notes comprised of its 9.75% Senior Notes due 2020, its 8.875% Senior Notes due 2021, and its 9.25% Senior…

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Dex Media Files Chapter 11.. Again

(Note: Hayman Capital’s Kyle Bass had presented this company as one of his best long ideas at Ira Sohn conference a few years ago.) Link to Docket: http://dm.epiq11.com/DexMedia Dex Media, Inc. today announced a major step toward completing its financial restructuring by filing a prepackaged plan of reorganization (the “Plan”), along with voluntary petitions, under…

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Corvex Wants Pandora on the Block ($2.28B)

May 16, 2016 Pandora Media, Inc. 2101 Webster Street, Suite 1650 Oakland, CA  94612 To: Jim Feuille, Chairman of the Board CC: Board of Directors Dear Mr. Feuille, We felt it would be productive to reach out and share our updated views given the events which have transpired in the weeks following our last discussion on…

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SandRidge Energy Files Chapter 11

Link to Docket: https://cases.primeclerk.com/sandridge SandRidge Energy, Inc. today announced that it has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11”) to consummate a “pre-arranged” reorganization through a restructuring support agreement (the “Restructuring Support Agreement” or the “Agreement”) entered into…

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Breitburn Energy Files Chapter 11

Link to Docket: https://cases.primeclerk.com/breitburn Breitburn Energy Partners LP (Breitburn) (BBEP) today announced that it and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (Chapter 11 Cases). Breitburn expects to continue its operations without…

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Alexza Holders to Receive CVR in Merger ($20M)

Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA, “Alexza”) and Grupo Ferrer Internacional, S.A. (“Ferrer”) today announced that they have entered into a definitive agreement under which Ferrer Pharma Inc. (“Ferrer Pharma”), a wholly-owned subsidiary of Ferrer, will acquire Alexza for $0.90 per share in cash.  In addition to the upfront cash payment, Alexza stockholders will be granted…

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PICO: The Perennial Value Trap ($214M)

May 11, 2016 The Board of Directors of PICO Holdings Inc. 7979 Ivanhoe Avenue, Suite 300 La Jolla, CA 92037 Dear Members of the Board, River Road Asset Management LLC (“RRAM”), on behalf of its clients, owns approximately 1.9 million common shares of PICO, which represents an 8.2% ownership interest in the company. RRAM is…

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Penn Virginia Files Chapter 11

Link to Docket: http://dm.epiq11.com/PVA/Project Penn Virginia Corporation announced that it and certain of its subsidiaries have filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division, to facilitate the deleveraging of their consolidated balance sheet through a prearranged restructuring…

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Honeywell to Spin Off Nylon Unit ($87B)

Honeywell announced today its intention to spin off its Resins and Chemicals business into a standalone, publicly-traded company named AdvanSix Inc. Honeywell will file a Form 10 relating to the transaction with the Securities and Exchange Commission shortly. Completion of the transaction is expected to occur by early 2017 and is subject to certain customary conditions,…

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Linn Energy Files Chapter 11

Link to Docket: https://cases.primeclerk.com/linn LINN Energy, LLC, LinnCo, LLC, and Berry Petroleum Company, LLC announced today that the Company has entered into a Restructuring Support Agreement with holders of at least 66.67% by aggregate outstanding principal amounts of LINN’s Amended and Restated Credit Agreement, dated as of April 24, 2013, as amended, and Berry’s Second Amended…

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HCP to Spin Off Skilled Nursing Unit ($16.9B)

Link to Investor Presentation: http://ir.hcpi.com/download/Proposed+Spin-Off+Presentation.pdf HCP announced that the Company’s Board of Directors has unanimously approved a plan to spin off its HCR ManorCare (“HCRMC”) portfolio of skilled nursing (“SNF”) and assisted living assets, as well as other skilled nursing assets, into an independent, publicly-traded REIT (“SpinCo”). The spin-off transaction will enable HCP to improve its…

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Chaparral Energy Files Chapter 11

Link to Docket: http://www.kccllc.net/chaparralenergy Chaparral Energy LLC, today announced that it has voluntarily filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court of Delaware. The Chapter 11 filing will facilitate the restructuring of the company’s balance sheet, as it continues to work through negotiations of a debt to…

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Liberty to Issue Rights for Atlanta Braves ($520M)

Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) (“Liberty”) announced today certain proposed terms for its previously announced distribution of subscription rights to holders of its Series A, Series B and Series C Liberty Braves common stock to acquire shares of its Series C Liberty Braves common stock (the “Series C Liberty Braves…

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