Monthly Archives: June 2016

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Triangle Petroleum Files Chapter 11

Link to Docket: https://cases.primeclerk.com/TUSA Triangle USA Petroleum Corporation (“TUSA”) and its affiliates today filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to implement the terms of a Plan Support Agreement (“PSA”) that will facilitate the restructuring of its balance sheet….

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Altimas Prefers ZAIS Liquidation ($114M)

June 23, 2016 Mr. Michael Szymanski, Chief Executive Officer ZAIS Financial Corp. Two Bridge Avenue, Suite 322 Red Bank, New Jersey 07701-1106 Dear Mr. Szymanski, My name is Ron Mass, Managing Principal and founder of Almitas Capital, and my firm has been a holder of ZAIS Financial Corp. (“ZFC”) since 2013. I have been a…

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Neustar to Split into Two ($1.32B)

Neustar, Inc. (NSR) announced its intention to separate into two independent and publicly traded companies. One company will consist of the majority of Neustar’s Information Services, while the other will focus on providing Order Management & Numbering Services. Neustar intends to accomplish the separation through a tax-free spin-off. “Five years ago, Neustar embarked on a…

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Board Seat Doesn’t Guarantee Full Club Membership ($126M)

On May 27, 2016, Mr. Singer was elected to the Board with overwhelming stockholder support, receiving approximately 80% of the votes cast at the Annual Meeting.  Mr. Singer interpreted the voting results from the Annual Meeting as a clear and urgent mandate from stockholders to address the Issuer’s underperformance.  In order to fulfill this mandate and discharge…

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Elliott Files 13D on LifeLock ($1.47B)

The Reporting Persons believe the securities of the Issuer are undervalued and have initiated a dialogue with the Issuer’s Management and Board of Directors (the “Board”) on opportunities to enhance shareholder value.  The Reporting Persons believe there is material upside from the Issuer’s share price level on May 20, 2016 of $12.19 per share, which…

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Lansdowne Says Alexza Deal is Unfair ($20M)

The Reporting Persons believe that the tender offer commenced by a subsidiary of Grupo Ferrer Internacional, S.A. (and agreed to by the Board of Directors (the “Board”) of the Issuer) to purchase all of the outstanding Shares at a price of $0.90 per Share (the “Offer”) is neither fair nor in the best interests of…

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Roumell Says Time to Sell Covisint ($95M)

June 15, 2016 Mr. Sam Inman Chief Executive Officer Covisint Corporation 26533 Evergreen Rd., Suite 500 Southfield, MI 48076 Dear Sam: Per our telephone conversation last week on June 6th, I want to reiterate our position that a costly proxy fight does not serve shareholders and should be avoided.  To that end, simply naming two new…

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Foundation Calls Stewart Under-Managed ($909M)

On June 14, 2016, the Reporting Persons issued a presentation to the Board of Directors of the Issuer (the “Board”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.  In the presentation, the Reporting Persons state, among other things, that the Issuer is the title industry’s last independent franchise…

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Elliott Asks CDK Global to Improve ($8.7B)

June 8, 2016 The Board of Directors CDK Global, Inc. 1950 Hassell Road Hoffman Estates, IL 60169 Attn: Chairman Leslie Brun Attn: CEO Brian MacDonald Dear Les, Brian and Members of the Board: I am writing to you again on behalf of Elliott Associates, L.P. and Elliott International, L.P. (together, “Elliott” or “we”), which collectively…

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Worst Ten 2015 Spin-offs

#10: Horizon Global Corporation; HZN; Market Cap $213M; Well recognized brands and decent free cash flow generator, likely take-out target. #9: SPX Flow Inc; FLOW; $1.23B #8: Northstar Realty Europe; NRE; $664M; Externally managed REIT and so rife with conflicts of interests.. #7: Talen energy Corporation; TLN; $1.77B; Electric power producer being acquired by Riverstone…

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VIEX Capital Disappointed with Quantum Corp ($122M)

On June 3, 2016, Series One delivered a nomination letter (the “Letter”) to the Issuer nominating Mark Bonney, John Mutch, Raghavendra Rau, Khurram Sheikh and Eric Singer (the “Nominees”) for election to the Issuer’s Board of Directors (the “Board”) at the Issuer’s 2016 annual meeting of stockholders (the “Annual Meeting”) (the “Solicitation”). Series One submitted…

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Seventy Seven Energy Files Chapter 11

Link to docket: https://cases.primeclerk.com/77nrg/ Seventy Seven Energy Inc. (the “Company”) today announced that it has filed a pre-packaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. As previously announced, the Company’s pre-packaged plan provides for a substantial deleveraging transaction pursuant to which…

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Dialectic Wants Accountability at Covisint ($64M)

June 2, 2016 Covisint Corporation 26533 Evergreen Rd., Suite 500 Southfield, Michigan 48076 Board of Directors: Dear Members of the Board, Dialectic Capital Management, LP, together with its affiliates (“Dialectic”), currently owns approximately 5.5% of the outstanding common stock of Covisint Corporation (“Covisint” or the “Company”), making us one of the Company’s largest shareholders. We…

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Warren Resources Files Chapter 11

Link to Docket: http://dm.epiq11.com/WRE/Project On June 2, 2016, Warren Resources, Inc. (the “Company”) and certain of its wholly owned subsidiaries (together with the Company, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions”) for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the…

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Maglan Says time for FairPoint to be Sold ($371M)

June 6, 2016 Members of the Board of Directors c/o Paul Sunu, CEO FairPoint Communications, Inc. 521 E Morehead St Charlotte, NC 28202 Gentlemen: Investment funds affiliated with Maglan Capital LP are significant, long-term shareholders of FairPoint Communications, Inc. (“FairPoint” or the “Company”), with holdings together representing beneficial ownership of approximately 7.5 percent of FairPoint’s…