Monthly Archives: August 2016

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VIEX Capital Sees Opportunity in Immersion

Purpose of Transaction. Item 4 is hereby amended to add the following: The Reporting Persons believe the Shares are materially undervalued.  The Reporting Persons believe that the Issuer operates in a highly strategic area of the technology industry with an attractive competitive position and a compelling product, its touch feedback technology, the value of which…

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Ocwen Revived: Where Do We Go From Here?

On June 17, 2016, I had posted on Oozing Alpha Has Ocwen Stock Been Sufficiently De-Risked? Since that post: The company reported significantly improved Q2 results on July 27. During Q2 earnings call, it announced that it is negotiating with California regulator (CA DBO) and has set aside a $15 million reserve for a potential settlement,…

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MediaNews Action List for Monster Worldwide

August 19, 2016 The Board of Directors Monster Worldwide, Inc. 133 Boston Post Road Weston, MA 02493 Attn: Tim Yates, CEO & CFO To the Board of Directors: MediaNews Group, Inc. (“MNG” or “we”) has an ownership interest of 11.6% of the outstanding shares of Monster Worldwide, Inc. (NYSE: MWW) (“Monster” or the “Company”), making…

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Kanen Calls on magicJack to Improve Results

Dear Magic Jack Board, I have tried several times to engage you in an amicable, productive discussion for the purpose of creating value for all shareholders. Regrettably, you have not even replied to me. Therefore, I am writing this letter and look forward to a fruitful discussion. First, I would like to point out that…

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Maglan Wants FairPoint Board Overhauled

August 17, 2016 Via U.S. Mail and Email 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 (collectively, “Maglan”) are significant, long-term shareholders of FairPoint Communications, Inc. (“FairPoint” or the “Company”), with holdings together representing beneficial…

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Meridian Follows Up on Cyanotech

Company has Confirmed Davis’ Undisclosed “Group” with Rudolph Steiner Foundation In its May 6, 2016 letter to Cyanotech’s board of directors, Meridian explained how a review of publicly-available information appeared to indicate that Michael Davis had engaged in a practice commonly referred to as “parking”.  Parking occurs when one party causes shares to be held…

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Marcato Highlights Buffalo Wild Wings

August 17, 2016 James Damian Chairman, Board of Directors Buffalo Wild Wings, Inc. 5500 Wayzata Boulevard, Suite 1600 Minneapolis, MN  55416 James, As you know, investment funds managed by Marcato Capital Management LP (“Marcato”) currently own securities representing beneficial ownership of 5.2% of the shares outstanding of Buffalo Wild Wings Inc. (the “Company”).  It has…

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Par Pacific to Launch Rights Offering .. Again?

[I have always said: Avoid private equity-controlled publicly traded stocks.. ] Par Pacific Holdings, Inc. announced that it intends to launch a registered rights offering on or about August 26, 2016.  In the rights offering, each holder of the Company’s common stock as of the close of business on the record date of August 25,…

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Full House to Conduct Rights Offering

Full House Resorts, Inc. has filed a registration statement on Form S-3 with the Securities and Exchange Commission for a proposed $5,000,000 rights offering.  The company expects to distribute, at no charge, non-transferable subscription rights to purchase shares of our common stock, par value $0.0001 per share, for $1.30 per share.  The subscription rights will…

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Cove Street Wants Westell Tech Sold

August 11, 2016 Westell Technologies, Inc 750 North Common Drive Aurora, Illinois 60504 To the Shareholders and Board of Directors of Westell: Cove Street Capital, LLC is a Los Angeles based investment management firm with $1.1 billion in assets under management, an amount that sadly includes roughly 7.7 million shares of Westell Technologies, Inc (“Westell”…

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Sims Capital Calls Full Circle Merger Unfair

Board of Directors Full Circle Capital Corporation (“FULL” or “Fund”) 102 Greenwich Avenue, 2nd Floor Greenwich, CT 06830 Gentlemen: We have reviewed the Great Elm Capital Corp. Registration Statement, as filed with the Securities and Exchange Commission (“SEC”), which includes a draft Proxy Statement/Prospectus for the proposed merger (“Proposed Merger”). We are curious as to…

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Scopia: Eliminate Forest City Dual Class Structure

On August 8, 2016, the Reporting Persons delivered a presentation to the Chairman of the Board and the Lead Director of the Issuer (the “Presentation”) in which the Reporting Persons urged the Issuer to eliminate its dual-class stock structure. The Reporting Persons stated in the Presentation that they believe that collapsing the Issuer’s dual-class stock structure…

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Meridian Wants Transparency from Cyanotech

Item 4.  Purpose of Transaction. The following supplements the information provided in prior Schedule 13D filings by the Reporting entities. It is now three months since the company’s board of directors received Meridian’s May 6 letter detailing a long pattern of apparent securities law and corporate governance improprieties at Cyanotech.  It has been two months since…

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Farnam Believes HCI is Undervalued

All of the shares (5%) of the Issuer owned by the Reporting Persons were, at the time of their purchase, acquired for investment purposes in the ordinary course of business. Farnam Capital makes investments in companies that it believes are undervalued and represent an attractive investment opportunity. At this time, Farnam Capital believes the stock…

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Maglan Reminds FairPoint’s Board of its Duties

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 (collectively, “Maglan”) are significant, long-term shareholders of FairPoint Communications, Inc. (“FairPoint” or the “Company”), with holdings together representing beneficial ownership of approximately 7.5 % of FairPoint’s outstanding…

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International Shipholding files Chapter 11

Link to Docket: https://cases.primeclerk.com/ish/ International Shipholding Corporation and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York.  The Company currently intends to continue operating in the normal course of business…

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Seventy Seven Energy Emerges from Chapter 11

Seventy Seven Energy Inc. announced that it has successfully completed its prepackaged restructuring and recapitalization and emerged from Chapter 11 bankruptcy protection. The Company, whose Chapter 11 plan of reorganization was confirmed by the United States Bankruptcy Court for the District of Delaware on July 14, 2016, completed the process in less than two months….

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