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Archive for December, 2008

The Icahn Lift

Posted in About, Activist Investors, Carl Icahn, Yahoo! (NASDAQ:YHOO), tagged , on December 25, 2008 | Leave a Comment »

We’re unabashed fans of Carl Icahn, who’s reputation for pushing up the stock prices of the companies he invests in has led to a phrase that describes his Midas touch: the “Icahn lift.” We’ve previously covered the billionaire investor’s antics in YHOO here. Our gift to you is 60 Minutes’ August profile on Icahn: It [...]

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AVGN receives merger proposal

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged , , , on December 24, 2008 | 5 Comments »

Avigen, Inc. (NASDAQ:AVGN) has received an offer from MediciNova, Inc. (NASDAQ:MNOV), a biopharmaceutical company that is publicly traded on both the Nasdaq Global Market and the Hercules Market of the Osaka Securities Exchange (Code Number: 4875). We’ve been following AVGN (see earlier posts here, here, here and here) because it’s a net cash stock (i.e. [...]

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AVGN asset sale for cash

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged , , on December 23, 2008 | 2 Comments »

We posted yesterday that Avigen, Inc. (NASDAQ:AVGN) had announced the sale of its rights to an early-stage blood coagulation compound for $7M. We weren’t sure that the sale was for cash. According to this filing, the sale was for cash: On December 17, 2008, Avigen, Inc. entered into an Asset Purchase Agreement with Baxter Healthcare [...]

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Happy holidays

Posted in About, Greenbackd on December 23, 2008 | 2 Comments »

We would like to wish all our readers (both of them) the season’s greetings. We’ll be taking a break from regular posting until January 5, 2009. We will be keeping an eye on the market and we’ll update anything that might affect the positions we have open. Here’s hoping 2009 is a prosperous new year.

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VVTV quarantined until further notice

Posted in Activist Investors, Cannell Capital, J. Carlo Cannell, Stocks, ValueVision Media (NASDAQ:VVTV), tagged , , on December 22, 2008 | 10 Comments »

A number of commenters have identified in the notes to ValueVision Media Inc. (NASDAQ:VVTV)‘s latest 10Q that VVTV has substantial cash obligations under the cable and satellite agreements and operating leases falling due over the five fiscal years from 2009 to 2012 and not reflect in VVTV’s balance sheet. The worst case scenario is that [...]

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AVGN sells haemophilia compound for $7M

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged , , on December 22, 2008 | 3 Comments »

Avigen, Inc. (NASDAQ:AVGN) announced on Thursday that it had sold its rights to an early-stage blood coagulation compound for $7M. We have not been able to confirm that the sale was for cash. Assuming that it was, we estimate that it adds $0.24 per share to AVGN’s cash position and takes its net cash value [...]

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INFS fending off “New York sharks”

Posted in InFocus Corporation (NASDAQ:INFS), Lloyd I. Miller III, Nery Capital Partners, tagged , , on December 22, 2008 | 1 Comment »

According to the Portland Business Journal, a group of “high-powered executives” plan to save InFocus Corporation (NASDAQ:INFS) from “New York sharks” who want to liquidate the company for a quick profit. The group, which includes Steve Hix, INFS’s co-founder, wants to buy the company if they can get financing. The group says its strategy, which [...]

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Tandy Brands Accessories Inc (NASDAQ:TBAC)

Posted in Activist Investors, N. Southwick Levis, NSL Capital Management, Quark Fund, Stocks, Tandy Brands Accessories Inc (NASDAQ:TBAC), tagged , , , on December 19, 2008 | 5 Comments »

Tandy Brands Accessories Inc (NASDAQ:TBAC) presents an interesting conundrum: an undervalued asset situation with a current asset value that has deteriorated significantly over the last year and an activist investor with little track record pushing for change. TBAC last traded at $1.88, giving it a market capitalization of just $13.3M. Our estimate for its liquidating [...]

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Borders Group Inc (NYSE:BGP) Q3 Update

Posted in Activist Investors, Borders Group (NYSE:BGP), Pershing Square Capital Management, William A. Ackman, tagged , , , on December 18, 2008 | 2 Comments »

Borders Group, Inc. (NYSE:BGP) has released its 10Q for the third quarter. We’ve previously posted about BGP here. When we first looked at it, we said that it presented a rare opportunity to invest in a stock with a well-known brand alongside one of the best activist investors in the US, William A. Ackman of [...]

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MathStar Inc (OTC:MATH)

Posted in Activist Investors, MathStar Inc (OTC:MATH), Net Cash Stocks, S. Muoio & Co, Salvatore Muoio, Stocks, tagged , , , on December 17, 2008 | 2 Comments »

MathStar Inc (OTC:MATH) is another tiny net cash stock with a substantial stockholder lobbying management to liquidate the company. The stock closed yesterday at $0.68, giving it a market capitalization of just $6.2M. We estimate the liquidating value to be more than 120% higher at $14.4M or $1.57 per share. The value in liquidation is [...]

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