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Archive for January, 2009

Valuing long-term and fixed assets

Posted in About, Greenbackd, Liquidation Value, Net Cash Stocks, Net Current Asset Value, Net Net Stocks, Net Quick Stocks, Net Quick Value, tagged , , , , , , on January 15, 2009 | 13 Comments »

We’ve recently received several questions about our valuation methodology. Specifically, readers have asked why we include property, plant and equipment in our valuation, and why we only discount it by half, as opposed to a higher figure (two-thirds, four-fifths, one-hundred percent). They are concerned that by including property, plant and equipment in our assessment, or [...]

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Arrhythmia Research Technology Inc (AMEX:HRT)

Posted in Arrhythmia Research Technology Inc (AMEX:HRT), Stocks, tagged , , , on January 14, 2009 | 5 Comments »

Arrhythmia Research Technology Inc (AMEX:HRT) is a tiny but profitable net net stock with a plan to buy back stock. At its $2.25 close yesterday the company has a market capitalization of just $6.1M. We estimate its pre-buy back liquidation value to be more than 100% higher at around $12.7M or $4.68 per share. If [...]

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Network Engines Inc (NASDAQ:NENG)

Posted in Activist Investors, Net Net Stocks, Network Engines Inc (NASDAQ:NENG), Stocks, Trinad Management, tagged , , , on January 13, 2009 | 3 Comments »

Network Engines Inc (NASDAQ:NENG) is a perennial inclusion on lists of net net stocks and so it should come as no surprise to see it back in net net land. In November 2007, an activist investor, Trinad Management, pushed the company to “immediately [implement] a share buy-back program.” The company demurred and has now seen [...]

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Greenbackd to become Seeking Alpha contributor

Posted in About, Greenbackd, tagged on January 13, 2009 | 2 Comments »

We are pleased to announce that Greenbackd is to become a contributor to Seeking Alpha, which bills itself as “the premier financial website for actionable stock market opinion and analysis.” Read more about Seeking Alpha here. The gold Seeking Alpha badge to the right indicates Greenbackd has agreed in writing to abide by Seeking Alpha’s [...]

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Biotechnology Value Fund calls special meeting of AVGN stockholders

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Greenbackd Portfolio, Net Cash Stocks, Stocks, tagged , , , on January 12, 2009 | 3 Comments »

Biotechnology Value Fund (BVF) has requested that the board of Avigen, Inc. (NASDAQ:AVGN) call a Special Meeting of the stockholders for the purpose of replacing the board with BVF’s slate of director nominees. BVF proposes to replace the incumbent directors with directors who will support MediciNova, Inc.’s (NASDAQ:MNOV) offer for AVGN. We’ve been following AVGN [...]

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Multimedia Games Inc (NASDAQ:MGAM)

Posted in Activist Investors, Dolphin Limited Partnership, Greenbackd Portfolio, Liberation Investment Group, Multimedia Games Inc (NASDAQ:MGAM), Stocks, tagged , , , , on January 9, 2009 | 5 Comments »

Multimedia Games Inc (NASDAQ:MGAM) is an undervalued asset play with two activist investors, Liberation Investment Group, which owns 8.7% of MGAM and has “urged the Company to retain an experienced investment bank to evaluate all strategic alternatives to maximize shareholder value and to expand the Company’s board of directors to include new independent directors who [...]

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Axcelis Technologies Inc (NASDAQ:ACLS)

Posted in Activist Investors, Axcelis Technologies Inc (NASDAQ:ACLS), Greenbackd Portfolio, Sterling Capital Management, Stocks, tagged , , , on January 8, 2009 | 4 Comments »

Axcelis Technologies Inc (NASDAQ:ACLS) is a new addition to the Greenbackd Portfolio at its $0.60 closing price yesterday. ACLS is an undervalued asset play with an activist investor, Sterling Capital Management, holding 10.7% of its outstanding stock. At $0.60, the company has a market capitalization of $61.8M. We estimate that its liquidating value is more [...]

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INFS adopts poison pill

Posted in Activist Investors, InFocus Corporation (NASDAQ:INFS), Nery Capital Partners, Stocks, tagged , , , on January 8, 2009 | 2 Comments »

InFocus Corporation (NASDAQ:INFS) has just announced that its board has amended INFS’s bylaws and adopted what it euphemistically calls a “Shareholder Rights Plan.” The company’s press release reads: Effective today, if any person or group acquires 15 percent or more of the voting power of the Company’s outstanding common stock without the approval of the [...]

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Nery Capital ups stake in INFS

Posted in Activist Investors, InFocus Corporation (NASDAQ:INFS), Lloyd I. Miller III, Nery Capital Partners, Stocks, tagged , , , , on January 7, 2009 | 2 Comments »

Nery Capital has increased its holding in InFocus Corporation (NASDAQ:INFS) according to its most recent 13D amendment filed January 5 this year.  Nery Capital now controls 12.2% of INFS’s outstanding stock, up from 11.2% at its last filing on December 5, 2008. We’ve been following INFS because it is a deeply undervalued asset situation with [...]

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List of activist investments for December

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, InFocus Corporation (NASDAQ:INFS), Kona Grill Inc (NASDAQ:KONA), MathStar Inc (OTC:MATH), Mill Road Capital, Nery Capital Partners, Salvatore Muoio, Stocks, tagged , , , , , , , , on January 7, 2009 | Leave a Comment »

The Official Activist Investing Blog has published its list of activist investments for December (the investments with links are to our latest update at the time of this post): Ticker Company Name Activist Investor ACLS Axcelis Technologies Inc Sterling Capital AEPI AEP Industries KSA Capital ARS Arris Group Shamrock Activist Value fund ATML Atmel Corp. [...]

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