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Archive for February, 2009

OrthoLogic Corporation (NASDAQ:CAPS)

Posted in Activist Investors, Biotechnology Value Fund, Greenbackd Portfolio, Net Cash Stocks, OrthoLogic Corporation (NASDAQ:CAPS), tagged , , on February 27, 2009 | 2 Comments »

OrthoLogic Corporation (NASDAQ:CAPS) is a little unusual for us. While it trades below its net cash value and Biotechnology Value Fund (BVF) has disclosed a 13.42% holding, BVF’s holding is passive. At CAPS’s $0.60 close yesterday it has a market capitalization of $24.4M. We estimate the net cash value to be 80% higher at $1.08 [...]

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ACLS agrees to sell SEN Corp interest for $133M

Posted in Activist Investors, Axcelis Technologies Inc (NASDAQ:ACLS), Sterling Capital Management, Stocks, tagged , , , on February 27, 2009 | 6 Comments »

Axcelis Technologies Inc (NASDAQ:ACLS) has announced that it has agreed to sell its 50% interest in SEN Corporation, its joint venture with Sumitomo Heavy Industries, Ltd. (SHI) to SHI for Y13 billion, or approximately $133 million, in cash. This is an outstanding achievement by ACLS management under difficult conditions. The sale will provide the liquidity [...]

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Trident Microsystems Inc (NASDAQ:TRID) still dateless for the ball

Posted in Net Cash Stocks, Stocks, Trident Microsystems Inc (NASDAQ:TRID), tagged , , , on February 26, 2009 | 6 Comments »

Trident Microsystems Inc (NASDAQ:TRID) has filed its results for the quarter ended December 31, 2008. While its earnings and operating cash flow have now turned negative, its liquidation value remains almost unchanged. In our original post we wrote that TRID is an undervalued net cash stock looking for a catalyst. We continue to think it’s [...]

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Zanett Group ups stake in MATH

Posted in Activist Investors, MathStar Inc (OTC:MATH), Net Cash Stocks, S. Muoio & Co, Salvatore Muoio, Stocks, Zachary McAdoo, tagged , , , , , , on February 26, 2009 | 2 Comments »

The Zanett Group has increased its stake in MATH to 6.58% according to its most recent Schedule 13D amendment. We’ve been following MATH since December last year when it was trading at $0.68. We initiated the position because MATH is a net cash stock with two substantial stockholders lobbying management to liquidate. The stock is [...]

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Zale Corporation (NYSE:ZLC) position closed

Posted in Activist Investors, Breeden Capital Management, Richard Breeden, Stocks, Zale Corporation (NYSE:ZLC), tagged , , , , on February 26, 2009 | 2 Comments »

Zale Corporation (NYSE:ZLC) has released its results for the quarter to January 31, 2009. After reviewing the results, we have significantly reduced our original estimate for the company’s liquidating value since we initiated the position at $4.82 on December 3, 2008. Our initial analysis of ZLC’s balance sheet was overly optimistic. We’ve now applied more [...]

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BVF extends AVGN tender offer to March 6

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Greenbackd Portfolio, Net Cash Stocks, Stocks, tagged , , , , on February 25, 2009 | Leave a Comment »

Biotechnology Value Fund (BVF) has extended its tender offer for the outstanding shares of Avigen Inc (Nasdaq: AVGN). We’ve been following AVGN (see archived posts here) because it’s a net cash stock (i.e. it’s trading at less than the value of its cash after deducting all liabilities) and specialist biotechnology activist fund BVF has been [...]

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CRGN to evaluate strategic options

Posted in Activist Investors, CuraGen Corporation (NASDAQ:CRGN), DellaCamera Capital Management, Net Cash Stocks, Stocks, tagged , , , on February 24, 2009 | Leave a Comment »

CuraGen Corporation (NASDAQ:CRGN) has announced that it is considering strategic alternatives to enhance shareholder value including selling or licensing CR011, acquiring additional assets or business lines, or selling the company. We started following CRGN on January 20 this year because it is a net cash stock with an investor, DellaCamera Capital Management, disclosing a 5.6% [...]

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Neurobiological Technologies Inc (NASDAQ:NTII)

Posted in Activist Investors, Biotechnology Value Fund, Highland Capital Management, Millennium Technology Value Partners, Net Cash Stocks, Neurobiological Technologies Inc (NASDAQ:NTII), Stocks, tagged , , , , , , on February 23, 2009 | 5 Comments »

Neurobiological Technologies Inc (NASDAQ:NTII) is a particularly interesting play. Prima facie, it appears to be a cash-burning biotechnology stock trading at a premium to its liquidating value. In other words, a stock we wouldn’t touch with a ten foot pole. On closer inspection, however, it becomes clear that NTII is trading at its net cash [...]

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SOAP to explore strategic alternatives

Posted in Activist Investors, Mithras Capital, Net Cash Stocks, Soapstone Networks Inc (NASDAQ:SOAP), Stocks, tagged , , , , on February 20, 2009 | 3 Comments »

Soapstone Networks Inc (NASDAQ:SOAP) has engaged an investment bank to explore strategic alternatives for enhancing shareholder value, which may include paying a cash dividend, repurchasing shares, selling or spinning off assets, merging, sale or liquidation. We started following SOAP on February 2 because it was trading well below its net cash value with an activist [...]

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Ditech Networks Inc (NASDAQ:DITC)

Posted in Activist Investors, Ditech Networks Inc (NASDAQ:DITC), Lamassu Holdings LLC, Net Cash Stocks, Stocks, tagged , , , , on February 19, 2009 | Leave a Comment »

Ditech Networks Inc (NASDAQ:DITC) is a stock trading well below its net cash value with an investor, Lamassu Holdings LLC, disclosing a 9.4% holding in November last year. At yesterday’s closing price of $0.89, the company has a market capitalization of $23.3M. We estimate the net cash value to be more than 60% higher at [...]

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