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Archive for February, 2009

List of activist investments for January

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, CuraGen Corporation (NASDAQ:CRGN), DellaCamera Capital Management, Dolphin Limited Partnership, GAMCO, Icagen Inc (NASDAQ:ICGN), Mill Road Capital, Multimedia Games Inc (NASDAQ:MGAM), Nery Capital Partners, Stocks, tagged , , , , , , , , on February 10, 2009 | Leave a Comment »

The Official Activist Investing Blog has published its list of activist investments for January (the investments with links are to our latest update at the time of this post): Ticker Company Activist Investor ABVA Alliance Bankshares Corp John Edgemond AMLN Amylin Pharmaceuticals Carl Icahn; Eastbourne Capital AVGN Avigen Inc. Biotechnology Value Fund BIOD Biodel Inc [...]

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Icahns says capitalism should return to its roots

Posted in About, Activist Investors, Carl Icahn, Stocks, tagged , on February 9, 2009 | 5 Comments »

Carl Icahn contributed an article to the Wall Street Journal on President Obama’s plan to limit executive pay to $500,000 a year plus restricted stock for institutions that receive government funding. Icahn argues that while the response is “understandable,” the salary cap fails to address the root cause of the problem: The real problem is [...]

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And never breath a word about your loss

Posted in About, Liquidation, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged , on February 6, 2009 | 4 Comments »

CNBC has an interview with Ricardo Salinas, the Mexican billionaire who took a position in Circuit City Stores Inc (OTC:CCTYQ) after it fell into bankruptcy and lost $41 million. In the interview with Michelle Caruso-Cabrera, Salinas explains why he made his bet on CCTYQ and how it went wrong. Although Salinas’ CCTYQ investment wasn’t a Grahamian [...]

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MathStar Inc (OTC:MATH) prepares technology for sale

Posted in MathStar Inc (OTC:MATH), Net Cash Stocks, Stocks, Zachary McAdoo, tagged , , , , , , on February 5, 2009 | 11 Comments »

MathStar Inc (OTC:MATH) has taken the first steps to liquidation, announcing that it is preparing to sell its Field Programmable Object Array (FPOA) technology and intellectual property. We started following MATH in December last year when it was trading at $0.68 because it was a net cash stock with a substantial stockholder lobbying management to [...]

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ValueVision Media Inc (NASDAQ:VVTV) auction fails

Posted in Activist Investors, Cannell Capital, Net Net Stocks, Stocks, ValueVision Media (NASDAQ:VVTV), tagged , , , on February 4, 2009 | Leave a Comment »

Our posts on ValueVision Media Inc. (NASDAQ:VVTV) attract more attention than any other posts on this site, though we exited the position last year. We initially liked VVTV because it looked like a cheap net net with other potentially valuable assets. That was a mistake. VVTV has huge contractual obligations relative to its current assets.* [...]

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Pershing Square’s Investment Strategy

Posted in About, Activist Investors, Borders Group (NYSE:BGP), Pershing Square Capital Management, Stocks, William A. Ackman, tagged , , on February 3, 2009 | Leave a Comment »

Pershing Square Capital Management hosted its Annual Investor Dinner in late January (Dealbreaker has a copy of the presentation (.pdf).) We’ve previously written about Pershing Square in relation to its position in Borders Group Inc (NYSE:BGP). It was not one of our better calls. Pershing Square’s investment strategy makes for interesting reading: We seek simple, [...]

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Soapstone Networks Inc (NASDAQ:SOAP)

Posted in Activist Investors, Mithras Capital, Soapstone Networks Inc (NASDAQ:SOAP), Stocks, tagged , , on February 2, 2009 | 3 Comments »

Soapstone Networks Inc (NASDAQ:SOAP) is a net cash stock with an activist investor, Mithras Capital, disclosing an 8.7% holding in October last year. At its $2.50 close Friday, SOAP has a market capitalization of $37.1M. We estimate the company’s net cash value to be almost 150% higher at $91.2M or $6.15 per share. We’re adding [...]

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