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Archive for March, 2009

Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors

Posted in About, Activist Investors, Catalysts, Greenbackd, Stocks, tagged on March 18, 2009 | 1 Comment »

In a paper published in February this year, Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors, April Klein and Emanuel Zur examine recent “confrontational activism campaigns” by “entrepreneurial shareholder activists” and conclude that such strategies generate “significantly positive market reaction for the target firm around the initial Schedule 13D filing date” and “significantly positive [...]

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AVGN files letters to MediciNova Inc (NASDAQ:MNOV)

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Stocks, tagged , , on March 17, 2009 | Leave a Comment »

Avigen Inc (NASDAQ:AVGN) has filed two letters sent to MediciNova Inc (NASDAQ:MNOV) and intends to present the letters at the special meeting “to demonstrate the tone and character of the negotiation discussions between MediciNova and Avigen and its advisors.” We’ve been following AVGN (see archived posts here) because it’s a net cash stock (i.e. it’s trading [...]

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Avigen Inc (NASDAQ:AVGN) 10K update

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Net Net Stocks, Stocks, tagged , , , , on March 17, 2009 | Leave a Comment »

Avigen Inc (NASDAQ:AVGN) has filed its 10K for the fiscal year ended December 31, 2008. 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 investor Biotechnology Value Fund (BVF) has been pushing [...]

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Autobytel Inc (NASDAQ:ABTL) 10K update

Posted in Activist Investors, Autobytel (NASDAQ:ABTL), Stocks, Trilogy, tagged , , on March 17, 2009 | Leave a Comment »

Autobytel Inc (NASDAQ:ABTL) has filed its 10K for the year ended December 31, 2008. We’ve been following ABTL (see our post archive here) because it is trading at a discount to its liquidation value. We initially estimated the company’s liquidation value at $35.3M or $0.78 per share. We’ve now adjusted our valuation down significantly to [...]

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Soapstone Networks Inc (NASDAQ:SOAP) 10K update

Posted in Activist Investors, Mithras Capital, Soapstone Networks Inc (NASDAQ:SOAP), Stocks, tagged , , , , , on March 16, 2009 | 12 Comments »

Soapstone Networks Inc (NASDAQ:SOAP) has filed its 10K for the year ended December 31, 2008. We started following SOAP on February 2 this year (see our post archive here) because it was trading well below its net cash value with an activist investor, Mithras Capital, disclosing an 8.7% holding in October last year. The stock [...]

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OrthoLogic Corporation (NASDAQ:CAPS) 10K update

Posted in Activist Investors, Biotechnology Value Fund, Net Cash Stocks, OrthoLogic Corporation (NASDAQ:CAPS), tagged , , on March 16, 2009 | Leave a Comment »

OrthoLogic Corporation (NASDAQ:CAPS) has filed its 10K for the year ended December 31, 2008. We’ve been following CAPS (see our post archive here) because it trades below its net cash value and Biotechnology Value Fund (BVF) has disclosed a 13.42% holding. It’s an unusual holding for us because BVF’s holding is passive. At CAPS’s $0.51 [...]

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Ditech Networks Inc (NASDAQ:DITC) 10Q update

Posted in Activist Investors, Ditech Networks Inc (NASDAQ:DITC), Lamassu Holdings LLC, Net Cash Stocks, Stocks, tagged , , , on March 16, 2009 | Leave a Comment »

Ditech Networks Inc (NASDAQ:DITC) has filed its 10Q for the period ended January 31, 2009. We’ve been following DITC (see our archive here) because it is trading well below its net cash value with an investor, Lamassu Holdings LLC, disclosing a 9.4% holding in November last year. Lamassu has offered to acquire DITC for $1.25 [...]

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BVF files presentation to AVGN stockholders

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged , , , , on March 16, 2009 | Leave a Comment »

Biotechnology Value Fund (BVF) has filed the slides to its presentation to the stockholders of Avigen Inc (Nasdaq: AVGN) to remove the existing directors at the special meeting to be held March 27, 2009. The slides can be viewed here. We’ve been following AVGN (see archived posts here) because it’s a net cash stock (i.e. [...]

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CuraGen Corporation (NASDAQ:CRGN) 10K update

Posted in CuraGen Corporation (NASDAQ:CRGN), DellaCamera Capital Management, Net Cash Stocks, Stocks, tagged , , , , on March 13, 2009 | Leave a Comment »

CuraGen Corporation (NASDAQ:CRGN) has filed its 10K for the fiscal year ended December 31, 2008. We’ve been following CRGN since January 20, 2009 (see our post archive here) because it is a net cash stock with an investor, DellaCamera Capital Management, pushing the company to seek “alternative deployment of [its] capital.” DellaCamera Capital Management has [...]

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BVF files proxy material rebutting AVGN

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged , , , , on March 13, 2009 | Leave a Comment »

Biotechnology Value Fund (BVF) yesterday filed additional material in the proxy solicitation to remove the existing directors of Avigen Inc (Nasdaq: AVGN) at the special meeting to be held March 27, 2009. BVF is urging stockholders to remove the current members of the AVGN and replace them with BVF’s four “new, stockholder-oriented, independent director nominees.” [...]

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