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Archive for April, 2009

Vanda Pharmaceuticals Inc (NASDAQ:VNDA) Q1 results

Posted in Activist Investors, Net Cash Stocks, Stocks, Tang Capital Partners, Vanda Pharmaceuticals Inc (NASDAQ:VNDA), tagged , , , on April 30, 2009 | 5 Comments »

Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) has reported its results for the first quarter ended March 31, 2009. We’ve been following VNDA (see our post archive here) because it’s trading below its net cash value and Tang Capital Partners (TCP) has called for the company to “cease operations immediately, liquidate [VNDA]’s assets and distribute all remaining capital [...]

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Special situation: Short Genaera Corporation (NASDAQ:GENR)

Posted in Genaera Corporation (NASDAQ:GENR), Short, Special Situation, tagged , , , on April 30, 2009 | 2 Comments »

Genaera Corporation (NASDAQ:GENR) is a first for us: a short play. The company has announced that the board of directors has approved a Plan of Liquidation and Dissolution forecasting distributions of between $0.002 and $0.0173 per share contingent on a sale of its assets. We believe the most likely outcome to be a distribution of [...]

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North! to North Dakota. We’re going north. The rush is on.

Posted in Activist Investors, Carl Icahn, tagged , , on April 29, 2009 | Leave a Comment »

In Now a baker’s dozen in North Dakota, footnoted.org’s Michelle Leder tracks the small, but growing number of companies whose shareholders are requesting via the annual proxy process that their companies relocate to North Dakota: Last week, 11 companies, including Exxon Mobil (EOM), Southwest (LUV), and Amgen (AMGN), were on the list. But since Friday, [...]

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ABTL’s board rejects “grossly inadequate” Trilogy offer

Posted in Activist Investors, Autobytel (NASDAQ:ABTL), Net Cash Stocks, Stocks, Trilogy, tagged , , , on April 28, 2009 | Leave a Comment »

Autobytel Inc’s (NASDAQ:ABTL) board has responded to Trilogy, Inc’s $0.35 per share tender offer, calling it “grossly inadequate” and “unequivocally” recommending that stockholders reject it. We started following ABTL (see our post archive here) because it was trading at a substantial discount to its liquidation and net cash values and Trilogy had filed a 13D [...]

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Follow us on Twitter

Posted in About, Greenbackd, tagged , , , on April 27, 2009 | 2 Comments »

We’re getting on the Twitter train. Catch us here: http://twitter.com/Greenbackd

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IKAN reports results; makes $54M acquisition funded by $42M stock sale at $1.75; Greenbackd exits

Posted in Ikanos Communications Inc (NASDAQ:IKAN), Net Cash Stocks, Stocks, tagged , , on April 27, 2009 | 2 Comments »

Ikanos Communications Inc (NASDAQ:IKAN) has acquired the assets of the Broadband Access product line from Conexant Systems, Inc. (NASDAQ: CNXT) for $54M partially funded by a sale of $42M in common stock at $1.75 per share to Tallwood Venture Capital. Upon completion of the transaction, Tallwood Venture Capital will own approximately 45% of IKAN, which [...]

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Portfolio profiles Bill Ackman

Posted in Activist Investors, William A. Ackman, tagged , on April 24, 2009 | Leave a Comment »

Portfolio has a profile on Bill Ackman by Jesse Eisinger called the The Optimist. Some highlights: Soon after he graduated, he and a classmate, David Berkowitz, formed Gotham Partners, an investment firm. They shared an apartment to save money. One of the bedrooms was much larger than the other, and the two budding Masters of [...]

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Hedge Fund Activism, Corporate Governance, and Firm Performance

Posted in About, Activist Investors, Stocks, tagged on April 24, 2009 | 2 Comments »

Empirical Finance Research Blog has a review of a new paper, Hedge Fund Activism, Corporate Governance, and Firm Performance, which finds that the “market reacts favorably to hedge fund activism, as the abnormal return upon announcement of potential activism is in the range of seven percent, with no return reversal during the subsequent year.” Further, [...]

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Ackman’s TGT slate calls for “universal ballot”

Posted in About, Activist Investors, Pershing Square Capital Management, Stocks, William A. Ackman, tagged , , , , on April 23, 2009 | 2 Comments »

In Ackman and Target Tangle in Ballot Brawl, The New York Times’ Dealbook has coverage of the “universal ballot” spat between William A. Ackman’s Pershing Square Capital and Target Corporation (NYSE:TGT).  A candidate on Pershing Square’s ticket, Ronald J. Gilson, who is a law professor at Stanford University and an expert in corporate governance, has [...]

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ABTL receives tender offer at $0.35 per share

Posted in Activist Investors, Autobytel (NASDAQ:ABTL), Net Cash Stocks, Stocks, Trilogy, tagged , , , , on April 22, 2009 | Leave a Comment »

Autobytel Inc (NASDAQ:ABTL) has received a tender offer from Trilogy, Inc. at $0.35 per share. ABTL’s board is reviewing the offer and will advise its acceptence or rejection of the offer “on or before April 24, 2009.” We started following ABTL (see our post archive here) because it was trading at a discount to its [...]

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