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Archive for May, 2009

List of activist investments for April

Posted in Activist Investors, Stocks, tagged on May 29, 2009 | Leave a Comment »

The Official Activist Investing Blog has published its list of activist investments for April: Ticker Company Investor ABTL Autobytel Inc Trilogy Enterprises AMLN Amylin Pharmaceuticals Carl Icahn ASPM Aspect Medical Systems First Manhattan Co ASUR Asure Software Inc Red Oak Partners BASI Bioanalytical Systems Peter Kissinger BBEP BreitBurn Energy Partners, L.P. Baupost Group BCSB BCSB [...]

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Boards with dissident directors handily outperform peers

Posted in About, Activist Investors, Stocks, tagged on May 28, 2009 | Leave a Comment »

Gretchen Morgenson of The NYTimes reports in Elect a Dissident, and You May Win a Prize that a new study of 120 “hybrid” boards (those formed when activist shareholders won one or more director seats) from 2005 through 2008 found that, on average, these companies’ shares outperformed their peers in both the short and long-term. [...]

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Lamassu nominates two board candidates for Ditech’s 2009 Annual Meeting

Posted in Activist Investors, Ditech Networks Inc (NASDAQ:DITC), Lamassu Holdings LLC, Stocks, tagged , , on May 27, 2009 | 2 Comments »

Lamassu Holdings LLC has nominated two director candidates for election to the Ditech Networks Inc (NASDAQ:DITC) board of directors at the DITC annual meeting. We’ve been following DITC (see our archive here) because it is trading below its net cash value with an investor, Lamassu Holdings LLC, disclosing a 9.4% holding in November last year. [...]

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NSTR shareholders approve liquidation

Posted in Activist Investors, Net Cash Stocks, Northstar Neuroscience Inc (NASDAQ:NSTR), Stocks, tagged , , on May 26, 2009 | 4 Comments »

The shareholders of Northstar Neuroscience Inc (NASDAQ:NSTR) have approved the complete liquidation of NSTR at a special meeting of shareholders. We started following NSTR because it was a net cash stock that has announced that it plans to liquidate. NSTR closed Friday at $1.97, giving it a market capitalization of $48.4M. We originally estimated the [...]

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Memorial Day

Posted in Stocks on May 25, 2009 | Leave a Comment »

We’re taking a break for the Memorial Day holiday. Have a great long weekend.

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Avigen granted AV411 patent

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Stocks, tagged , , , on May 22, 2009 | 2 Comments »

Avigen Inc (NASDAQ:AVGN) has been granted a United States Patent for the treatment of neuropathic pain with its AV411 (ibudilast) compound. We started following AVGN in December last year (see archived posts here) because it was a net cash stock (i.e. it was trading at less than the value of its cash after deducting all [...]

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MATH’s board rejects third merger offer

Posted in Activist Investors, MathStar Inc (OTC:MATH), Net Cash Stocks, Stocks, tagged , , , on May 21, 2009 | Leave a Comment »

MathStar Inc’s (OTC:MATH) board has rejected the $1.04 per share cash merger offer from PureChoice, Inc. because “the $1.04 per share price is less than the liquidation value of MathStar, including the value from any technology sale, and, in the Merger, MathStar’s shareholders would derive no value from MathStar’s net operating loss carryforwards.” We’ve been [...]

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Trilogy’s offer for ABTL expires full of sound and fury

Posted in Activist Investors, Autobytel (NASDAQ:ABTL), Liquidation Value, Stocks, Trilogy, tagged , , , on May 20, 2009 | Leave a Comment »

Trilogy, Inc’s $0.35 per share tender offer for Autobytel Inc (NASDAQ:ABTL) expired yesterday without Trilogy purchasing any shares. Trilogy has sent a letter to the board saying that it will “continue to evaluate [ABTL's] business, its cash position, and its operating performance” and has called on the board to communicate to its shareholders the break-up [...]

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Audiovox Corporation (NASDAQ:VOXX) 10K update; Greenbackd exits

Posted in Activist Investors, Audiovox Corporation (NASDAQ:VOXX), Howson Tattersall, Net Net Stocks, Stocks, tagged , , , on May 19, 2009 | Leave a Comment »

Audiovox Corporation (NASDAQ:VOXX) has filed its 10K for the fiscal year ended February 28, 2009. The stock has risen strongly over recent weeks to close yesterday at $5.93, which gives VOXX a market capitalization of $135.6M. We’ve had an opportunity to review the 10K, and we’ve now slightly reduced our estimate of VOXX’s liquidation value [...]

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CuraGen Corporation (NASDAQ:CRGN) Q1 update; Greenbackd exits

Posted in Activist Investors, CuraGen Corporation (NASDAQ:CRGN), DellaCamera Capital Management, Net Cash Stocks, Stocks, tagged , , , on May 18, 2009 | Leave a Comment »

CuraGen Corporation (NASDAQ:CRGN) has filed its 10Q for the period ended March 31, 2009. CRGN’s stock has risen strongly over the last few months, and is now trading at $1.02, giving it a market capitalization slightly higher than our estimate of its liquidation value. Accordingly, we’re going to take this opportunity to exit. The stock [...]

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