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Archive for July, 2009

Lamassu sends another letter to DITC

Posted in Activist Investors, Ditech Networks Inc (NASDAQ:DITC), Lamassu Holdings LLC, Stocks, tagged , , , on July 31, 2009 | 1 Comment »

Lamassu Holdings has sent another scorching letter to the board of Ditech Networks Inc (NASDAQ:DITC). In the letter, Lamassu claims that the “decisions of this board have shown a pattern of director entrenchment characterized by prioritizing the interest of its members in the face of poor results at the expense of the shareholders” and has [...]

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SOAP stockholders approve plan of liquidation; $3.75 dividend paid

Posted in Activist Investors, Greenbackd Portfolio, Mithras Capital, Net Cash Stocks, Soapstone Networks Inc (NASDAQ:SOAP), Stocks, tagged , , , , on July 30, 2009 | 9 Comments »

Soapstone Networks Inc (NASDAQ:SOAP) has announced that the stockholders have approved the liquidation and dissolution of the company. We started following SOAP (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 is up [...]

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Autobytel Inc (NASDAQ:ABTL) Q2 update; Greenbackd exits

Posted in Activist Investors, Autobytel (NASDAQ:ABTL), Net Net Stocks, Stocks, Trilogy, tagged , on July 29, 2009 | 2 Comments »

Autobytel Inc (NASDAQ:ABTL) has filed its 10Q for the quarter ended June 30, 2009. We last estimated ABTL’s liquidation value at $24.3M or $0.54 per share. Following our review of the 10Q, we’ve reduced our estimate to$21.8M or $0.48 per share. The stock closed yesterday at $0.48, which means it’s trading at our estimate of [...]

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Marty Whitman discusses Graham’s net-net formula

Posted in About, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Net Quick Value, Stocks, tagged , , , , on July 28, 2009 | Leave a Comment »

In the following video, legendary value investor Marty Whitman discusses Benjamin Graham’s net-net formula and his adjustments to it. We’ve previously covered those adjustments here, but we’ve added the video because we think it’s quite amazing to see the great man explaining his rationale for making them. The highlight, from our perspective, is this gem: We [...]

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Catalyst Investment Research on Steel Partners II Investment Portfolio

Posted in About, Activist Investors, Catalysts, tagged on July 27, 2009 | 2 Comments »

Catalyst Investment Research, the collaboration between Damien J. Park of Hedge Fund Solutions and The Official Activist Investing Blog, and Jonathan Heller, CFA, of Cheap Stocks, has a new Special Report on the Steel Partners II Investment Portfolio (.pdf). In the Special Report, Damien and Jonathan analyze the Steel Partners II portfolio companies to determine [...]

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Digirad Corporation (NASDAQ:DRAD) Q2 update

Posted in Digirad Corporation (NASDAQ:DRAD), Greenbackd Portfolio, Net Net Stocks, Stocks, tagged , on July 24, 2009 | 3 Comments »

Digirad Corporation (NASDAQ:DRAD) has filed its 10Q for the quarter ended June 30, 2009. We started following DRAD (see our post archive here) because it was an undervalued asset play with a plan to sell assets and buy back its stock. The stock is up more than 118% since we started following it to close [...]

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List of activist investments for June

Posted in Activist Investors, Stocks, tagged on July 23, 2009 | 1 Comment »

The Official Activist Investing Blog has published its list of activist investments for June: Ticker Company Investor ACMR A.C. Moore Arts & Crafts, Inc. Glenhill Advisors ADF ACM Managed Dollar Income Fund Bulldog Investors ASUR Asure Software Red Oak Partners ATGN AltiGen Communications Wanger Investment Management AXC Advanced Technology Acquisition Corp Bulldog Investors BASI Bioanalytical [...]

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Blank checks: Fertile fishing grounds for liquidation value investors

Posted in Activist Investors, Liquidation Value, Net Cash Stocks, Stocks, tagged , , on July 22, 2009 | 8 Comments »

In Blank Checks Firing Blanks (Breakingviews.com via NYTimes.com), Lauren Silva Laughlin and George Hay write about the recent performance of blank check companies, otherwise known as special-purpose acquisition corporations or SPACs. Blank checks are shell companies that raise money from the public in order to acquire a business the identity of which is not known [...]

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AVGN merger with MediciNova back on the table

Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Greenbackd Portfolio, Liquidation Value, Net Cash Stocks, Stocks, tagged , , , , on July 21, 2009 | Leave a Comment »

Avigen Inc (NASDAQ:AVGN) is back in negotiations with MediciNova, Inc. regarding a proposed acquisition of AVGN by MediciNova. The consideration for the deal is AVGN’s “net cash liquidation value plus $3 million” and “a contingent payment right for a specific product program milestone payment associated with Avigen’s Assignment Agreement with Genzyme Corporation, potentially subject to [...]

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Forward Industries Inc (NASDAQ:FORD)

Posted in Activist Investors, Forward Industries Inc (NASDAQ:FORD), Liquidation Value, Net Cash Stocks, Stocks, Trinad Management, tagged , on July 20, 2009 | 4 Comments »

Forward Industries Inc (NASDAQ:FORD) is a new position for us. We haven’t deviated from our love of deep value (it’s trading at a discount to net cash and liquidation value), but there’s no obvious catalyst in the stock at this stage. Management appears to be considering a “strategic transaction” of some kind, although this might [...]

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