SRZ Newsletter on Activist Investing Developments

Schulte Roth & Zabel, a leading legal advisory firm counseling on complex issues relating to shareholder activism today issued their Activist Investing Developments newsletter for summer 2009.

Download the newsletter here

The paper discusses three important issues to companies and investors, and includes:

(1) The SEC's proposed Proxy Access Rules;
(2) SEC enforcement actions relating to 13D filings; and
(3) 'Poison Put' provisions and their impact on activist campaigns.

Marc Weingarten, a Partner with SRZ and an expert on activist investments, is a regular contributor to The Official Activist Investing Blog.

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Microblogs on Value Investing and Shareholder Activism

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NIRI Southwest Conference Case Study on Shareholder Activism Proves Successful

The NIRI Southwest conference in San Antonio recently hosted a unique learning experience for its attendees. Over 100 participants intensively played out a case study that profiled an activist investor pressuring a trouble company for strategy change and board representation.

The objective of the case study was to provide corporate Investor Relations officers with an action learning experience that simulated an increasing common dilemma facing many boards of directors and executives at publicly traded companies today. By the end of the case study participants gained a greater understanding of the issues and complexities of shareholder activism – it’s causes and effects - and wrestled with key fiduciary issues as if they were a Director of a public firm.

The case study was very well received by participants - particularly the value of the learning experience. One participant commented:

“The exercise was extremely interactive, engaging and entertaining. What was significant was how tactically the role playing hammered home what the board actually has to deal with – and the hoops the IR has to jump through when an activist letter arrives. It really emphasized IR’s need to a) be on the lookout for activists, b) alert the board and senior management regarding an activist position in your company and c) try to be as proactive and educational towards the board regarding an activist. When a board is accused of being asleep at the wheel, it’s a serious black mark for the directors. It can irrevocably taint them for future appointments."

Damien Park, Managing Partner of Hedge Fund Solutions helped author the case study with Lee M. Ahlstrom, VP Investor Relations and Planning, Noble Drilling Services, who was also the conference chair. The case study forms part of a platform of educational programs and advisory services offered by Hedge Fund Solutions that address board, company management and investor relations knowledge, skill and strategy development in matters relating to activism and value investing.

For additional information about this case study contact Edward Ferris at eferris@hedgerelations.com.

You can read more about the activist case study implemented at the NIRI Southwest Conference on John Palizza's blog Investor Relations Musings

July Activist Investments - 27 Companies Targeted

Below is a summary list of 27 companies targeted by 30 shareholder activists during July.

This information was extracted from Hedge Fund Solutions' Catalyst Equity Research Report, a free in-depth weekly research on activist investments.

Click Here to subscribe to the FREE report.

This report is sponsored by a number of firms with expertise in the activist investing space.


Legal Advisors:
Olshan Grundman Frome Rosenzweig & Wolosky
Schulte Roth & Zabel
Lowenstein Sandler

Proxy Solicitors:
Georgeson
Innisfree M&A
MacKenzie Partners
Laurel Hill Advisory Group
The Altman Group

Ticker	Company	Investor
ANR	Alpha Natural Resources	Duquesne Capital Management
ASP	American Strategic Income Portolio Inc	SIT Investment Associates
ASTC	Astrotech Corp	Trace Capital
ASUR	Asure Software	Red Oak Partners
BASI	Bioanalytical Systems	Peter Kissinger
BEE	Strategic Hotels & Resorts	Vector Holdings
BTIM.OB	Biotime Inc.	Broadwood Partners
CNBC	Center Bancorp	Lawrence Seidman
CNSO.OB	CNS Response Inc	Leonard Brandt
ENTU	Entrust Inc.	Arnhold & S. Bleichroeder Advisers
ENTU	Entrust Inc.	Douglas Schloss
ENZN	Enzon Pharmaceuticals Inc.	DellaCamera Capital Management
HBRF.OB	Highbury Financial	Peerless Systems
HBRF.OB	Highbury Financial	Talon Asset Management
HPOL	Harris Interactive Inc	Mill Road Capital
IFLO	I-Flow Corp	Discovery Capital
LGF	Lions Gate Entertainment	MHR Group
LVWR	LiveWire Mobile Inc	Karen Singer/Lloyd Miller
MIN	MFS Intermediate Income Trust	Karpus Management
MZF	MBIA Capital Claymore Man Dur Inv Grd Muni Fund	Western Investment
NLCI	Nobel Learning Communities	Discovery Capital
PLCE	The Children's Place Retail Stores, Inc	Ezra Dabah
PPM	Investment Grade Municipal Income Fund	Western Investment
PTYA.PK	Penn Treaty American Corp	Atlas Capital Management
PTYA.PK	Penn Treaty American Corp	Bedford Oak Partners
SLA	American Select Portfolio Inc	SIT Investment Associates
TESS	Tessco Technologies	Discovery Equity Partners
TOH	Hicks Acquisition Co	Bulldog Investors
TXI	Texas Industries Inc	Shamrock Activist Value Fund
UAHC	United American Healthcare Corp.	Lloyd Miller
UAHC	United American Healthcare Corp.	Strategic Turnaround Equity Partners