Thursday, December 18, 2008

Phil Goldstein on Activist Investing

This video is taken from the Deal's M&A Outlook 2009 conference where Phillip Goldstein, a principal at the activist hedge fund Bulldog Investors, recently spoke about corporate boards and activist investors. If you are having trouble viewing the video below, click here.

Saturday, December 13, 2008

Real Time Activist Investment Updates on

Damien Park, The CEO of Hedge Fund Solutions - the administrator for this blog, is providing current market commentary on activist investments for

Park, who will focus exclusively on activist investments, will join 45 of Wall Street's best investment professionals that provide RealMoney subscribers with a running commentary on actionable investment ideas throughout each trading day.

RealMoney, the paid subscription service for, provides insights, analysis and detailed investment recommendations from top investment professionals, all in real time.

Thursday, December 11, 2008

10 Reasons Why 2009 Will Bring More Activism

Eric Jackson (one of our Activist Blog & Tacklers) recently wrote an article for titled "Why 2009 Will Bring More Activism". Here are the 10 reasons he gives. Read the whole article on or go to Eric's blog.

1. Obama will look favorably on pro-shareholder measures.
2. The new SEC chair will sponsor several new shareholder-friendly measures.
3. Valuations are on the floor.
4. A flight to quality in hedge funds will benefit activist investors.
5. Management and corporate boards will not want to be viewed as anti-shareholder.
6. There will be a wave of industry consolidation.
7. Activists have the longest lock-up periods of any hedge fund class, so they can put fresh capital to work.
8. Limits on short-selling will benefit activists.
9. Activists will become more blanaced on the long and short sides.
10. There's more to get "active" about than ever.

Wednesday, December 10, 2008

Shareholder Activism Insight

Marc Weingarten and David Rosewater from Schulte Roth & Zabel, a couple of the better legal minds working with activist investors (and some companies too), recently issued an interesting report titled “Shareholder Activism Insight”. Click here to get the full report.

The report highlights current trends in activist investing and provides an outlook for activist investing in the year ahead.

SRZ commissioned mergermarket to interview 25 senior corporate executives and 25 activist investors regarding their thoughts. Here are a few highlights:

  • 56% of overall respondents expect to see an increase in shareholder activism over the next 12 months.
  • 48% of corporate respondents view activist shareholders as short-term market opportunists.
  • 48% of activists believe corporate boards are passive rather than proactive when it comes to maximizing shareholder value.
  • 48% of activists were passive investors for a year or more before turning active.
  • 67% of corporate respondents believe the best defensive strategy a company can use against activism is maintaining an active dialogue with its shareholders.
Posted by Damien Park, Hedge Fund Solutions

Wednesday, December 3, 2008

November's Activist Investments - 75+ Companies Targeted

Below is a summary list of investments made by shareholder activists during November. This information was extracted from Hedge Fund Solutions' Catalyst Equity Research Report(TM), a free in-depth weekly research report on activist investments.

To receive the FREE report subscribe here.

Ticker Company Activist Investor
ABTL Autobytel Inc Trilogy Inc
ACF AmeriCredit Corp Fairholme Capital Management
ACTL Actel Corp Ramius Capital
ADPT Adaptec, Inc Steel Partners
ARCW Arc Wireless Solutions Brean Murray Carret Group
ATSG Air Transport Services Group Perella Weinberg Partners
AVGN Avigen Inc Biotechnology Value Fund
BBI Blockbuster Inc Marlin Sams Fund
BEE Strategic Hotels & Resorts Security Capital Research & Management
BITI Bio-Imaging Technologies Healthinvest Partners
CHG CH Energy Group Inc Gamco Investors
CHIC Charlotte Russe Holding Inc KarpReilly Capital Management
CPN Calpine Corp Harbinger Capital
CRXX CombinatoRX, Incorporated Biotechnology Value Fund
CTO Consolidated Tomoka Land Co Wintergreen Advisers
CWLZ Cowlitz Bancorporation Crescent Capital
DBD Diebold Inc Gamco Investors
DCAP DCAP Group Infinity Capital Partners
DVD Dover Motorsports Mario Cibelli
ENTU Entrust Inc. Empire Capital Partners
FACE Physicians Formula Holdings, Inc Mill Road Capital
FSCI Fisher Communications Gamco Investors
FTAR.OB Footstar Inc Schultze Asset Management
GBE Grubb & Ellis Company Anthony Thompson
GGP General Growth Properties Pershing Square Capital
GSLA GS Financial Corp FJ Capital Long/Short Equity Fund
HCBK Hudson City Bancorp Gamco Investors
HFFC HF Financial Corp PL Capital
INFS Infocus Corp Nery Capital Partners
INFS Infocus Corp Lloyd Miller
ISH International Shipholding Corp Liberty Shipping Group
KANA.OB Kana Software KVO Capital Management
KEYN Keynote Systems Ramius Capital
KFS Kingsway Financial Services Joseph Stilwell
KONA Kona Grill Mill Road Capital
LCAV LCA-Vision Inc Stephen Joffe
LDIS Leadis Technology Inc Kettle Hill Capital Management
LNET LodgeNet Interactive Corporation Mark Cuban
LTM Life Time Fitness Green Equity Investors
MCGC MCG Capital Corporation Springbok Capital Management
MGAM Multimedia Games Inc. Dolphin Limited Partnership
MGI Moneygram Interntaional Inc Blum Capital
MIM MI Developments Greenlight Capital
MYE Myers Industries Inc Gamco Investors
NAV Navistar International Owl Creek
NLS Nautilus Inc Sherborne Investors
NOOF New Frontier Media Steel Partners
NYT New York Times Harbinger Capital
OEH Orient-Express Hotels SAC Capital; DE Shaw
ORNG Orange 21 Costa Brava
PBIP Prudential Bancorp Inc. of PA Joseph Stilwell
PGRI.OB Platinum Energy Resources Inc Syd Ghermezian
PHH PHH Corp. Pennant Capital Management
PNNW Pennichuck Corp Gamco Investors
PPCO Penwest Pharmaceuticals Co Perceptive Advisors
PRXI Premier Exhibitions, Inc Sellers Capital
PWER Power One Bel Fuse
PXG Phoenix Footwear Group Reidman Corp
RDEN Elizabeth Arden Shamrock Activist Value Fund
SCOP Scopus Video Networks Ltd. Optibase Ltd
SECX.PK SED International Holdings Hummingbird Management
SLTC Selectica Inc Trilogy Inc (Versata Enterprises)
SNG Canadian Superior Energy Palo Alto Investors
SNSTA Sonesta International Hotels Gamco
SUAI Specialty Underwriters Alliance Philip Stephenson
SUMT SumTotal Systems Discovery Capital
SUTM.OB Sun-Times Media Group Inc. K Capital
SUTM.OB Sun-Times Media Group Inc. Davidson Kempner Partners
SWWI Simon Worldwide Inc Everst Special Situations Fund
TIKRF.OB Tikcro Technologies Ltd Steven Bronson
TXCC TranSwitch Corp Brener International Group
TXI Texas Industries Shamrock Activist Value Fund
UIS Unisys Corp MMI Investments
UTEK Ultratech Inc Temujin Fund
WBSN Websense Inc Shamrock Activist Value Fund
WEDC White Electronic Designs Wynnefield Capital
WINS SM&A Mill Road Capital
YHOO Yahoo Carl Icahn
ZLC Zale Corp. Breeden Capital Management