Friday, August 28, 2009

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.

Tuesday, August 25, 2009

Follow Hedge Fund Solutions on Twitter

Microblogs on Value Investing and Shareholder Activism

The Hedge Fund Solutions Twitter profile is now active. HFS will use Twitter to broadcast breaking news and updates in the activist investment world as well as to notify followers of new research and blog postings.

To follow, please click on the Twitter icon or go to:

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

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

Wednesday, August 5, 2009

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:

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