Barron's Activist Stocks 6-21-2008
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Date updated:06-21-2008

Each week Barron's has a 13D Filings column. 13Ds are filed when a fund (usually an activist hedge fund) accumulates more than 5% of a firm and is planning on pushing for change (e.g.a sale of the company, sale of certain assets, a share buyback, or a share dividend) to unlock value.

symbol name last price % change open
  • +
  • SYM
    Sym
  • $0.00
  • N/A
  • $N/A

Responding to accusations from Esopus Creek Advisors, Syms said that it hadn't undervalued its real-estate holdings and that its public disclosures are accurate. Syms said it would meet with Esopus Creek if it it indicated that it would "engage in a good-faith dialogue." Esopus Creek has 464,700 shares (3.76% of the total outstanding).

People owning SYM also tend to own: ASHWBFTBKSCHDNCPYEMBTEPAY

TheStreet.com Rating: No Rating What is this?

  • +
  • LANC
    Lancaster Colony
  • $49.34
  • 0.00%
  • $N/A

Barington Capital Group stepped up pressure on Lancaster Colony, saying that the company should live up to its agreement with the hedge fund to publicly disclose its plan to improve its operations and profitability. Barington, run by investor James Mitarotonda, said it intends to closely monitor the company's compliance with the terms of the agreement, as well as its financial and share-price performance. Barington recently cut its stake to about 1.4 million shares (4.9%), from the 1.7 million (5.6%) reported in October 2007.

People owning LANC also tend to own: CTOCVGDDSFSCIGFFKHDHM

TheStreet.com Rating: B What is this?

  • +
  • GFG
    Gfg
  • $0.00
  • N/A
  • $N/A

Billionaire investor Carl Icahn entered into an agreement with Guaranty Financial under which the company will sell him about 1.06 million shares of its Series B convertible preferred stock for $55 million. Icahn also entered into a purchase agreement under which Guaranty Bank will sell him units consisting of Guaranty Bank subordinated notes -- with an original principal amount of $175 million -- and 406,000 shares of Series B preferred stock. Icahn will pay $175 million for the units. The investor also entered into a letter agreement with Guaranty Financial under which he and the nominating and governance committee will work to identify a qualified candidate to serve as a director. Icahn will also have certain pre-emptive rights with regard to the issuance of specified securities for one year following the issuance of the Series B preferred. Icahn has 3,455,493 shares (7.74%).

People owning GFG also tend to own: AMPBIOFCOVDFSEIGFLMLHLX

TheStreet.com Rating: No Rating What is this?

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  • SBSA
    Spanish Broadcast
  • $0.729
  • -6.54%
  • $0.76

Discovery Group I said that it wants to examine the results of the stockholder voting for director nominees at the company's 2008 annual meeting. Discovery Group said the company has refused to disclose the results of the voting despite requests from Discovery and other shareholders. Discovery previously had requested that Spanish Broadcasting's shareholders withhold their votes from all director nominees at the company's 2008 annual meeting. It said it wanted stockholders to "demonstrate their discontent with the management," and show their support for the investor's recommendation that the board form a special committee to evaluate strategic alternatives. Discovery previously had said that it wanted Spanish Broadcasting to hire an investment bank to look at a going-private transaction or sale to a strategic party. Discovery Group holds 3,999,029 shares (9.7%).

People owning SBSA also tend to own: ASHWCSCDCTECDORMECHOFBIZFMAR

TheStreet.com Rating: D- What is this?

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  • ABI
    Safety First Trus
  • $10.85
  • 0.00%
  • $N/A

Money manager Steven A. Cohen cut his stake in Applied Biosystems to 5.82 million shares (3.5%), from 8.6 million (5.1%) in April. Cohen had suggested a sale of the life-science research company in April. Cohen holds the stake through his S.A.C. Capital Management and CR Intrinsic Investors.

People owning ABI also tend to own: FXEFACTADPCXINTCLUKBAC

TheStreet.com Rating: A+ What is this?

  • +
  • DSTI
    Daystar Technolog
  • $0.3679
  • +2.05%
  • $0.365

Quercus Trust cut its holdings to about 2.9 million shares (8.8%), from 3.25 million (9.9%) reported in mid-April.

People owning DSTI also tend to own: AGIXAVIDCTLMCVTXGLWINTVIVGN

TheStreet.com Rating: D- What is this?

  • +
  • SONS
    Sonus Networks
  • $2.09
  • -2.34%
  • $2.09

Senate Limited suggested that the company implement certain corporate-governance reforms, expand the size of its board to add independent directors and grant Senate the right to appoint two members, pursue a potential strategic acquisition that Senate believes would be accretive to earnings and buy back a portion of its common stock. Senate also said that it would withhold its vote for Sonus' nominees for election to the company's board at the annual meeting, which was held Friday.

People owning SONS also tend to own: ECGISLJB.PKSYMCPDCPFERFMDAFFX

TheStreet.com Rating: D What is this?

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