Basswood Partners Portfolio - Stockpickr! Your Source for Stock Ideas

Basswood Partners

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Date updated:03-26-2007

Basswood Partners is a $2 billion dollar NY-based value-oriented long/short equity hedge fund.
When necessary, they are not afraid to become activists. A recent letter they sent to homebuilder, WCI, summarizes the types of distressed companies they look for:

"Since becoming a public company almost five years ago, WCI Communities has failed to capitalize on the dramatic growth and profitability expansion experienced by the public homebuilding industry. As of October 13th 2006, WCI Communities's stock trades -16.5% below its March 2002 IPO price, while its peer group (as defined by the Company in its 2005 proxy statement) is up 88.9% over the same period. This extreme underperformance is due to management's operating results and strategy," Bennett Lindenbaum, principal of Basswood wrote.

"We urge WCI Communities's board of directors to take decisive action to prevent any further loss of shareholder value and to maximize the value of the Company," Lindenbaum continued. "WCI Communities's stock is trading at a significant discount to its intrinsic value, especially given its large inventory of entitled land in coastal Florida purchased prior to 2000. WCI Communities and its shareholders would realize this value by selling for a premium to a larger, better capitalized and more profitable homebuilding company."

As of 9/30/06

WCI
Wci
$0.00
N/A
$N/A

10/17/06 In a 13D filing on WCI Communities (NYSE: WCI), 5% holder Basswood Partners disclosed a letter sent to the company which, among other things, reiterated a request previously made by Basswood for representation on the Board of Directors of the Company and requested a meeting with the Board of Directors to discuss its position as to the protection and maximization of the value of their investment in the Company. From streetinsider.com

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TheStreet.com Rating: No Rating What is this?

CFC
Cfc
$0.00
N/A
$N/A

No Analysis added

People owning CFC also tend to own: ABK BBD DE FCX FRE FWLT HES

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CBH
Cbh
$0.00
N/A
$N/A

No Analysis added

People owning CBH also tend to own: AHM AIZ ALB AMP AVT AXCA BBI

TheStreet.com Rating: No Rating What is this?

TOL
Toll Brothers Inc
$20.51
-0.68%
$20.50

No Analysis added

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TheStreet.com Rating: D+ What is this?

WFC
Wells Fargo & Co
$28.32
-1.87%
$28.59

No Analysis added

People owning WFC also tend to own: ACE BAC C CB COP CVX DIS

TheStreet.com Rating: C What is this?

USB
Us Bancorp
$23.13
-2.03%
$23.44

No Analysis added

People owning USB also tend to own: ACE BAC C CB COP CVX DIS

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BAC
Bk Of America Cp
$16.08
-1.65%
$16.24

No Analysis added

People owning BAC also tend to own: AAPL GOOG INTC MSFT RACK CFC ASH

TheStreet.com Rating: C- What is this?

BSC
Elements Bg Sm Cp
$10.529
0.00%
$N/A

No Analysis added

People owning BSC also tend to own: AAPL DE ERTS GROW LFC PBR ARNA

TheStreet.com Rating: No Rating What is this?

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