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
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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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