In the letter MMI Investors believes that subject to certain valuation assumptions, the potential outcome of a spinned-off of Roto Rooter may yield: a stock price of more than $55 to nearly $62 on an independent trading basis, and more than $68 to nearly $71 per share if both businesses were subsequently taken over. As of 2007 Vitas, which is Chemed’s end-of-life care business generated 69% of the firm’s total revenue, while Roto-Rooter Chemed’s plumbing business generated 31% of the firm’s total revenue. Roto-Rooter was founded in 1935 by Samuel Blanc in Des Moines, Iowa; and purchased by Chemed in 1980. Roto-Rooter is the largest provider of plumbing and drain cleaning services in North America, providing services to approximately 90% of the United States population and 40% of the Canadian population. Revenue for the full year 2007 was $344,632,000 a 7.9% year-over-year growth rate from 2006 full year revenue, with margins of 20.0% which were 2.6 points higher than 2006 margins of 17.4%. Vitas is the largest provider of hospice service for patients with severe, life-limiting illnesses with approximately 8% of the U.S healthcare market share. As of 2007 Vitas’s total sales were $755 million dollars up 7.5% from 2006 sales of $702 million dollars, with margins of 13.8% which were 1.5 points higher than 2006 margins of 12.3%. According to data from MedPAC, Medicare hospice spending went from just $2.4 billion dollars in 1999 to over $10 billion dollars in 2007 and with the growing trend of aging baby boomers, Vitas revenue will ultimately benefit. Fourth-quarter of 2008 Chemed reported net income of $19 million, or 84 cents per share, compared to $20.2 million, or 83 cents per share, in the year-ago quarter. Chemed also said the stimulus package passed by Congress provides for an increase in the Medicare hospice wage index from Oct. 1, 2008, through Sept. 30, 2009. Chemed estimates that this will add about $8 million in additional revenue to Vitas. Chemed also believes that Roto-Rooter will see revenue growth in the 4 percent to 5 percent range due to increased prices and a shift to more expensive jobs. For the full-year 2009 Chemed now expects earnings per share in the $3.70 to $3.95 range

On February 9th 2009, DellaCamerca Capital sent a letter to the board of Enzon Pharmaceuticals (ENZN) asking the board to do the following: 1) to avail itself of new and independent voice on its board of directors immediately adding two former ImClone board members (ImClone was bought out by Bristol-Myers for a 25% premium last year) 2) to hold the 2009 annual shareholders meeting in New York City and 3) to seek guidance from a new financial advisor.

, David Einhorn’s Greenlight Capital/a> sent a letter to the board of MI Developments (MIM) opposing the use of the company’s cash to fund ongoing business development projects at Magna Entertainment (MEC).

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Carl Icahn also has an activist position in Yahoo

David Einhorn also has an activist position in URS

David Einhorn also has an activist position in URS

David Einhorn also has an activist position in URS