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Jason Knapp

Special Situation Investing News - 7/26/2015

Welcome to a special weekend edition of the Special Situation Investing News. In the last issue I alluded to the fact that I was spending last week at my cabin in the woods of Medicine Bow National Forest, Wyoming.  While technology is indeed amazing and I was able to stay on top of all of the special situation investment happenings in the world, I never found the time to share them.  So here is a monster issue of the SSIN.  [I thought that the Sasquatch was an appropriate monster picture to use given my time in the woods]  Enjoy!


Barron's: How to spot winners and sinners in spinoffs. Also, trouble at Chemours. -

Allergan, in Shift From Buying Spree, Considers a Spin-Off -

Hertz directs more attention to spin-off of equipment rental -

With spin-off, Charlotte-based SPX looks to jumpstart stock -

TENGA $TGNA & Gannett $GCI both down more than 6% on first earnings as independent companies -

Ferrari Files for Share Listing on New York Stock Exchange -

The Four Things Ferrari Must Do to Impress Wall Street -

11 Things We Found Under the Hood of Ferrari’s IPO Filing -

Ferrari's Testarossa May Be a Better Investment Than Its IPO -

EBay’s split should make investors happy—and corporate divorces more popular -

CNBC / The Edge: eBay v. Paypal: Which has more opportunity? -

Scripps Networks Interactive Is A Buy -

The Yum! Brands Saga Continues – CEO Says No China Spin Coming -

PayPal makes big splash on first day of trading after eBay spinoff -

PayPal Holdings (PYPLV) Gets A Buy From BMO -

Macy’s and Other Retailers Are Pressured to Sell the Land Beneath Them...Companies are being pushed to sell real estate, but some see problems; ‘increased costs forever’ -

Macy's real estate could be worth billions, but there's a catch or two -

Hudson’s Bay Chairman Says Real-Estate Venture Could Be Model for Retailers -

Yahoo Tells Activists Alibaba Spinoff Is Off-Limits -

Yahoo Files for Alibaba Spinoff, Though Tax Issues Linger -

Yahoo officially files to spin off Alibaba stake -

TopBuild: The Spin-Off That Did Not Follow The Script -

Five Reasons Intel Should Spin Off McAfee -

Gaming and Leisure reaches deal to buy Pinnacle's real estate assets -

JCI plans spin-off of auto seating, interiors units -


Activist Investors

Qualcomm reportedly considers breakup as investor applies pressure...Jana Partners, which holds a major stake in the chipmaker, says Qualcomm is hurting shareholders by not breaking out its licensing business. -

Why activist investors are targeting the tech industry -

ABB in Cevian’s Sights May Result in Push to Break Up -

Leder Holdings Issues Letter Discussing Next Steps for PICO Holdings after Shareholders Send Strong Message to Management -

Marcato Capital Increases Avis Budget Stake -

Soros Left in Lurch as Penn Virginia Misses Window: Real M&A -

SunEdison Turnaround A Big Score For Small Activist Hedge Fund -

Nelson Peltz, Bill Ackman At The 2015 Delivering Alpha Conference -

Samsung Fight Exposes Tension in Asia Over Activist Investors -

Voce Capital Management Takes 5.1% Stake in Securities Firm FBR -

ValueAct Capital Trims Adobe Systems Stake Again -

Activism Makes Corporate Governance More Complex at Zoetis -



Iglo owner Nomad aims for food buys beyond Europe, frozen segment -

Hennessy Capital Acquisition Corp. II prices IPO at $10 -

ROI Acquisition (ROIQ), Ascend Telecom Enter Merger Agreement -

JM Global Holding Company Announces Pricing Of $50 Million Initial Public Offering -



Einhorn-funded Green Brick Partners acquires tract in $900M Plano mixed-use development -


Demutualizations aka Thrift Conversions

Waterstone Financial Inc.: A Mutual Bank Conversion -


Undervalued REITs / REIT Conversions

American Realty Capital Properties to Rename & Transfer Listing to NYSE -

Projecting CorEnergy's Future Dividend Increases In Light Of Their Recent Transaction -

Adcare Health Systems: Transitioning To REIT Brings It Back To Life -

AdCare Has Now Entered Into Agreements for All 40 Facilities; Signed Agreements to Sublease Three Remaining Properties -


Other Investment Write-ups

Opportunity To Make Money With Paul Singer -

A Challenging Quarter For Noranda As Expected, But Market Continues To Ignore Liquidity Position -

Not a write-up, but related to $NOR...Noranda Aluminum Holding Corp. Insider Buys 196,000 Shares. A serious vote of confidence. -

Nathan's Famous: A 'See's Candy' Business Obscured By An Unusual Dividend Recapitalization - 45% Upside To Fair Value -

Recharging the Energizer Bunny...By jettisoning its consumer-products unit, Energizer Holdings should be able to focus on its core battery market, boosting margins and cutting costs. -

Bed Bath & Beyond: The Buyout Thesis -

Clean Harbors Looks Enticing -

Evercore's BASE case for $SHLD is liquidation courtesy of Value Walk:


Whale Watching

Hedge Funds Gear Up for Another Big Short -

Giant Hedge Fund Bridgewater Flips View on China: ‘No Safe Places to Invest’ -

Detailed Notes To Seth Klarman’s Book “Margin Of Safety” -

Shares Of Caesars Entertainment Plunge 40% Amid Battling Billionaires -

enBio, Citadel up | Greenlight, Fortress miss the mark H1 performance report -


Economics / Markets / Other Relevant Investing News

MLPs: Have They Hit Bottom?...A flurry of acquisitions in the MLP sector suggests it’s becoming undervalued. -

Puerto Rico risk of default approaching 100 pct -Moody's -

Puerto Rico Default Recovery Rates as Low as 35%, Moody’s Says -

Bad News for Oil-By-Rail Companies...Crude oil rail shipments are way off track -

Black Hawk chopper maker Sikorsky sold for $9 billion -

Sikorsky Acquisition Is 11 Bucks Accretive To Lockheed Martin Stock -

Fiat Chrysler exploring $3.3 billion sale of auto parts unit Magneti Marelli -

McDonald’s franchise owners: The turnaround isn’t working -

Syngenta’s Refusal to Negotiate With Monsanto Irks Shareholders -

If Monsanto wants Syngenta it is going have to bid higher -

Abengoa Bonds Slump With Traders Punishing Guarantee Changes -

SunEdison to Buy Vivint Solar for About $2.2 Billion -

Grip of Bombardier’s founders an obstacle for investors -

Energy Transfer Equity Agrees to Williams Auction Process -

North State Bancorp $NSBC pulled the plug on its 6.0% 10 year note S Corp. share exchange offer -

This Wall Street Veteran Is Whipping Google Into Shape...Ruth Porat brings Wall Street discipline to the freewheeling search giant -

Ruth Porat May Be Just What Investors Think Google Needs -

Hussman Strategic Growth Fund down 95 bps today NAV closes at new low - Ouch

U.S. Oil Prices Fall Below $50 a Barrel -

Oil wanders back into bear market, off over 20% since highs above $61 a barrel in June -

Oil Warning: The Crash Could Be the Worst in More Than 45 Years -

U.S. jobless claims lowest since 1973; leading index rises -

The Loonie Dives to Its Lowest Since 2004 -

Good news for Horsehead Holdings $ZINC. Zinc Resists Selloff in Industrial Metals. Mine shutdowns and increasing Chinese construction shield the metal from commodities price declines. -


I Told You To Stay Away From Gold

Morgan Stanley: Gold Could Plunge to $800, and It's Not Because of China's Reserves -

Can’t Stop, Won’t Stop; Why Gold Miners Just Keep Digging -

Let’s Be Honest About Gold: It’s a Pet Rock -

Gold Reaches Lowest Since 2010 as Traders Shrug Off China Hoard -

Gold Plunges 4.2% to Lowest Since March ’10 as Platinum Slides -

"And if you think your shares of a paper ETF backed by gold are going to protect you in the event of a societal collapse, I have even worse news for you: the cannibals won’t be impressed by your cost basis in GLD." -

Gold Drops in Worst Slide Since '96 as Goldman Sees More Losses -

Thanks for reading. While this is a ton of news, I'm sure that there are some interesting things that I have missed. If you've seen one, please take a second to give back by sharing it in the comments section. My goal in creating the Special Situation Investing Community was to create a free place on the web where like-minded individuals who love this style of investing like I do can come to discuss it and share ideas. So please, comment, comment, comment. The more dialog we have and ideas we have floating around the better it is for everyone.

Also, if you haven't already, make sure to click on the link at the top of the page to join this new special situation investing community. Doing so will enable you to receive notification when new articles are published here and to share your own ideas. Also, make sure to follow me on Twitter @TMFDeej.

Have a great day!

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