SummaryBallantyne Strong has attracted the attention of activist investors.These have taken over the board and implemented a cost cutting program.Assuming no growth there is room for 23% upside before taking further measures into account.The company has a suboptimal balance sheet with lots of room for buybacks or strategic tuck-in acquisitions to grow the Managed Services segment. I have written favorably about Ballantyne Strong (NYSEMKT:BTN) in both 2013 and 2014. The stock basically went nowhere. To be more precise it went down by -5.91% while the S&P 500 returned 8.51% over the same time period. More: http://seekingalpha.com/article/3469616-ballantyne-strong-of...