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The Deal Sleuth

Disrespectfully tracking mergers, buyouts and other bad deals

Last Build Date: Fri, 09 Mar 2018 23:25:12 +0000


Google’s On2 Technologies Acquisition Is At The Mercy Of Merger ArbitrageursthedealsleuthOn2 Technologies

Wed, 09 Dec 2009 03:25:10 +0000

We live in an era of bumps in merger payments that the buyer thought had been negotiated, and Google (GOOG) is about learn this the hard way in its $106 million acquisition of On2 Technologies (ONT). As the stock market continues to rally shareholders whose companies get acquired are depressed to see that they are […]

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Paul J. Isaac’s Conflicted Role In American Community Properties Trust Buyoutthedealsleuth

Mon, 30 Nov 2009 06:40:32 +0000

The extent to which the buyout of American Community Properties Trust (APO) by Federal Capital Partners is flawed was revealed in the company’s recent proxy filing. One of the unhappy shareholders, Paul J. Isaac, was given the opportunity to continue to own ACPT even after the buyout. The other shareholders will forgo the opportunity to […]

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The End Is Near For Wilshire Enterprisesthedealsleuth

Wed, 26 Aug 2009 04:03:24 +0000

Wilshire Enterprises (WOC) finally launched its $2 tender offer for 4 million shares, roughly half of the outstanding shares. It is a bad deal for shareholders and we anticipate that worse is to come because public shareholders will be minority holders in a firm whose management has a record of poor decisions, such as the […]

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Cash Shells: SPACs, MathStar, PetroSearch and Cadusthedealsleuth

Wed, 29 Jul 2009 02:44:02 +0000

It has been a while since we first reported on SPAC liquidation arbitrage in January. The battles over MathStar (MATH) and PetroSearch (PTSG) has prompted us to follow up, as did our annoyance with the slow progress at Cadus (KDUS). SPACs represented a great liquidation arbitrage late last and early this year when they traded […]

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Bidding War Looming At Entrust If Shareholders Oppose Thoma Bravo Buyoutthedealsleuth

Tue, 14 Jul 2009 20:01:47 +0000

In a surprise move, private equity firm Thoma Bravo increased the price it is willing to pay for Entrust (ENTU) from $1.85 to $2.00 on Friday. We had forecast that shareholders would vote down the transaction in this post last week, and we suspect that a rejection of the $2 buyout will lead eventually to […]

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Will Shareholders Vote Down Entrust’s Private Equity Buyout?thedealsleuthEntrust Thoma BravoF Bill Conner

Sun, 05 Jul 2009 19:30:38 +0000

In another illustration of the pointlessness of “Go Shop” periods the board of Entrust (ENTU) ignored three buyout offers received in the 30-day go shop period that were higher than that of the group that includes the CEO. Moreover, the Entrust management buyout shows all that is wrong with buyouts by private equity funds where […]

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Pershing Square Misleads About General Growth’s Equity ValuethedealsleuthPershing Square LogoGeneral Growth Properties Logo

Mon, 08 Jun 2009 20:55:55 +0000

Pershing Square Bill Ackman’s presentation about General Growth Properties (GGWPQ) at the Ira Sohn Investment Research conference has us wondering what he is up to. The tone of the presentation clearly targets an audience that is not familiar with bankruptcy investing. At the same time, his financial projections for GGP are overly optimistic and do […]

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Looking For Outperformance? Invest With An Emerging Manager!thedealsleuthMoy Large Cap CoreEmerging Manager Excess ReturnEmerging Manager Information RatioEmerging Manager Downside CaptureDoes Size Matter Allen Portfolio Management

Mon, 01 Jun 2009 18:14:46 +0000

An ill-advised, persistent and costly error among institutional investors and their consultants is their reliance on large brand name money management firms to look after their assets. We had the privilege of attending and speaking at the recent Emerging Manager 2009 conference, from where we return with some very persuasive statistics that show the outperformance […]

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Welcome, AQR. Seriously.thedealsleuthpafListing of SPACs held by AQR

Wed, 06 May 2009 03:32:21 +0000

Welcome, AQR. Seriously. Welcome to the most exciting and important marketplace since the hedge fund revolution began with Alfred Winslow Jones 50years ago. And congratulations on your first mutual fund. Putting real investment power in the hands of the individual is already improving the way people invest, think, build portfolios, and will spend their retirement […]

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Dirty War Over Wilshire War Over Wilshire Enterprisesblinklist:Dirty War Over Wilshire Enterprisesfurl:Dirty War Over Wilshire EnterprisesDigg it:Dirty War Over Wilshire Enterprisesma.gnolia:Dirty War Over Wilshire EnterprisesStumble it:Dirty War Over Wilshire Enterprisessimpy:Dirty War Over Wilshire Enterprisesnewsvine:Dirty War Over Wilshire Enterprisesreddit:Dirty War Over Wilshire Enterprisesfark:Dirty War Over Wilshire EnterprisesTailRank

Thu, 26 Feb 2009 03:04:35 +0000

The battle over Wilshire Enterprises between Phil Goldstein’s Bulldog Investors and Wilshire’s (WOC) CEO Sherry Wilzig Izak is gradually growing into a full scale war, if not a jihad. Among a string of litigation, the shareholder meeting was postponed from this week to March 24th, giving management crucial time to beef up their defenses that […]

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