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- Nyer Medical: Chance for Liquidation Distribution?
- Greenbackd submits: Nyer Medical Group Inc (NASDAQ:NYER) is to liquidate subject to the approval of its shareholders and the closing of two transactions. The board estimates that shareholders will receive a liquidating distribution of between $1.84 to $2.00 per share. At its $1.75 close Monday, the low end of...
- External links 2009-11-02
- Northstar Neuroscience Shareholders Approve Liquidation
- Greenbackd submits: The shareholders of Northstar Neuroscience Inc (NASDAQ:NSTR) have approved the complete liquidation of NSTR at a special meeting of shareholders. We started following NSTR because it was a net cash stock that has announced that it plans to liquidate. NSTR closed Friday at $1.97, giving...
- External links 2009-05-26
- Avigen Could Yield Considerably More than Its Net Cash Value
- Greenbackd submits: Avigen Inc AVGN has been granted a United States Patent for the treatment of neuropathic pain with its AV411 ibudilast compound. We started following AVGN in December last year see archived posts here because it was a net cash stock (i.e. it was trading at...
- External links 2009-05-22
- MathStar Board Rejects Third Merger Offer
- Greenbackd submits: MathStar Inc’s (MATH.PK) board has rejected the $1.04 per share cash merger offer from PureChoice, Inc. because “the $1.04 per share price is less than the liquidation value of MathStar, including the value from any technology sale, and, in the Merger, MathStar’s shareholders would derive no value...
- External links 2009-05-20
- Autobytel Offer Expires; Trilogy Disappointed
- Greenbackd submits: Trilogy, Inc’s $0.35 per share tender offer for Autobytel Inc ABTL expired yesterday without Trilogy purchasing any shares. Trilogy has sent a letter to the board saying that it will “continue to evaluate [ABTL's] business, its cash position, and its operating performance” and has called on the...
- External links 2009-05-20
- CuraGen Presents an Opportune Time to Exit
- Greenbackd submits: CuraGen Corporation (NASDAQ:CRGN) has filed its 10Q for the period ended March 31, 2009. CRGN’s stock has risen strongly over the last few months, and is now trading at $1.02, giving it a market capitalization slightly higher than our estimate of its liquidation value. Accordingly, we’re going...
- External links 2009-05-18
- Avigen Update: Company Could Yield More than Its Net Cash Value
- Greenbackd submits: Avigen Inc AVGN has filed its 10Q for the period ended March 31, 2009. We started following AVGN in December last year see archived posts here because it was a net cash stock (i.e. it was trading at less than the value of its cash...
- External links 2009-05-14
- Value Proposition: Axcelis Technologies
- Greenbackd submits: Axcelis Technologies Inc ACLS has filed its 10Q for the period ended March 31, 2009. We started following ACLS on January 8 this year see our post archive here because it is an undervalued asset play with an activist investor, Sterling Capital Management, holding 10.7%...
- External links 2009-05-13
- MathStar Receives Another Merger Offer from Twice Spurned Suitor
- Greenbackd submits: MathStar Inc (MATH.PK) has received another merger offer from PureChoice, Inc., this one providing for a $1.04 per share cash payment to the MATH stockholders. We’ve been following MATH since December last year see our post archive here when it was trading at $0.68. We...
- External links 2009-05-12
- Neurobiological Tech Provides an Exit Opportunity
- Greenbackd submits: Neurobiological Technologies Inc NTII has filed its 10Q for the period ended March 31, 2009. After reviewing the 10Q, we have reduced our estimate of NTII’s liquidation value to $19.6M or $0.73 per share. NTII closed on Friday at $0.72, which is approximately our estimate of its...
- External links 2009-05-11
- Facet Biotech: An Intriguing Activist Play
- Greenbackd submits: Facet Biotech Corporation (NASDAQ: FACT) is a new category of investment for us: special situations. It’s an activist play with a catalyst in the form of Dr. Roderick Wong’s nomination for the annual meeting of an alternative slate of directors, including well-known activist investor Robert. L....
- External links 2009-04-22
- Exiting CRC as Its Liquidity Crisis Deepens
- Greenbackd submits: Chromcraft Revington CRC has filed its 10K for the period ended December 31, 2008. We initiated the position in CRC in December last year see the post archive here because it was trading at a substantial discount to its liquidation value and a substantial stockholder...
- External links 2009-04-21
- Why We're Exiting Amtech
- Greenbackd submits: We are exiting our position in Amtech Systems Inc ASYS at its $5.65 close yesterday because the stock is trading at a substantial premium to our valuation. We opened the position at $2.78, so we’re up 103.2% on an absolute basis. The S&P500 Index closed at 712.87...
- External links 2009-06-03
- Tiberius Capital Letter Urges MATH Shareholders to Tender at $1.25
- Greenbackd submits: Tiberius Capital has sent a letter to MathStar Inc (MATH.PK) shareholders urging them to tender all of their MATH shares at $1.25 per share. Tiberius Capital’s offer expires on July 20, 2009, at 11:59 p.m. New York City time. Said John M. Fife, a principal of Tiberius:...
- External links 2009-07-13
- Forward Industries Looks Intent on Spending the Cash on Its Balance Sheet. That's a Shame
- Greenbackd submits: Forward Industries Inc FORD has fired its investment bank and engaged another. It looks like FORD is intent on spending the cash on its balance sheet, which is a shame. Rather than make an acquisition, they should focus on the work on their desk and pay a...
- External links 2009-10-29
- Leadis Technology: $0.93 Dividend First Step Towards Liquidation
- Greenbackd submits: Yesterday was the record date for the first dividend in the liquidation of Leadis Technology Inc. LDIS. The dividend is likely to be approximately $0.93 per share. The board estimates that “if we are able to dispose of substantially all of our non-cash assets, the aggregate amount...
- External links 2009-10-28
- BusinessWeek Cover: Classic Contrarian Indicator?
- Greenbackd submits: BusinessWeek aims to keep its impeccable market forecasting record intact via BusinessInsider: by Greenbackd
- External links 2009-10-02
- VaxGen Nominates Director Candidates, Clarifies Rights to AIDS Vaccine
- Greenbackd submits: It’s been a big week for VaxGen Inc (VXGN.OB). On Tuesday last week the “VaxGen Full Value Committee” nominated five director candidates to the board. Then on Thursday BizJournals.com reported that VXGN’s “failed AIDS vaccine” was “successful in a new trial that combined it with another failed...
- External links 2009-09-30
- Cadus Corp: Classic Value Trap or Worth a Second Look?
- Greenbackd submits: Cadus Corporation (KDUS.OB) is an interesting play, but not without hairs on it. First, the good news: It’s trading at a discount to net cash with Carl Icahn disclosing an activist holding in 2002, and Moab Capital Partners disclosing an activist holding more recently. At its $1.51...
- External links 2009-09-29
- MediciNova Acquiring Avigen: A Post-Mortem
- Greenbackd submits: MediciNova Inc. (NASDAQ:MNOV) will acquire Avigen Inc (NASDAQ:AVGN) for $1.24 per share in cash or secured convertible notes. While the stock is trading at a slight premium to the bid, we’re taking the opportunity to exit. AVGN closed Friday at $1.29, which means we’re up 98.5% on...
- External links 2009-08-23
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