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	<title><![CDATA[thomas kirchner Resources | BNET]]></title>
	<link><![CDATA[http://resources.bnet.com/topic/thomas+kirchner.html]]></link>
	<description><![CDATA[White papers, case studies, business articles, and blog posts relating to thomas kirchner]]></description>
	<s:counts start="0" returned="15" found="15" />
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		<title><![CDATA[The New Merger Arbitrage ETF Is Likely to Fail]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F172404-the-new-merger-arbitrage-etf-is-likely-to-fail%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  ETFs have been encroaching on the turf of active managers for some time and are now taking hedge funds head on. The promise of hedge funds at ETF costs is very appealing but raises the inevitable question: can they do it? The upcoming IQ Arb Merger...]]></description>
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		<pubDate>Tue, 10 Nov 2009 01:33:50 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/etf.html"><![CDATA[ETF]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
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		<title><![CDATA[No Wonder Hiland Shareholders Are Reluctant to Support the Buyout]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F166696-no-wonder-hiland-shareholders-are-reluctant-to-support-the-buyout%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  Among the many consolidations of MLPs (recall the mergers of Magellan Midstream MMP, Atlas ATLS or the pending Enterprise/Teppco EPD/TPP), one deal stands out as a particularly bad deal: the opportunistic squeeze-out of minority shareholders of Hiland Partners HLND and Hiland Holdings GP HPGP at record...]]></description>
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		<pubDate>Thu, 15 Oct 2009 06:37:49 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/energy.html"><![CDATA[Energy]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/hiland+partners+lp.html"><![CDATA[Hiland Partners LP]]></category>
		<category domain="http://resources.bnet.com/topic/hiland+holdings+gp+lp.html"><![CDATA[Hiland Holdings GP LP]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">HLND</category>
		<category domain="tickers">HLND</category>
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		<title><![CDATA[ACPT Sale Continues to Raise Eyebrows]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F165157-acpt-sale-continues-to-raise-eyebrows%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  Surprise, surprise! American Community Properties Trust APO is selling itself, and you won&#8217;t even get market value for your shares. While ACPT trades between $8.35 and $8.50, the buyout will happen at $7.75.   The sudden sale at a discount to the market price comes...]]></description>
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		<pubDate>Tue, 06 Oct 2009 03:22:46 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/us+market.html"><![CDATA[US Market]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/american+community+properties+trust.html"><![CDATA[American Community Properties Trust]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">APO</category>
		<category domain="tickers">APO</category>
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		<title><![CDATA[Wilshire Enterprises Is Nearing the End]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F158371-wilshire-enterprises-is-nearing-the-end%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  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...]]></description>
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		<pubDate>Wed, 26 Aug 2009 04:52:46 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/us+market.html"><![CDATA[US Market]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/wilshire+enterprises+inc..html"><![CDATA[Wilshire Enterprises Inc.]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">WOC</category>
		<category domain="tickers">WOC</category>
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		<title><![CDATA[Cash Shells: SPAC Liquidation Arbitrage, MathStar, PetroSearch and Cadus]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F152051-cash-shells-spac-liquidation-arbitrage-mathstar-petrosearch-and-cadus%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  It has been a while since we first reported on SPAC liquidation arbitrage in January. The battles over MathStar (MATH.PK) and PetroSearch [PTSG.OB] has prompted us to follow up, as did our annoyance with the slow progress at Cadus (KDUS.OB). SPACs represented a great liquidation arbitrage...]]></description>
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		<pubDate>Wed, 29 Jul 2009 02:30:02 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/financial.html"><![CDATA[Financial]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
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		<title><![CDATA[Entrust Shareholders Should Still Be Skeptical About Buyout]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F148842-entrust-shareholders-should-still-be-skeptical-about-buyout%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  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...]]></description>
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		<pubDate>Wed, 15 Jul 2009 01:17:42 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/software.html"><![CDATA[Software]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/entrust+inc..html"><![CDATA[Entrust Inc.]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">ENTU</category>
		<category domain="tickers">ENTU</category>
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		<title><![CDATA[Entrust Shareholders Likely to Vote Down Private Equity Buyout Friday]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F147094-entrust-shareholders-likely-to-vote-down-private-equity-buyout-friday%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  In another illustration of the pointlessness of &#8220;Go Shop&#8221; 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 CEO. Moreover, the Entrust management buyout shows all that is wrong with buyouts...]]></description>
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		<pubDate>Mon, 06 Jul 2009 02:31:50 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/software.html"><![CDATA[Software]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/entrust+inc..html"><![CDATA[Entrust Inc.]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">ENTU</category>
		<category domain="tickers">ENTU</category>
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		<title><![CDATA[Ackman's Pershing Square Misleads About General Growth Properties' Equity Value]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F142180-ackman-s-pershing-square-misleads-about-general-growth-properties-equity-value%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  Pershing Square Bill Ackman&#8217;s presentation about General Growth Properties (GGWPQ.PK) 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...]]></description>
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		<pubDate>Tue, 09 Jun 2009 05:11:20 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/us+market.html"><![CDATA[US Market]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
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		<title><![CDATA[Porsche at Risk of Bankruptcy, Unlikely to Find Much Sympathy]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F139571-porsche-at-risk-of-bankruptcy-unlikely-to-find-much-sympathy%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  These days, liquidity is in short supply for all hedge funds, and it comes as no surprise the hedge fund wannabe Porsche (POAHF.PK) suffers from the same liquidity squeeze symptoms as many of its hedge fund brethren. The liquidity situation for Porsche will be critical over...]]></description>
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		<pubDate>Tue, 26 May 2009 02:50:27 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/transport.html"><![CDATA[Transport]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
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		<title><![CDATA[Is a Sale of Wilshire Enterprises on the Table Once Again?]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F128597-is-a-sale-of-wilshire-enterprises-on-the-table-once-again%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  The shareholder meeting of Wilshire Enterprises WOC has been adjourned for the second time. This is actually the third delay of the shareholder meeting, which was originally scheduled for February 26 in Wilshire&#8217;s preliminary proxy materials. The meeting was then set for March 24th and at...]]></description>
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		<pubDate>Tue, 31 Mar 2009 12:52:14 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/us+market.html"><![CDATA[US Market]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/wilshire+enterprises+inc..html"><![CDATA[Wilshire Enterprises Inc.]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">WOC</category>
		<category domain="tickers">WOC</category>
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		<title><![CDATA[Wilshire's Poor Management Justifies Market Skepticism]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F127194-wilshire-s-poor-management-justifies-market-skepticism%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  The end of the first round is approaching in this year's most under-reported proxy fight, the battle over Wilshire Enterprises WOC between Phil Goldstein&#8217;s Bulldog Investors and Wilshire&#8217;s CEO Sherry Wilzig Izak. Two directors will be elected at Tuesday&#8217;s meeting, and shareholders will also vote on...]]></description>
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		<pubDate>Sun, 22 Mar 2009 03:34:45 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/us+market.html"><![CDATA[US Market]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/wilshire+enterprises+inc..html"><![CDATA[Wilshire Enterprises Inc.]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">WOC</category>
		<category domain="tickers">WOC</category>
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		<title><![CDATA[Image Entertainment Takes Profit on Latest Buyout Collapse]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F124193-image-entertainment-takes-profit-on-latest-buyout-collapse%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:    Image Entertainment DISK went through a change in leadership over the last year with the retirement of Marty Greenwald, who was replaced by ex-COO David Borshell, but one thing hasn&#8217;t changed: its bad luck when trying to sell itself.  Readers of this space...]]></description>
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		<pubDate>Wed, 04 Mar 2009 10:34:09 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/media.html"><![CDATA[Media]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/image+entertainment+inc..html"><![CDATA[Image Entertainment Inc.]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">DISK</category>
		<category domain="tickers">DISK</category>
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		<title><![CDATA[Mark Fisher: Analysis Doesn't Matter in This Market]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F121914-mark-fisher-analysis-doesn-t-matter-in-this-market%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  Mark Fisher, inventor of the technical trading method ACD, sees this market as a pure trading market in which analysis does not matter. This was probably not what some of Wharton&#8217;s students, attending its first annual Wharton Hedge Fund Conference, wanted to hear. After all, they...]]></description>
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		<pubDate>Sun, 22 Feb 2009 04:15:48 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/us+market.html"><![CDATA[US Market]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/apollo+group.html"><![CDATA[Apollo Group]]></category>
		<category domain="http://resources.bnet.com/topic/strayer+education+inc..html"><![CDATA[Strayer Education Inc.]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">APOL</category>
		<category domain="http://rss.financialcontent.com/stocksymbol">STRA</category>
		<category domain="tickers">APOL,STRA</category>
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		<title><![CDATA[Kerviel Speaks Out: Far from the Typical Rogue Trader Story]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F119519-kerviel-speaks-out-far-from-the-typical-rogue-trader-story%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:  We have been eager for a long time to hear the other side of last year&#8217;s mega losses at Société Générale (SCGLY.PK), where a lone trader allegedly gambled away EUR 4.9 billion without anyone realizing it. Having worked at a French bank for a while ourselves,...]]></description>
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		<pubDate>Mon, 09 Feb 2009 11:52:25 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/financial.html"><![CDATA[Financial]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
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		<title><![CDATA[Tip for Roche: Use Non-Cash CVRs to Buy Genentech]]></title>
		<link><![CDATA[http://dw.com.com/redir?destUrl=http%3A%2F%2Fseekingalpha.com%2Farticle%2F118650-tip-for-roche-use-non-cash-cvrs-to-buy-genentech%3Fsource%3Dbnet&siteid=23&tag=seekingalpha]]></link>
		<description><![CDATA[Thomas Kirchner submits:   In an unhappy reminder of January 2008, deals continue to collapse or see reductions in price. After the trouble at Rohm & Haas ROH, the acquisition of Genentech DNA by Roche is another large deal officially on the list of downward revisions in price. On...]]></description>
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		<pubDate>Thu, 05 Feb 2009 01:35:25 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/us+market.html"><![CDATA[US Market]]></category>
		<category domain="http://resources.bnet.com/topic/biotech.html"><![CDATA[Biotech]]></category>
		<category domain="http://resources.bnet.com/topic/healthcare.html"><![CDATA[Healthcare]]></category>
		<category domain="http://resources.bnet.com/topic/thomas+kirchner.html"><![CDATA[Thomas Kirchner]]></category>
		<category domain="http://resources.bnet.com/topic/genentech+inc..html"><![CDATA[Genentech Inc.]]></category>
		<category domain="http://rss.financialcontent.com/stocksymbol">DNA</category>
		<category domain="tickers">DNA</category>
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