Activist investing benefactors,
- Mario Gabelli’s GAMCO sent another letter to Biglari Holdings about how to vote their shares at the annual meeting. GAMCO wants to know how Biglari will vote some 217k shares that it holds in The Lion Fund LP. Basically, if Biglari abstains these shares it’ll vote for the board incumbents, but if it doesn’t, it’ll likely vote for the Groveland Capital nominees.
- MGM has rejected the four board nominations that Land & Buildings put up in conjunction with its plan to get MGM to form a REIT and spinoff its casino operations.
- Alliance Trust, which rejected Elliott Management’s board nominees, says that Elliott is looking to sell its 12% stake in the fund manager.
- Bank of America is the latest company to allow proxy access, which is considered a shareholder friendly board nominee process. It joins the likes of Yum! Brands and GE.
- The StreetSweeper @investorsbeware is out with a hit piece on MicroVision, noting the company is using equity capital raises to fund excessive management pay. “The company has been trying to make money for 22 years and hasn’t done so yet” [link]
- Whitney Tilson put out an update on Lumber Liquidators, touting his short position. “Lumber Liquidators is knowingly endangering the health and safety of its customers, especially children, by continuing to sell toxic Chinese-made laminate” [link]