Just for old times sake. I think this number came out last night:
And, looking at the trend over the last several months, the shorts have clearly been using the low share price to cover:
Sorry, meant SDN. Where did SDC come from?
btw, I looked at my SONS July $5 call options, and it appears that I control the open interest. LOL!
You can read it under MLNK headlines. Yahoo has deleted several posts that I made trying to refer to it. I'm not a big fan of theirs, and the guy doesn't seem to know about Steel Partners' holdings.
ModusLink Global Solutions™, Inc. (the “Company”) (MLNK) today announced that its Board of Directors has appointed Warren G. Lichtenstein as its interim Chief Executive Officer, replacing John J. Boucher who resigned as President and Chief Executive Officer on March 23, 2016 to pursue other interests. Mr. Lichtenstein will remain Chairman of the Board. The Company also disclosed today that James R. Henderson has been appointed as the Chief Executive Officer of the Company’s principal operating subsidiary, ModusLink Corporation (“ModusLink”).
“Jim is an experienced business executive with an impressive track record in sales, operations and supply chain management,” stated Mr. Lichtenstein. “I’ve worked with Jim for years and his knowledge of our industry and the markets we serve, along with his extensive hands-on operational experience, make him the perfect fit to lead ModusLink in this important period in our corporate evolution. We have the cash resources on hand to grow our core business and enhance operational capabilities. On behalf of the Board, I would like to welcome Jim to ModusLink and look forward to collaborating with him as we continue to execute our strategy while driving long-term shareholder value.”
So far, "executing our strategy" has indeed been "driving long-term shareholder value", but in the wrong direction. Let's hope that this latest change signals a reversal of that trend.
This is like Chinese water torture. Recall the article posted here sometime back that said that the Steel Partners Lichtenstein took a long-term approach.
Medifast's earnings were out yesterday, and the stock took a beating this morning. It's bounced back from the $27.62 it hit, now trading close to $29, but still down about $1.80. This will affect MLNK's position in the stock, but I'm wondering if it also might give some impetus to some of the big stakeholders who have been pushing for a change.
Meanwhile, MLNK is doing pretty much what I expected, NOT releasing their earnings report until the last possible moment. GLTA
I just counted the days out on my calendar, and looks like 40 days from the end of MLNK's Jan31 quarter would be March 11 - tomorrow. There's nothing stopping them from releasing the figures sooner, but based on past performance, my guess is we'll see them at the last possible moment. GLTA
That should help.
I think the "stock consultant" tab on the NASDAQ quote site is probably based on technical factors, but here's the comment:
WATCH for breakout above 8.12, no resistance in area just above.
Type: True breakout from double resistance. Target: 9.38
Still over a buck 50 below my cost basis here.
For the last month or so, that's been a ceiling. It may turn into a floor (here's hoping) now. Remember, earnings due in about a week. Also, I've been watching fairly closely every day & it looks to me as if someone is carefully scooping up shares. That may be wishful thinking on my part, but I can't believe Mario Gabelli having a stake in MLNK won't help us.
I'm not sure how leap day will affect the filing deadlines, but last year MLNK reported on Mar. 12. March 11 is a Friday, so we may see a report on that day since MLNK usually waits until the last day to report. This will be for the period ended Jan. 31. Hopefully, we'll get an inkling of what's going on with this company. I did take advantage of the share price drop to add more shares in the low $1.70 range, and also bought some Sep. $2.50 calls. I'm hoping the recent buys by Mario Gabelli put pressure on management to take some action.
From tonight's filing:
TETON ADVISORS, INC.
2/16/16 5,000 1.8200
1/28/16 6,459 2.0840
1/27/16 154 2.0840
1/26/16 18,387 2.0840
1/08/16 10,000 2.3400
12/22/15 20,000 2.5000
GABELLI FUNDS, LLC.
GABELLI SMALL CAP GROWTH FUND
2/08/16 20,000 1.8611
Each of the Reporting Persons intends to adhere to the foregoing investment philosophy with respect to the Issuer. However, none of the Reporting Persons intends to seek control of the Issuer or participate in the management of the Issuer, and any Reporting Person that is registered as an investment company under the Company Act will participate in such a transaction only following receipt of an exemption from the SEC under Rule 17d-1 under the Company Act, if required, and in accordance with other applicable law. In pursuing this investment philosophy, each Reporting Person will continuously assess the Issuer's business, financial condition, results of operations and prospects, general economic conditions, the securities markets in general and those for the Issuer's securities in particular, other developments and other investment opportunities, as well as the investment objectives and diversification requirements of its shareholders or clients and its fiduciary duties to such shareholders or clients.
Trading over the last few days has had a "feel" of accumulation to it, but given the low share price, I thought it might be bottom fishing. The last reported buys in this filing were on 2/16, so it's possible that the group bought more in the last 2 days (or not)
In a filing tonight, GAMCO investors et al. reported that they have:
Interest In Securities Of The Issuer
(a) The aggregate number of Securities to which this Schedule 13D relates is 2,620,000 shares, representing 5.01% of the 52,330,459 shares outstanding...
It is somewhat interesting that they filed a 13D, rather than a 13G report with the SEC. While many institutions file 13Gs indicating a PASSIVE interest in a company, a 13D is often filed if the institutional holder intends to take a more active role in the company's affairs. In this instance, it doesn't appear that GAMCO is looking at a takeover. This is a clip from the filing:
The Reporting Persons are engaged in the business of securities analysis and investment. The Reporting Persons analyze the operations, capital structure and markets of companies in which they invest, including the Issuer, on a continuous basis through analysis of documentation and discussions with knowledgeable industry and market observers and with representatives of such companies (often at the invitation of management). As a result of these analytical activities one or more of the Reporting Persons may issue analysts reports, participate in interviews or hold discussions with third parties, with management or with Directors in which the Reporting Person may suggest or take a position with respect to potential changes in the operations, management or capital structure of such companies as a means of enhancing shareholder values. Such suggestions or positions may relate to one or more of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D including, without limitation, such matters as disposing of one or more businesses, selling the company or acquiring another company or business, changing operating or marketing strategies, adopting or not adopting, certain types of anti-takeover measures and restructuring the company's capitalization or dividend policy.
a) Amount beneficially owned:
As of December 31, 2015, (i) Highbridge Capital Management, LLC, as the trading manager of Highbridge International LLC and Highbridge Tactical Credit & Convertibles Master Fund, L.P. (collectively, the "Highbridge Funds") may be deemed to be the beneficial owner of the 5,216,384 shares of Common Stock issuable upon conversion of the 5.25% Convertible Senior Notes due 2019 held by the Highbridge Funds and (ii) Highbridge International LLC may be deemed to be the beneficial owner of the 3,886,310 shares of Common Stock issuable upon conversion of the 5.25% Convertible Senior Notes due 2019 held by it.
(b) Percent of class:
The percentages used herein and in the rest of this Schedule 13G/A are calculated based upon 52,330,459 shares of Common Stock reported to be outstanding as of November 30, 2015 in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2015 filed with the SEC on December 10, 2015. Therefore, as of December 31, 2015, based on the Company’s outstanding shares of Common Stock and assuming the conversion of the reported the 5.25% Convertible Senior Notes due 2019, (i) Highbridge Capital Management, LLC may be deemed to beneficially own approximately 9.06% of the outstanding shares of Common Stock of the Company and (ii) Highbridge International LLC may be deemed to beneficially own approximately 6.91% of the outstanding shares of Common Stock of the Company.
Their 17Feb2015 filing just showed 3,886,310 shares as the conversion amount, so it appears they've acquired more. Remember, the conversion price is $6.01.
186K + 59.8K right around 10:45 - both trades @ $1.75. It the share price rebounds, this might have been the last of the selling pressure - one can only hope.