On December 23, 2013 Alan Cormier commenced employment with ModusLink Global Solutions, Inc. (the “Company”) as Senior Vice President and General Counsel of the Company.
More details under company headlines. It looks as if our little company is on the move...
I took another look at the filing, and it looks like Empire sold puts for 1,048,200 SONS shares expiring April 19 with a $3 strike price.
ADDITIONALLY, they appear to have sold puts for 288,400 shares with $3 strike expiring on July 19.
Yesterday NASDAQ reported the short interest figures for the period ended 12/13/2013. SONS had 6,902,709 shares short as opposed to the 8,421,802 shares reported in the 11/29/2013 report, a significant drop of 1.5M shares in a 2-week period.
If we look at the recent trend in short interest:
It appears that some shorts may have taken advantage of the higher share price in September & October, covering in late November and early December at reduced prices. Of course, the end of year tax-loss selling, possible hedging and other cross-currents could help account for share price volatility.
At any rate, SONS' share price since mid-December has been on an upward trajectory, possibly repeating the pattern we saw at the end of 2012.
17,838,417 shares, up a bit from the 17,526,396 reported for 11/29/2013, but down from the 11/15/2013 report of 17,884,835 shares.
This latest report came out yesterday, so probably didn't get too much notice...
"The company is transitioning into the session border controller (SBC) and diameter signaling market, two of the most robustly growing markets in the communications equipment space, while it manages the decline of its media controller platform and slowly transitions its product to a more software-focused, and potentially less hardware-focused, platform," analyst Scott Thompson states. "Management appears to be placing a strong emphasis on execution and innovation while it fine-tunes its formula needed to fuel strong market share gains and drive additional margin expansion. If the company is able to execute on its strategic plan, we expect growth to drive shares higher in 2014."
FBR Capital initiates coverage on Sonus Networks, Inc. (NASDAQ: SONS) with a Outperform and $4 price target, saying the company is at the pivot point of a turnaround.
Momentus Energy seeks to capture and enhance the value of mature or technically challenged oil and gas fields which have shown low recovery factors, currently non-commercial discovered oil and gas fields which have remained undeveloped and very low risk exploration projects where data exists from previously drilled wells and/or 3D seismic.
Momentus Energy will enhance the value of these oil and gas fields by the application of leading edge Canadian technologies such as:
Under balanced drilling
Managed pressure drilling
Multi-stage hydraulic fracturing
Vertical well work-over and stimulation operations
Artificial lift optimization
Possible implementation of secondary recovery
Good point, you would think someone who had a lot of money tied up in AVNR would have an observer at the trial though it might be a lot cheaper to wait for the transcripts, especially to be sure of the wording.
I think that someone here commented that it was possible that posting the transcripts indicated that the Judge might be close to ruling, especially when taken with speculation that the kerfuffle over the possible injunction might be mooted by the Judge ruling sooner rather than later.
It's quite rainy and unseasonably warm here in OH, so I'm holed up while the missus completes her yearly jaunt into retail madness. Thought I'd throw in some outside the box speculation to see if it might stir up a little brainstorming.
If you look at the dockets posted in the generics trial yesterday, you'll find this format in most of them:
Official Transcript of Bench Trial - Volume X, held on September X, 2013 before Judge Leonard P. Stark. Court Reporter Brian Gaffigan, Telephone (302) 573-6360. Transcript may be viewed at the court public terminal or purchased through the Court Reporter before the deadline for Release of Transcript Restriction. After that date, it may be obtained through PACER. .... Release of Transcript Restriction set for 3/20/2014.
In other words, the transcripts are not available to us on the PACER site until next March. HOWEVER, someone who traveled to the Delaware District Court could view those transcripts on the public terminal there, or purchase them through the Court Reporter. Parts of transcripts C & D are SEALED, probably due to requests for confidential information by the parties in the case.
So my "theory" is that someone who stands to make or lose a lot of money due to the outcome of the case either went to the Court or hired someone to go view or buy the transcripts.
Provided that person (or persons) has access to the brilliant legal minds that we have here on the board, reading through the transcripts MAY have afforded a clue as to the possible outcome of the trial. If we are to suppose that that may have happened, then we would have to assume that our mythical legal consultant concluded on the basis of the transcript that the Judge would rule in AVNRs favor, thus motivating his clients to purchase AVNR shares (either long, or to cover shorts, or both).
Anyway, that's a pretty far-out theory on my part. I can think of several other more mundane possibilities, but I thought I'd put this one out there just 2b on the record.
Looks like they got a response -
461 ORAL ORDER: Having received Plaintiffs' letter regarding expiration of the 30-month stay (D.I. 460), IT IS HEREBY ORDERED that Defendants shall respond no later than tomorrow, December 20, 2013. ORDERED by Judge Leonard P. Stark on 12/19/13. (ntl) (Entered: 12/19/2013)
They need 75% of ALL shares. Probably a lot of people haven't returned their proxies. Declassifying the board gives them a better shot at getting people they want on the board.
I think it was set for noon eastern time. MLNK share price just set a new high for the day & year @ $4.89. It's possible we could have a $5 print in the near future - that would be cool.
hneiman, there was a mention of warrants in there somewhere as I recall. I think they did try to structure the deal so that the shorts couldn't take advantage of it, thus the comments about hedging, but today's share price action seemed to belie that. Might have been coincidence, but...
At any rate, I'll keep looking for a chance to average down.
Just checked again - looks like I was right the first time. 6 members of mgmt + Raj. 140K RSUs + 770K options. I'll cool off eventually...
Correction, 7 members of mgmt. Actually, with Raj you get 8.
7 x 10,000 + 80,000 = 150,000 rsu's
7 x 20,000 + 650,000 = 790,000 options
I had a buy order in today @ $8, and was really surprised to get home and find out it got pretty close to getting filled. Cost basis on my remaining shares is over $11 - talk about averaging down. Hmm, maybe as a loyal shareholder I can get some of those $9.18 options...