Activist Investing Research

CATALYST EQUITY RESEARCH REPORT
Weekly Research Highlighting Activist Investments
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HEDGE FUND SOLUTIONS
HIGHLIGHTING ACTIVIST INVESTMENTS
Week Ending April 24, 2015

SYMBOL
COMPANY
INVESTOR
ACY
AEC
AHT
BTN
BXE
CMK
DD
ESSX
FRM
GLQ
GTE
IMN
IPAS
MAC
MGM
MSLP
PBY
PCI
PKT
PRGX
RIT
ROVI
SCSS
SUP
VSI
AeroCentury Corp
Associated Estates Realty
Ashford Hospitality Trust
Ballantyne Strong, Inc.
Bellatrix Exploration Ltd
MFS Intermarket Income
E.I. du Pont, Inc.
Essex Rental Corp
Furmanite Corporation
Clough Global Equity
Gran Tierra Energy
Imation Corp
iPass, Inc.
The Macerich Company
MGM Resorts INternational
MusclePharm Corp
Pep Boys, Inc.
PIMCO Dynamic Credit
Procera Networks
PRGX Global
LMP Real Estate Income Fund
Rovi Corporation
Select Comfort
Superior Industries
Vitamin Shoppe, Inc.
Lee Beaumont
Land & Buildings
UNITE HERE
Fundamental Global Partners
Orange Capital
Bulldog Investors
Trian Fund Management
Casey Capital
Mustang Capital
Bulldog Investors
West Face Capital
Clinton Group
C. Silk & Sons
Land & Buildings; Orange Capital
Land & Buildings
Wynnefield Capital
GAMCO Investors
Ironsides Partners
Castle Union Partners
Becker Drapkin
Bulldog Investors
Engaged Capital
Blue Clay Capital
GAMCO Investors
Carlson Capital
HEDGE FUND SOLUTIONS (HFS) provides investment research, strategy and stakeholder communications consulting to companies and
investors interested in, or involved with, shareholder activist campaigns. Since 2001 HFS has become the trusted advisor to numerous
institutional investors, CEOs and board members worldwide. HFS also administers The Official Activist Investing Blog, the definitive source
for activist shareholder information.
Catalyst Investment Research is a portfolio of activist investing research products that combine company-specific shareholder activism
research with deep value investment analysis and access to industry insiders.
To Learn More: Download a brochure http://www.hedgerelations.com/CIR/CIR%20Brochure.pdf
Hedge Fund Solutions, LLC 2003 2015

Page 2 of 19
AeroCentury Corp (ACY)

Activist Investor: Lee Beaumont
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
150,000
9.7%
14.30
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
11.64
26M
18M
150M
-130M
11M
7.61 18.40
13.9
Catalyst:
On April 21 Beaumont issued a presentation seeking support for his appointment to the board.
http://www.sec.gov/Archives/edgar/data/1036848/000110465915029233/a15-7073_11dfan14a.htm
On April 23 Beaumont issued a shareholder letter outlining the need for new directors, highlighting the
companys continuing poor performance and excessive fees.
http://www.sec.gov/Archives/edgar/data/1036848/000104746915003825/a2224422zdfan14a.htm
Comment:
We initially covered ACY on December 5 when Beaumont proposes to acquire ACY for $12.50 per share in
cash. http://www.sec.gov/Archives/edgar/data/1036848/000110465914085088/a14-25726_1ex99d1.htm
On December 17 ACY rejected Beaumonts offer.
After having his $12.50/share offer rejected by ACY's board, Beaumont sent a letter saying he is willing to
discuss an increased offer before January 14 or he may seek board representation.
http://www.sec.gov/Archives/edgar/data/1036848/000110465915002165/a15-2302_1ex99d3.htm
On February 11 Beaumont nominated himself to the board of ACY.
http://www.sec.gov/Archives/edgar/data/1036848/000110465915008770/a15-4212_1ex99d4.htm
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Page 3 of 19
Associated Estates Realty (AEC)

Activist Investor: Land and Buildings
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,671,885
2.9%
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
28.45
195M
1.7B
2.5B
-745M
100M
16.63 28.54
24.4
Catalyst:
AEC announced a deal to be sold to Brookfield Asset Management for $28.75/share.
https://finance.yahoo.com/news/brookfield-affiliate-acquire-associated-estates-131500468.html
Comment:
We initially covered AEC on November 17, 2014 when Land and Buildings announced plans to nominate 7
people to the board.
http://www.sec.gov/Archives/edgar/data/911635/000090266414004418/p14-2227exhibit_1.htm
On January 28 Land and Buildings held a conference call with 2 of its 7 director nominees to discuss its path to
value improvement
On January 28 Land and Buildings issued a presentation highlighting opportunities to unlock value at AEC
http://www.sec.gov/Archives/edgar/data/911635/000090266415000340/p15-0222dfan14a.htm
Land and Buildings sent a letter to the Chair and CEO of AEC commenting on its recent meeting
On February 24 AEC issued a presentation to set the Record Straight
http://www.sec.gov/Archives/edgar/data/911635/000091163515000049/defa14afeb252015presentation.pdf
On February 27 Land and Buildings issued a press release calling for real change and highlighting the
potential upside for shareholders under a reconstituted board.
On March 12 Land and Buildings announced it is nominating three candidates to the board.
On March 13 AEC filed its preliminary proxy materials and set the annual meeting for May 22
http://www.sec.gov/Archives/edgar/data/911635/000119312515090227/d862541dpre14a.htm
On April 8 Land and Buildings sent a letter to AEC shareholders highlighting why change is necessary and
seeking support for its three director nominees.
On April 15 L&B issued a letter calling for a re-balancing of the board in favor of shareholders' interests.
Proxy Solicitor to Land and Buildings
Proxy Solicitor to AEC
Go to Next Page

Page 4 of 19
Ashford Hospitality Trust (AHT)

Activist Investor: UNITE HERE
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
Not Avail
Not Avail
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
9.52
797M
971M
2.7B
-1.7B
199M
8.38 11.36
13.5
Catalyst:
UNITE issued a presentation seeking support for improved corporate governance
http://www.sec.gov/Archives/edgar/data/1034426/000103442615000051/aht042315filing.htm
Comment:
We initially covered AHT on October 9 when UNITE HERE (a labor union representing represents workers at
Ashford's Sheraton Anchorage location) requested a record date to solicit a special meeting of shareholders
http://www.sec.gov/Archives/edgar/data/1034426/000103442614000020/newahtrelease.htm
On October 16 UNITE HERE issued a press release asking several questions relating the AHT's spinoff of
Ashford, Inc. http://www.sec.gov/Archives/edgar/data/1034426/000103442614000024/pr101614.htm
On November 3 UNITE HERE published a website www.unlock-ashford.org
AHT sent a letter to shareholders regarding UNITE's request for a
http://finance.yahoo.com/news/ashford-trust-sends-letter-shareholders-182500705.html
special
meeting
On November 5 ISS supported the call for a special meeting.

On November 7 Glass Lewis recommended shareholders not consent to call for a special meeting
Proxy Solicitor to Ashford Hospitality Trust
Ballantyne Strong, Inc. (BTN)

Activist Investor: Fundamental Global Partners
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,985,748
14.1%
4.28
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
4.74
95M
65M
44M
22M
0.1M
3.65 5.05
Not Avail
Catalyst:
On April 22 BTN announced a settlement with Fundamental GP to expand the board by two and add two new
directors. http://www.sec.gov/Archives/edgar/data/946454/000114420415024218/v407874_dfan14a.htm
Comment:
We initially covered BTN on March 16, 2015 when Fundamental GP nominated seven candidates to the board
of BTN.
http://www.sec.gov/Archives/edgar/data/946454/000114420415016288/v404652_dfan14a.htm
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Page 5 of 19
Bellatrix Exploration (BXE)

Activist Investor: Orange Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
29,523,363
15.4%
6.40
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
3.13
394M
600M
1.1B
-452M
247M
1.86 10.70
4.28
Catalyst:
Orange Capital increased its ownership from 14.28% to 15.4% since adding representatives to the board
Comment:
We initially covered BXE on August 18 when Orange Capital disclosed a 5.3% ownership and announced its
intention to discuss, among other things (i) hiring an independent financial advisor tasked to provide the Board
with recommendations on strategic alternatives, capital allocation and improved investor communications; (ii)
the size and composition of the Board; (iii) steps to raise the valuation to be in line with its intrinsic value,
which current valuation is well below the intermediate sized company peers in the Canadian exploration and
production sector (based on both price to proved-developed reserves and on enterprise value to debt adjusted
cash flow); (iv) refraining from future dilutive equity issuances and outlining a clear use of proceeds for all
newly raised capital; and (v) exploring alternatives to highlight the value of the infrastructure assets, including
but not limited to improving disclosure on the cost and fair market value of the midstream infrastructure and /
or exploring a possible joint venture, initial public offering or sale of the midstream assets.
On September 4 Orange Capital increased its ownership from 5.3% to 6.4%
On October 3 Orange Capital increased its ownership from 9.2% to 10.2%
On November 12 Orange Capital increased its ownership to 12.4%
On December 3 Orange Capital increased its ownership from 12.4% to 13.5%
BXE agreed to appoint 2 Orange Capital reps to the board effective Jan 1.
http://www.sec.gov/Archives/edgar/data/1426756/000090266414004609/p14-2333exhibit2.htm
Legal counsel to Orange Capital
MFS Intermarket Income Trust I (CMK)

Activist Investor: Bulldog Investors
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,06,0568
9.9%
Not Avail
Catalyst:
Bulldog submitted a shareholder proposal requesting the board authorize a self-tender offer at NAV.
http://www.sec.gov/Archives/edgar/data/853770/000150430415000051/EX-99.txt
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
8.61
5M
93M
107M
-15M
N/A
7.99 8.86
N/A

Page 6 of 19
E.I. du Pont (DD)

Activist Investor: Trian Fund
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
~25,000,000
2.7%
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
71.52
35B
66B
69B
-3B
6B
62.79 76.45
11.5
Catalyst:
On April 21 Trian updated its talking points in a shareholder presentation
http://www.sec.gov/Archives/edgar/data/30554/000093041315001868/c81085_ex1.htm
Comment:
We initially covered DD on September 16, 2014 when Trian sent a letter/whitepaper to DuPont urging the
board to break itself up http://trianwhitepapers.com/
At that time, Dupont issued a press release saying the board is committed to continuing on its strategic plan.
http://finance.yahoo.com/news/dupont-statement-regarding-trian-122000658.html
On January 8 Trian nominated four candidates for election to the DuPont board and outlined why DuPont is
an inefficient conglomerate.
http://www.sec.gov/Archives/edgar/data/30554/000093041315000107/c79721_ex1.htm
DuPont issued a press release commenting on Trians nomination.
http://www.sec.gov/Archives/edgar/data/30554/000110465915001374/a15-2040_2defa14a.htm
DuPont added two new directors and said it tried to settle with Trian by offering one seat to a Trian nominee
other than Nelson Peltz. Trian applauded the additional two board members but said any settlement must
include Peltz. In addition, Trian outlined the outstanding issues they intend to address if elected to the board.
http://www.sec.gov/Archives/edgar/data/30554/000093041315000396/c80174_dfan14a.htm
Trian issued a shareholder presentation, a letter and a new website www.DuPontCanBeGreat.com supporting
its nominees to the board.
On February 17 Trian issued a shareholder presentation titled, "A Referendum on Performance and
Accountability" http://www.sec.gov/Archives/edgar/data/30554/000093041315000692/c80358_ex-1.htm
Dupont issued a letter saying Trian is basing its fight on myths
https://finance.yahoo.com/news/dupont-issues-letter-shareholders-150700982.html
Trian filed its proxy materials, posted introductory videos of its four nominees to its website
(www.DuPontCanBeGreat.com), and issued a shareholder letter
On April 8 Trian sent a letter to DuPont stockholders urging them to hold the board and management
accountable for DuPont's consistent underperformance
Proxy Solicitor to Trian Partners
Go to Next Page

Page 7 of 19
Essex Rental Corp (ESSX)

Activist Investor: Casey Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,461,634
5.9%
1.26
On April 23 Casey announced it has formed a group with another ESSX shareholder who has nominated five
candidates to the board and is supporting three of its nominees.
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
Catalyst:
On April 21 Casey announced it has learned that another shareholder has nominated five candidates to the
board and that Casey has contacted the nominating stockholder about contacting these individuals.
1.27
103M
32M
251M
-220M
16M
0.64 3.30
15.6
Comment:
We initially covered ESSX on February 26 when Casey Capital disclosed a 5.9% "active" stake and sent a
letter to the board requesting they examine strategic alternatives and add one representative from Casey to the
board.
On April 1 Casey Capital nominated three individuals to the board, sent a letter to shareholders outlining why,
and submitted a Demand to inspect the company's shareholder list.
http://www.sec.gov/Archives/edgar/data/1373988/000089225115000035/form13d_ex99-4.htm
On April 13, Casey issued a press release responding to the Company's announcement to evaluate strategic
alternatives for only its crane business, saying the company is likely worth more sold as a whole.
http://www.sec.gov/Archives/edgar/data/1373988/000089225115000045/form13d_ex99-8.htm
Furmanite Corporation (FRM)

Activist Investor: Mustang Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,622,282
4.3%
Not Avail
Catalyst:
On April 21 Mustang Capital issued a letter to stockholders seeking support for its four nominees, asking
shareholders to review the board's record, not its rhetoric.
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
7.64
529M
293M
317M
-31M
34M
5.75 12.00
9.4
On April 24 FRM announced its Chairman will retire and that the annual meeting has been postponed to May 6.
Mustang issued a press release saying the Company is seeking to manipulate the electoral process
http://finance.yahoo.com/news/mustang-capital-comments-furmanite-boards-141000113.html
Comment:
We initially covered FRM on December 4, 2014 when Mustang nominated four candidates to the board
http://finance.yahoo.com/news/mustang-capital-announces-proxy-contest-143100251.html
On February 26, 2015 Mustang issued a press release announcing it has modified its slate of four nominees.
On April 6 Mustang issued a presentation examining why change in the FRM boardroom is needed.
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Page 8 of 19
Clough Global Equity Fund (GLQ)

Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,123,920
6.3%
Not Avail
Catalyst:
On April 20 Bulldog submitted a shareholder proposal requesting a self-tender offer at or near NAV and that if
50% or more shareholders submit for the tender that the fund be liquidated entirely.
http://www.sec.gov/Archives/edgar/data/1316463/000150430415000041/EX-99.pdf
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
15.41
Not Avail
253M
Not Avail
Not Avail
Not Avail
12.63 15.80
Not Avail
Comment:
We initially covered GLQ on November 21, 2014 when Bulldog disclosed a 5.24% "active" stake and
announced it is talking with management and shareholders about the fund's performance and trading discount.
On January 20 Bulldog disclosed it has increased its stake from 5.24% to 6.3%
Bulldog announced plans to nominate 3 trustees at the annual meeting.
http://www.sec.gov/Archives/edgar/data/1316463/000150430415000006/EX-99.a.pdf
Gran Tierra Energy (GTE)

Activist Investor: West Face Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
27,000,000
9.78%
4.18
Catalyst:
On April 21 West Face Capital disclosed a 9.78% stake in GTE and sent a letter to the Company announcing its
intention to nominate six candidates. In the April 21 letter West Face discussed what it believes to be the
significant value destruction from high-risk ventures outside of Colombia since 2011 and the Boards role in
that decline.
3.59
559M
1.1B
697M
339M
394M
2.06 8.18
1.8
On April 23 West Face issued a press release stating that incremental change and delay does not serve GTE
shareholders, and called for sweeping change, a new board, a new CEO and a refocused strategy
http://www.sec.gov/Archives/edgar/data/1273441/000156761915000582/s000861x3_dfan14a.htm
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
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Page 9 of 19
Imation Corp (IMN)

Activist Investor: Clinton Group
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,452,713
3.4%
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
4.16
730M
176M
87M
96M
-35M
2.69 4.84
Negative
Catalyst:
Clinton posted a website which included a presentation titled, "Enhancing Shareholder Value at Imation Corp"
http://www.okapivote.com/imation/
Comment:
We initially covered IMN on December 15, 2014 when Clinton announced plans to nominate 3 candidates for
election to the board
Clinton filed its preliminary proxy materials to elect three directors to IMNs board.
http://www.sec.gov/Archives/edgar/data/1014111/000090266415001948/p15-0999prec14a.htm
On April 10 IMN issued a letter to shareholders calling Clinton's plans for the business undefined and
potentially self-serving
Clinton issued a letter to shareholders clarifying the reasons for its proxy
Proxy Solicitor to Imation Corp
Legal counsel to Clinton Group
Go to Next Page

Page 10 of 19
contest
iPass Inc. (IPAS)

Activist Investor: C. Silk & Sons
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
3,849,584
5.8%
1.43
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
1.20
70M
80M
48M
32M
-16M
0.85 1.82
Negative
Catalyst:
Marc Silk changed its filing status from "passive" to "active" and announced its intention to support iPass
Shareholder for Change
Comment:
We covered IPAS in 2008 and 2009 when Shamrock Capital and then Foxhill Capital demanded board
representation. Shamrock was granted one seat in March 2008 but that individual has since resigned.
On June 2, 2009 IPAS entered into a settlement agreement with Foxhill Capital. Under the terms of the
agreement IPAS said they will (i) declare a $20M dividend, (ii) use reasonable efforts to return an additional
$20M to shareholders by the end of 2009, (iii) declassify the board, and (iv) appoint one of Foxhills nominees
to the board immediately.
On January 8, 2010 Millennium Technology Value Partners disclosed it had purchased 5,566,126 shares of
IPAS from Shamrock on December 31, 2009. They currently own 6.2M shares, equivalent to 9.9%, at an avg
cost of $0.95/sh. Millennium announced they have engaged in constructive dialogue with the members of
IPASs board and management designed to enhance long-term shareholder value. Subsequent to this one
representative from Millennium joined the board and has since resigned.
On April 15, iPass Shareholders for Change (Maguire Asset Management, Francis Capital, Foxhill Capital)
announced a combined 7.7% ownership and nominated 5 candidates to the board citing many attempts over the
years for a constructive dialogue that went nowhere, multiple failures to sell the business, managements
continually falling short of executing several different business plans, and ongoing operating losses.
https://finance.yahoo.com/news/group-concerned-ipass-inc-shareholders-122700608.html
On April 16 iPass Shareholders filed preliminary proxy materials to elect 5 new directors.
http://www.sec.gov/Archives/edgar/data/1053374/000092189515000964/prec14a09297004_04162015.htm
Proxy Solicitor to iPass, Inc.
Legal counsel to iPass Shareholders for Change
The Macerich Company (MAC)

Activist Investor: Land & Buildings and Orange Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
Not Avail
Not Avail
Not Avail
Catalyst:
L&B/Orange issued a press release stating that they are highly confident that there is overwhelming shareholder
support for its pro-shareholder agenda.
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
83.23
1.2B
13.2B
19.2B
-6.2B
685M
62.62 95.93
27.8
Comment:
We initially covered MAC on April 15 when Land & Buildings and Orange Capital formed an investment group
to pressure The Macerich Company over its rejected Simon property bid and announced it will pursue litigation
to nominate four directors to the board.
Legal counsel to Orange Capital

Page 11 of 19
MGM Resorts International (MGM)

Activist Investor: Land and Buildings
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
3,787,000
0.8%
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
22.00
9.7B
10.4B
22.4B
-12B
2.1B
17.25 27.64
10.6
Catalyst:
On April 20 L&B sent a letter to shareholders highlighting the reasons to vote for its four board candidates.
Comment:
We initially covered MGM on March 17 when Land and Buildings proposed MGM convert to a REIT to unlock
value and nominated four to the board.
Land and Buildings issued a presentation indicating a 70% upside in stock value.
On March 30 Land and Buildings filed preliminary proxy materials nominating four people to the board
On April 1 Land & Buildings sent a letter to MGM calling on the board to form a committee and engage an
independent financial advisor to evaluate options to create long term value.
MusclePharm Corp. (MSLP)

Activist Investor: Wynnefield Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,040,000
7.7%
9.82
Catalyst:
On April 20 Wynnefield disclosed a 7.7% "active" stake in MSLP and announced it has recently communicated
its dissatisfaction with certain corporate governance practices and announced it is pleased the company will
separate the roles of Chairman and CEO before the end of the year.
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
4.53
177M
59M
66M
-7M
-17M
2.78 14.20
-3.8
Pep Boys Manny, Moe & Jack (PBY)

Activist Investor: GAMCO Investors
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
9,238,517
17.34%
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
9.11
2.1B
492M
806M
-316M
78M
8.00 11.66
10.4
Catalyst:
On April 21 GAMCO nominated five candidates to PBY's board.
http://www.sec.gov/Archives/edgar/data/77449/000080724915000083/pby_13.pdf
Comment:
We initially covered PBY on November 14 when GAMCO announced it is considering interviewing potential
board candidates for nomination.
On January 28 GAMCO announced it will nominate 3 or more directors to the board
Legal counsel to GAMCO

Page 12 of 19
PIMCO Dynamic Credit Income Fund (PCI)

Activist Investor: Ironsides Partners
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
275,000
<1%
22.00
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
20.87
N/A
N/A
N/A
N/A
N/A
20.18 24.07
N/A
Catalyst:
Ironsides issued a shareholder letter stating PIMCO's disappointing results demand change.
http://www.sec.gov/Archives/edgar/data/1558629/000092189515001017/dfan14a10282002_04232015.htm
Comment:
We initially covered Ironsides sent a letter to PCI shareholders claiming management and the board has failed
and is seeking support for two new directors.
Procera Networks, Inc. (PKT)

Activist Investor: Castle Union LLC; Cannell Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,360,735
6.6%
6.80
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
11.43
75M
237M
128M
102M
-8M
5.60 11.48
Negative
Catalyst:
PKT agreed to be bought by a PE firm for $240M; 11.50/sh
https://finance.yahoo.com/news/procera-networks-acquired-francisco-partners-103000186.html
Comment:
On October 20, 2014 Ronald Chez issued a press release demanding PKT's board examine strategic
alternatives http://finance.yahoo.com/news/ronald-l-chez-requests-procera-110000764.html
On October 28 Castle Union disclosed a 5.0% "active" stake in PKT and said it may engage with the board to
discuss a sale of the business
On December 5 Castle Union increased its ownership from 5% to 6.6% for $6.80/share
On January 15, 2015 Cannell formed a group of investors owning 1.5% of PKT and announced plans to
nominate new directors
On February 25 Cannell announced four candidates for election to the board.
http://www.sec.gov/Archives/edgar/data/1058854/000121390015001371/dfan14a0215can_procera.htm
On February 26 Castle Union nominated five candidates to the board.
Legal counsel to Castle Union
Go to Next Page

Page 13 of 19
PRGX Global (PRGX)

Activist Investor: Becker Drapkin
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,561,966
6.0%
5.80
Catalyst:
On April 20 Becker Drapkin disclosed a 5.99% "active" stake in PRGX and said it may talk to the company
about board representation.
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
4.06
164M
107M
78M
26M
7.5M
3.65 6.89
10.5
LMP Real Estate Income Fund (RIT)

Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,301,595
11.34%
Not Avail
Catalyst:
Bulldog increased its ownership to 13.14% and sent a letter to RIT shareholders highlighting managements
"dirty tricks" to keep Bulldog away.
http://www.sec.gov/Archives/edgar/data/1173557/000150430415000042/EX-99.pdf
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
13.04
Not Avail
Not Avail
Not Avail
Not Avail
Not Avail
10.58 13.61
Not Avail
Comment:
We initially covered RIT on January 15, 2015 when Bulldog disclosed a 6.01% "active" stake and stated that
since the closed-end fund has been trading at a double digit discount to NAV for over a year shareholders
should be afforded the opportunity to realize liquidity at NAV via a self-tender offer, open-ending or
liquidation.
Bulldog also said it may nominate directors or conduct a tender offer
Bulldog increased its ownership from 6.01% to 7.26%
On February 24 Bulldog announced plans to nominate three candidates to the board and present a proposal to
authorize a self-tender at NAV
On March 13 Bulldog increased its ownership to 10%
On March 26 Bulldog increased its ownership to 11.34%
On March 30 Bulldog sent a letter to RIT announcing its intention to solicit proxies to vote for a self-tender
offer and to elect three directors.
http://www.sec.gov/Archives/edgar/data/1173557/000150430415000033/defc14a.txt
Go to Next Page

Page 14 of 19
Rovi Corporation (ROVI)

Activist Investor: Engaged Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
~530,000
0.60%
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
19.48
542M
1.8B
2.5B
-800M
186M
17.03 26.44
13.0
Catalyst:
On April 22 Engaged issued a supplemental presentation on ROVI.
http://www.sec.gov/Archives/edgar/data/1424454/000092189515001006/ex1todfan14a09455012_042215.pdf
Comment:
We initially covered ROVI on March 11 when Engaged Capital sent a letter to Rovi's board expressing
frustration with the lack of progress on placing new directors and, as a result, announced four candidates for
election
http://www.businesswire.com/news/home/20150312005207/en/Engaged-Capital-Sends-Letter-Board-RoviCorporation#.VQGFd-EWBTI
Engaged filed its definitive proxy statement seeking to elect 3 new directors to ROVI's board and issued a
presentation to support its campaign
http://www.sec.gov/Archives/edgar/data/1424454/000092189515000960/dfan14a09455012b_04162015.htm
Legal counsel to Engaged Capital
Select Comfort Corporation (SCSS)

Activist Investor: Blue Clay Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,053,435
2.0%
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
34.50
1.2B
1.7B
1.6B
122M
161M
18.00 35.75
10.2
Catalyst:
On April 22 Blue Clay issued a shareholder presentation highlighting the need for change on the board
http://www.sec.gov/Archives/edgar/data/827187/000092189515001007/ex1dfan14a10184002b_04222015.pdf
Comment:
We initially covered SCSS on March 12 when Blue Clay filed prelim proxy materials to elect two directors.
On April 1 Blue Clay filed its Definitive Proxy statement
http://www.sec.gov/Archives/edgar/data/827187/000092189515000800/dfrn14a10184002_04012015.htm and
issued a letter to shareholders outlining the reasons for electing its two nominees
Legal counsel to Blue Clay Capital
Go to Next Page

Page 15 of 19
Superior Industries International (SUP)

Activist Investor: GAMCO Investors
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
3,372,601
12.52%
Not Avail
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
18.97
745M
517M
448M
66M
57M
17.04 21.53
7.9
Catalyst:
GAMCO sent a letter to shareholders soliciting support for its three nominees at the May 5 annual meeting
http://www.sec.gov/Archives/edgar/data/95552/000080724915000081/sup_28.pdf
Comment:
We initially covered SUP on November 30, 2012 when GAMCO announced plans to nominate one or more
individuals for election to SUPs board at the next annual meeting.
On February 3 GAMCO nominated 3 to the board.
On March 11 GAMCO commented on SUP's request to interview its nominees.
On March 19 GAMCO filed its preliminary proxy materials to elect three new directors to the board
Legal counsel to GAMCO
Vitamin Shoppe, Inc. (VSI)

Activist Investor: Carlson Capital
Investor Info
Shares
% Outstanding
Cost Basis
Catalyst Info
1,589,528
5.34%
Not Avail
Catalyst:
On April 22 Carlson Capital disclosed a 5.34% stake in VSI
Company Info
Share Price
Revenue
Market Cap
Enterprise Value
Net Cash
EBITDA
52 wk. range
EV/EBITDA
42.98
1.2B
1.3B
1.3B
4M
147M
36.90 49.04
8.6

Page 16 of 19

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PLATINUM SPONSORS Legal Advisers

Olshan Frome Wolosky LLP is a law firm dedicated to providing personal service tailored to the specific
requirements and concerns of the firms clients. Olshan is widely recognized as a preeminent law firm in the activist
strategy area, and represents experienced activist investors, funds new to the activist area, as well as other
investment and hedge funds. Olshan has extensive experience advising clients in a wide range of activist strategies,
from private negotiations with management to public, high profile proxy contests, including expertly and efficiently
handling litigation relating to activist matters. We also specialize in mergers and acquisitions and hostile takeovers,
with extensive expertise in these matters. Olshans highly regarded attorneys provide a full range of legal services
and are uniquely positioned to provide expert advice regarding the complicated and nuanced legal issues facing
activist investors today.
Contact:
Steve Wolosky, Partner
Email: swolosky@olshanlaw.com
Tel: +1 212.451.2333
Schulte Roth and Zabel LLP, one of the leading law firms in the activist investing area, has been involved in some
of the highest-profile campaigns facing the business world in recent years. Serving both activist-only and occasional
activists, the firm advises on federal securities law, state corporate law, Hart-Scott-Rodino, proxy rules and related
matters, as well as handling investigations and litigations arising out of clients' activist activity. The firm, with over
375 lawyers in offices in New York, Washington, D.C., and London, has a long history of serving private equity and
hedge fund clients.
Contact:
Marc Weingarten, Partner
Email: marc.weingarten@srz.com
Tel: +1 212.756.2280
David Rosewater, Partner
Email: david.rosewater@srz.com
Tel: +1 212.756.2208

Page 18 of 19
PLATINUM SPONSORS Proxy Advisors

Alliance Advisors LLC is a multi-faceted shareholder communications firm specializing in proxy solicitation,
corporate governance consulting, and information agent services. Our in-depth view of the investor communities
and governance environment allows us to prepare for successful outcomes.
Alliance Advisors fight team has built a distinguished reputation by successfully completing countless contested
assignments. The team will complete a comprehensive analysis of the shareholder base and build a calculated battle
plan accordingly. We will assist in the crafting and delivery of your message to the target audience, ensuring the
message is heard and understood. Alliance Advisors consistently delivers successful outcomes to our clients.
Contact:
Peter Casey, Executive Vice President
Email: pcasey@allianceadvisorsllc.com
Tel: +1 973.873.7710
Innisfree M&A Incorporated is a full service proxy solicitation/investor relations firm providing clients with
sound tactical and strategic advice and results-oriented implementation in proxy and consent solicitations (whether
friendly or contested), tender and exchange offers, mergers, rights offerings, strategic restructurings and other
domestic and cross-border transactions requiring action by public security-holders. We provide expert consulting
services on a wide range of matters, including executive compensation proposals, corporate governance issues and
investor relations.
Innisfrees reputation derives from our success in complex and/or contested situations. Key to that success is our
ability to track, identify and understand the shifting dynamics of a companys security-holder base and provide
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Contact:
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Email: acrozier@innisfreema.com
Tel: +1 212.750.5837
MacKenzie Partners, Inc. is a full-service proxy solicitation, investor relations and corporate governance
consulting firm specializing in mergers-and-acquisitions related transactions. The firm has offices in New York
City, Los Angeles, Palo Alto and London.
MacKenzie's services include corporate governance consulting, security holder solicitations, information agent
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Contact:
Mark Harnett, President
Email: mharnett@mackenziepartners.com
Tel: +1 212.929.5877

Page 19 of 19

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AeroCentury Corp (ACY)

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Associated Estates Realty (AEC)

Proxy Solicitor to Land and Buildings

Proxy Solicitor to AEC

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Ashford Hospitality Trust (AHT)

On November 5 ISS supported the call for a special meeting.

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Ballantyne Strong, Inc. (BTN)

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Bellatrix Exploration (BXE)

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MFS Intermarket Income Trust I (CMK)

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E.I. du Pont (DD)

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Essex Rental Corp (ESSX)

Furmanite Corporation (FRM)

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Gran Tierra Energy (GTE)

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Imation Corp (IMN)

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iPass Inc. (IPAS)

Proxy Solicitor to iPass, Inc.

Legal counsel to iPass Shareholders for Change

The Macerich Company (MAC)

Legal counsel to Orange Capital

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MGM Resorts International (MGM)