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ISSUE

01
JUNE 2010

MONTHLY JOURNAL OF IDEAS

ValueEdge Value
“Saving You Time, Making You Money”

LONGS

Dear Investor,
CONTRARIAN GAME, ORN, NZT DEEP VALUE EHTE.PK, OPBL.OB, FTAR.OB CHEAP FRANCHISES CLW, USMO, STO INTERNATIONAL VALUE OM:INDU A, DB:MUV2, TSE:9422

We are pleased to bring you the inaugural issue of Value ValueEdge, our monthly newsletter for both long and short ideas The newsletter is designed to be the first step in the idea generation process of any serious investor. Our research process focuses on several long and short strategic categories. On the long side, our screens include: Contrarian: companies at 52 week lows and undervalued compared to industry peers. :

POTENTIAL ACTIVIST TARGETS ESV, OSTE, SGC POTENTIAL LIQUIDATIONS SUTM.Q, SOAP, NSTR MERGER ARBITRAGE ADG, FCEC, JAV VALUEHUNTR PROPRIETARY RLRN, VRSK, DNB SHORTS HERDING BID, RHIE, YRCW TRADITIONAL SNG, SWSI, EROC DEEP FISHING WSEG, CPPX.F, SOPK EARNINGS HISTORY EURX, END, RGNC POSSIBLE DEFAULTS NYMX, WAVX, JDSU REVERSE MERGER ARBITRAGE DTG, TSFG, MIR VALUEHUNTR PROPRIETARY ULBI, GLG, ALKS

Deep Value: undervalued companies in the smallest 5% of market cap range and no : coverage. Cheap Franchises: cheap companies with an identifiable competitive advantage. : International Value: cheap companies trading in major foreign markets. Potential Activist Targets: companies below NCAV and low P/B with some institutional : ownership. Potential Liquidations: companies trading below net cash with activist investor ownership. : Merger Arbitrage: potential merger transactions trading below closing value. : ValueHuntr Proprietary: top companies in our ValueHuntr proprietary screen. : On the short side, our screens include: Herding: companies at 52 week highs and no news. : Traditional: overvalued companies with poor business prospects : Deep Fishing: overvalued companies in the smallest 5% of market cap range. : Earnings History: companies with highest M : M-score parameters. Possible Defaults: companies with lowest Z : Z-score parameters. Reverse Merger Arbitrage: potential merger transactions trading above closing value. : ValueHuntr Proprietary: bottom companies in our ValueHuntr proprietary screen. Whether you are an institutional or individual investor, the information provided is designed to be actionable and help you outperform. Best, ValueHuntr Team

ValueEdge is published monthly by ValueHuntr.com. Email: valuehuntr@mgmail.com. Please email if you have any subscription questions. Su Subscription : $20 per month, or $199 per year. © Copyright 2010 by ValueHuntr.com All rights reserved. Photocopying, reproduction, quotation, o redistribution of any kind is or strictly prohibited without written permission from the publisher. This newsletter bases screening results on techniques and sources believed to be reliable in the past and cannot guarantee future accuracy and results. The stocks listed in this newsletter should not be construed as in investment recommendations.

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LONG IDEAS

Contrarian: 52 Week Low List
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Shanda Games Limited Orion Marine Group, Inc Telecom Corp. of New Zealand Ltd. Euronet Worldwide Inc. The9 Limited Energy XXI (Bermuda) Limited Diamond Offshore Drilling Inc. Alliant Techsystems Inc. Nokia Corporation CNA Surety Corp. Web.com Group, Inc. Transocean Ltd. Mahanagar Telephone Nigam Ltd. Shengdatech, Inc. Petroleo Brasileiro SK Telecom Co. Ltd. Concord Medical Services Holdings Limited Xinyuan Real Estate Company Ltd. Geokinetics Inc. Dole Food Company Inc. Petrobras Energía SA Elbit Systems Ltd. Arden Group Inc. Scientific Games Corporation Hellenic Telecommunications Organization SA ePlus Inc. RRSat Global Communications Network Ltd. Manulife Financial Corporation Siliconware Precision Industries Co. Ltd. Tower Group Inc. TICKER GAME ORN NZT EEFT NCTY EXXI.D DO ATK NOK SUR WWWW RIG MTE SDTH PBR SKM CCM XIN GOK DOLE PZE ESLT ARDN.A SGMS OTE PLUS RRST MFC SPIL TWGP Market Cap ($USDmm) 1,645 419 2,640 732 122 734 9,746 2,448 37,351 755 109 20,050 762 339 146,801 10,397 324 196 109 855 1,449 2,472 290 1,011 4,046 151 163 30,199 3,562 974 EV/EBITDA 4.67 7.93 4.08 6.02 4.37 4.28 4.63 5.32 5.59 4.41 4.95 5.49 0.94 7.78 5.29 4.16 5.55 4.26 7.53 6.44 4.23 6.42 6.07 7.52 3.78 5.57 5.54 4.87 5.08 5.57 % Change 52 Week Low 0.18 0.26 0.49 0.63 0.63 0.84 0.86 0.90 0.93 0.95 0.99 1.08 1.17 1.29 1.41 1.52 1.54 1.57 1.65 1.79 1.82 1.86 1.91 1.99 2.29 2.30 2.40 2.54 2.94 2.95

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LONG IDEAS

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Deep Value: Hidden Bargains
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Ethanex Energy Inc. Optionable Inc. Footstar Inc. nFinanSe Inc China Crescent Enterprises Inc. Regal One Corp. Orsus Xelent Technologies Inc. Paragon Real Estate Equity & Investment New Dragon Asia Corp. Infosonics Corp. Silverleaf Resorts Inc. Meade Instruments Corp. Endwave Corp. Parlux Fragrances Inc. VaxGen Inc. DVL Inc. TransNet Corp. Trans World Entertainment Corp. Advanced Technologies Group Ltd. EDCI Holdings Inc. Nu Horizons Electronics Corp. Altex Industries Inc. LiveDeal Inc. ADM Tronics Unlimited Inc. Chromcraft Revington Inc. Taitron Components Inc. Manhattan Bridge Capital Inc. Income Opportunity Realty Investors Inc. PMC Commercial Trust Technest Holdings Inc. Imarx Therapeutics Inc. MangoSoft Inc. Aspen Exploration Corp. International Lottery & Totalizator Syst. Golf Rounds.com Inc. DAC Technologies Group International Inc. Mace Security International Inc. TICKER EHTE.PK OPBL.OB FTAR.OB NFSE.OB CCTR.OB RONE.OB ORS PRLE.OB NWD IFON SVLF MEAD ENWV PARL VXGN.OB DVLN.OB TRNT.OB TWMC AVGG.OB EDCI NUHC ALTX.OB LIVE ADMT.OB CRC TAIT LOAN IOT PCC TCNH.OB IMRX.OB MGOF.OB ASPN.OB ITSI.OB TEEE.OB DAAT.OB MACE Market Cap ($USD) 195,000 483,300 9,279,400 858,600 2,343,700 217,800 11,308,800 32,400 9,024,000 8,649,800 47,425,000 4,387,500 26,966,000 37,240,500 11,257,400 4,924,700 915,800 62,800,000 3,328,200 22,074,400 65,110,500 1,804,400 3,526,400 539,400 12,349,000 7,811,400 4,282,800 23,310,300 87,565,000 2,258,900 116,600 1,088,000 2,250,600 2,332,800 1,276,500 3,126,600 10,176,000 Price as % of NCAV 7.62% 8.72% 11.58% 17.30% 22.29% 27.92% 29.76% 35.22% 35.31% 35.43% 37.88% 38.29% 38.54% 39.30% 39.90% 40.30% 41.05% 41.33% 41.42% 43.11% 49.22% 50.90% 51.75% 53.83% 54.59% 56.18% 58.41% 58.72% 59.50% 62.42% 62.69% 63.59% 63.79% 63.98% 64.08% 65.41% 65.93% Price/Book 0.05 0.1 0.07 0.15 0.31 0.13 0.25 0.12 0.15 0.37 0.24 0.33 0.81 0.35 0.39 0.19 0.36 0.34 0.41 0.28 0.47 0.45 0.34 0.5 0.38 0.41 0.6 0.32 0.58 0.26 1.12 0.64 0.6 0.57 0.64 0.49 0.31

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LONG IDEAS

Cheap Franchises: Value And Quality
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Clearwater Paper Corporation USA Mobility, Inc. Statoil ASA InterDigital, Inc. Telecom Argentina S A Nortel Inversora S.A. Fuel Systems Solutions, Inc. PDL BioPharma, Inc. ATC Technology Corporation AstraZeneca PLC Safe Bulkers, Inc. VSE Corp. Freeport-McMoRan Copper & Gold Inc. Sinovac Biotech Ltd. Foster Wheeler AG Diamond Offshore Drilling Inc. Shanda Games Limited Sturm, Ruger & Co. Inc. Chicago Bridge & Iron Company N.V. Pre-Paid Legal Services, Inc. W.R. Grace & Co. Lincoln Educational Services Corporation Corinthian Colleges Inc. Gap Inc. GT Solar International, Inc. Aeropostale, Inc. Greenlight Capital Re, Ltd. Gymboree Corp. Eli Lilly & Co. Allegiant Travel Company Hewitt Associates Inc. CF Industries Holdings, Inc. SuperMedia Inc. MedQuist Inc. Gulf Resources, Inc. Hi Tech Pharmacal Co. Inc. Partner Communications Co. Ltd. Hawkins Inc. Fluor Corporation Apollo Group Inc. TICKER CLW USMO STO IDCC TEO NTL FSYS PDLI ATAC AZN SB VSEC FCX SVA FWLT DO GAME RGR CBI PPD GRA LINC COCO GPS SOLR ARO GLRE GYMB LLY ALGT HEW CF SPMD MEDQ GFRE HITK PTNR HWKN FLR APOL EV/EBITDA 1.83 2.08 2.77 3.02 3.06 3.40 3.45 3.72 4.01 4.07 4.15 4.15 4.24 4.30 4.49 4.63 4.67 4.67 4.75 4.80 4.80 4.97 4.99 5.03 5.04 5.12 5.22 5.29 5.34 5.39 5.40 5.56 5.57 5.57 5.58 5.64 5.69 5.88 5.88 5.92 % ROIC 43.2 27.6 25.6 73.0 27.2 27.3 23.8 80.8 20.0 27.2 23.9 26.1 26.1 30.1 34.3 26.3 50.7 34.5 20.1 64.1 25.9 24.5 23.1 24.5 64.4 61.6 21.7 26.5 23.8 25.0 20.0 27.4 25.7 20.7 24.7 24.0 25.5 21.2 22.1 55.0 Market Cap ($USDmm) 704.4 327.2 66,912.8 1,150.7 3,213.2 2,889.0 497.2 689.3 398.9 60,156.3 517.1 200.9 31,654.5 235.9 3,256.8 9,745.7 1,644.7 320.1 1,992.5 502.6 1,945.8 644.3 1,322.8 15,070.3 781.6 2,593.7 914.4 1,324.1 38,768.6 1,018.8 3,529.0 5,071.0 530.3 348.9 321.5 287.6 2,773.8 288.6 8,952.9 8,265.0

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LONG IDEAS

International Value: Foreign Bargains
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Industrivärden Münchener Rückversicherungs-Gesellschaft ITC Networks Corp. Statoil ASA Shinko Plantech Co., Ltd. Confab Industrial SA OPAP SA Churchill Corp. Severfield-Rowen plc Bird Construction Income Fund Create SD Holdings Co., Ltd. Contax Participacoes Sa Sul America Sa JD Sports Fashion plc Go-Ahead Group plc AXELL Corp. AstraZeneca PLC Kura Corp. First Quantum Minerals Ltd. Mobistar SA Aeon Delight Co Ltd. Skymark Airlines Inc Pace plc Perusahaan Telekomunikasi Indonesia Tbk. IG Group Holdings Plc (LSE:IGG) Hilton Food Group PLC (LSE:HFG) Gourmet Navigator, Inc. (TSE:2440) WH Smith plc Bijou Brigitte AG Bolsas y Mercados Españoles S.A. AES Tiete S.A. Point Inc. TICKER OM:INDU A DB:MUV2 TSE:9422 OB:STL TSE:6379 BOVESPA:CNFB4 ATSE:OPAP TSX:CUQ LSE:SFR TSX:BDT.UN TSE:3148 BOVESPA:CTAX4 BOVESPA:SULA11 LSE:JD. LSE:GOG TSE:6730 LSE:AZN TSE:2695 TSX:FM ENXTBR:MOBB TSE:9787 TSE:9204 LSE:PIC JKSE:TLKM LSE:IGG LSE:HFG TSE:2440 LSE:SMWH DB:BIJ CATS:BME BOVESPA:GETI4 TSE:2685 EV/EBITDA 1.69 2.29 2.61 2.77 2.87 3.00 3.07 3.10 3.11 3.12 3.22 3.31 3.45 3.49 3.51 3.79 4.07 4.27 4.30 4.34 4.34 4.40 4.53 4.61 4.66 5.03 5.33 5.37 5.41 5.44 5.50 5.99 % ROIC 29.7 20.5 21.4 25.6 24.8 21.3 82.3 22.4 21.2 29.7 20.2 26.9 24.5 33.9 23.5 32.3 27.2 21.4 20.5 34.4 20.6 24.2 25.6 22.3 21.3 25.2 28.4 26.6 27.4 25.2 49.0 37.5 Exchange London (LSE) London (LSE) Tokyo (TSE) London (LSE) Tokyo (TSE) Sao Paulo (BOVESPA) London (LSE) Toronto Stock (TSX) London (LSE) Toronto (TSX) Tokyo (TSE) Sao Paulo (BOVESPA) Sao Paulo (BOVESPA) London (LSE) London (LSE) Tokyo (TSE) London (LSE) Tokyo (TSE) London (LSE) London (LSE) Tokyo (TSE) Tokyo (TSE) London (LSE) London (LSE) London (LSE) London (LSE) Tokyo (TSE) London (LSE) London (LSE) London (LSE) Sao Paulo (BOVESPA) Tokyo (TSE) Market Cap ($USDmm) 4,311.3 25,083.7 238.3 66,912.8 400.4 1,097.4 5,207.0 312.9 294.0 432.9 438.9 661.4 1,906.4 562.3 808.7 399.3 60,156.3 336.1 5,133.8 3,097.8 703.3 289.3 703.9 16,187.0 1,981.3 252.5 396.8 978.5 1,124.2 1,842.5 3,778.4 1,533.2

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LONG IDEAS

Potential Activist Targets
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Ensco plc Osteotech, Inc. Superior Uniform Group Inc. Tuesday Morning Corp. Harbinger Group Inc. Hydrogenics Corp. Heelys, Inc. Sycamore Networks Inc. Solarfun Power Holdings Co. Ltd. Movado Group Inc. RCM Technologies Inc. Physicians Formula Holdings Inc. Addus HomeCare Corp. Global Industries Ltd. Kaiser Aluminum Corporation Palm Harbor Homes Inc. MEMSIC, Inc. Winn-Dixie Stores Inc. CSS Industries Inc. Albany Molecular Research Inc. Stanley Furniture Co. Inc. Omega Protein Corp. United American Healthcare Corp. New Frontier Media Inc. Brookfield Homes Corp. Duckwall-ALCO Stores Inc. Tufco Technologies Inc. Management Network Group Inc. Syms Corp. Conns Inc. TICKER ESV OSTE SGC TUES HRG HYGS HLYS SCMR SOLF MOV RCMT FACE ADUS GLBL KALU PHHM MEMS WINN CSS AMRI STLY OME UAHC NOOF BHS DUCK TFCO TMNG SYMS CONN Current Assets 1652.8 70.5 59.1 241.2 144.4 28.0 78.7 652.4 486.3 380.3 60.7 63.0 84.4 680.8 300.7 361.8 76.5 954.3 168.3 180.5 109.6 83.9 19.2 29.1 904.5 162.6 23.0 28.8 71.5 409.6 Total Liabilities 1248.0 36.7 13.4 83.9 7.1 19.3 7.5 31.4 364.0 99.8 14.9 57.9 80.7 654.7 184.3 312.0 3.6 936.0 63.0 59.1 57.6 61.0 7.1 15.0 558.1 89.1 11.7 14.2 29.1 207.1 P/BV 0.958 0.954 0.951 0.929 0.897 0.892 0.863 0.841 0.836 0.835 0.827 0.819 0.788 0.782 0.775 0.770 0.763 0.746 0.738 0.727 0.717 0.650 0.648 0.639 0.639 0.614 0.594 0.551 0.549 0.538

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LONG IDEAS

Potential Liquidation Opportunities
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Sun-Times Media Group Inc. Soapstone Networks Inc. Northstar Neuroscience, Inc. Neose Technologies Inc. Handleman Co. Neurobiological Technologies Inc. Technest Holdings, Inc. Convera Corp. EDCI Holdings, Inc. The9 Limited Agria Corporation Tigrent Inc. United American Healthcare Corp. Myriad Pharmaceuticals, Inc. Peerless Systems Corp. 4 Kids Entertainment Inc. Endwave Corp. ID Systems Inc. Insmed Incorporated Harbinger Group Inc. Interphase Corp. TravelCenters of America LLC Orthologic Corp. NeuroMetrix Inc. Adaptec, Inc. GraphOn Corp. AutoImmune Inc. TICKER OTCPK:SUTM.Q OTCPK:SOAP OTCPK:NSTR OTCPK:NTEC OTCPK:HDLM OTCPK:NTII OTCBB:TCNH OTCPK:CNVR NasdaqCM:EDCI NasdaqGS:NCTY NYSE:GRO OTCBB:TIGE NasdaqCM:UAHC NasdaqGM:MYRX NasdaqCM:PRLS NYSE:KDE NasdaqGM:ENWV NasdaqGM:IDSY NasdaqCM:INSM NYSE:HRG NasdaqGM:INPH AMEX:TA NasdaqCM:CAPS NasdaqGM:NURO NasdaqGM:ADPT OTCBB:GOJO OTCPK:AIMM EV ($USDmm) -79.0 -75.7 -58.4 -6.5 -15.3 -24.2 -11.5 -11.7 -46.2 -125.1 -81.7 -2.4 -3.7 -32.9 -10.1 -1.6 -3.1 -4.1 -11.7 -12.0 -1.2 -4.1 -2.5 -1.8 -21.3 -0.1 -0.2 Market Cap ($USDmm) 0.2 0.3 0.8 0.2 1.2 2.0 2.3 3.9 22.1 119.9 88.2 4.1 8.2 110.8 44.5 12.3 26.3 37.7 110.8 128.6 14.7 50.3 32.6 28.6 358.7 2.8 7.8 % Owned Inst. 16.9 24.6 22.6 16.9 31.5 24.9 55.8 41.5 22.6 39.1 17.8 22.4 49.6 54.5 15.5 23.9 23.9 15.6 19.6 61.7 16.0 18.8 22.7 29.6 55.1 26.3 47.4 % Owned Insiders 1.8 12.3 8.6 2.8 0.9 4.4 7.9 18.8 11.3 22.9 17.5 23.7 25.1 0.8 4.6 13.4 3.2 13.4 3.5 0.0 10.2 7.2 2.3 7.5 11.5 7.6 13.8

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LONG IDEAS

Merger Arbitrage
TICKER Announced Date 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ADG FCEC JAV WX AYE PBCI SSE UBET SNEN Q STBK FKFS SWWC PINN RCNI PSYS IDC BNE ME CPII VTIV GLG MAM DCP BSMD 1/19/2010 12/28/2009 12/18/2009 4/26/2010 2/11/2010 6/30/2009 2/23/2010 11/11/2009 10/12/2009 4/22/2010 3/18/2010 11/3/2009 3/3/2010 2/24/2010 3/5/2010 5/17/2010 5/4/2010 2/23/2010 4/15/2010 5/10/2010 5/6/2010 5/17/2010 3/12/2010 4/12/2010 5/13/2010 Closing Date 5/31/2010 6/30/2010 6/30/2010 12/31/2010 3/31/2011 6/30/2010 9/30/2010 6/30/2010 5/31/2010 4/21/2011 9/30/2010 7/31/2010 9/30/2010 6/30/2010 9/4/2010 12/31/2010 9/30/2010 9/30/2010 9/30/2010 9/30/2010 9/30/2010 9/30/2010 10/31/2010 10/11/2010 9/30/2010 Last Price US$4.02 US$9.31 US$1.82 US$17.71 US$20.48 US$8.02 US$6.41 US$2.75 US$1.75 US$5.12 US$2.35 US$13.46 US$10.35 US$0.32 US$14.24 US$32.30 US$32.59 US$11.07 US$22.24 US$15.82 US$25.12 US$4.35 US$43.55 US$17.02 US$4.27 Closing Value US$7.25 US$11.51 US$2.20 US$21.25 US$23.47 US$9.18 US$7.25 US$2.99 US$1.90 US$5.54 US$2.52 US$14.37 US$11.00 US$0.34 US$15.00 US$33.75 US$33.86 US$11.50 US$23.06 US$16.40 US$26.00 US$4.50 US$45.00 US$17.55 US$4.38 Profit 80.35% 23.59% 20.88% 19.99% 14.61% 14.46% 13.10% 8.84% 8.57% 8.29% 7.23% 6.74% 6.28% 6.25% 5.34% 4.49% 3.90% 3.88% 3.70% 3.67% 3.50% 3.45% 3.33% 3.11% 2.58%

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LONG IDEAS

ValueHuntr Proprietary: Promising Bargains
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Renaissance Learning Inc. Verisk Analytics, Inc. Dun & Bradstreet Corp. Lorillard, Inc. PDL BioPharma, Inc. Immunomedics Inc. Corporate Executive Board Co. DJSP Enterprises, Inc. ITT Educational Services Inc. InterDigital, Inc. Pernix Therapeutics Holdings, Inc. Moody's Corp. China MediaExpress Holdings, Inc. Impax Laboratories Inc. ChinaNet Online Holdings, Inc. Pre-Paid Legal Services, Inc. Sharps Compliance Corp. Select Comfort Corporation GT Solar International, Inc. Bridgepoint Education, Inc. Santarus Inc. Aeropostale, Inc. Pzena Investment Management, Inc. China Biologic Products, Inc. China INSOnline Corp. Revlon, Inc. Cherokee Inc. Shanda Games Limited Accenture plc Life Partners Holdings, Inc. Apollo Group Inc. Clearwater Paper Corporation Changyou.com Limited Mastercard Incorporated Kirkland's Inc. Scientific Learning Corp. Vonage Holdings Corporation USA Mobility, Inc. TICKER RLRN VRSK DNB LO PDLI IMMU EXBD DJSP ESI IDCC PTX MCO CCME IPXL CNET PPD SMED SCSS SOLR BPI SNTS ARO PZN CBPO CHIO REV CHKE GAME ACN LPHI APOL CLW CYOU MA KIRK SCIL VG USMO ValueHuntr Score 176.5 83.7 78.1 61.5 50.3 46.8 43.2 41.3 36.6 32.1 30.7 28.7 25.9 24.8 24.7 22.8 22.7 22.6 22.3 21.8 21.2 20.8 18.9 17.9 17.5 17.4 17.2 16.7 16.4 16.2 16.0 15.9 14.7 12.3 11.6 11.5 11.2 10.0

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SHORT IDEAS

Herding: 52 Week High and No News
Company Name 1 2 3 4 5 6 7 Sotheby's RHI Entertainment, Inc. YRC Worldwide Inc. EnteroMedics, Inc. Cowlitz Bancorp. Repros Therapeutics Inc. Midwest Banc Holdings Inc. TICKER BID RHIE YRCW ETRM CWLZ RPRX MBHI

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SHORT IDEAS

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Traditional: Overvalued Weak Businesses
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Canadian Superior Energy Inc. Superior Well Services Inc. Eagle Rock Energy Partners, L.P. Limelight Networks, Inc. Point.360 Westwood One Inc. American Biltrite Inc. Toreador Resources Corp. Petroflow Energy Ltd. Cadence Design Systems Inc. Nautilus Inc. Unify Corp. AMR Corporation Isramco Inc. Hollywood Media Corp. Endeavour International Corporation Sauer-Danfoss Inc. Goldfield Corp. Coldwater Creek Inc. Basic Energy Services, Inc. Multiband Corporation NTN Buzztime Inc. Westmoreland Coal Co. SandRidge Energy, Inc. Jamba, Inc. Vanguard Natural Resources, LLC Pacific Sunwear of California Inc. Dawson Geophysical Co. Shiloh Industries Inc. Credo Petroleum Corp. Trans-Lux Corp. Carrizo Oil & Gas Inc. New York & Company Inc. Borders Group, Inc. Tower Semiconductor Ltd. Pioneer Drilling Co. Kona Grill Inc. The Great Atlantic & Pacific Tea Company, Inc. TICKER SNG SWSI EROC LLNW PTSX WWON ABL TRGL PED CDNS NLS UNFY AMR ISRL HOLL END SHS GV CWTR BAS MBND NTN WLB SD JMBA VNR PSUN DWSN SHLO CRED TLX CRZO NWY BGP TSEM PDC KONA GAP EV/EBITDA 298.8 243.4 165.9 162.2 91.5 71.3 57.7 50.4 46.8 46.4 45.3 44.1 44.1 36.5 36.1 31.5 30.9 29.7 27.1 25.3 18.3 17.4 16.4 16.2 16.1 14.4 14.1 13.9 13.4 13.1 12.4 12.3 11.7 11.5 11.1 10.3 10.3 10.1 % ROIC -20.6 -8.7 -5.8 -7.1 -7.3 -8.4 -8.4 -6.7 -5.0 -5.9 -6.6 -7.0 -7.5 -5.9 -5.6 -5.2 -5.8 -7.4 -8.9 -7.5 -16.6 -9.5 -24.6 -9.8 -9.4 -8.4 -10.0 -5.2 -5.3 -7.7 -8.6 -5.5 -5.8 -7.8 -9.6 -5.1 -6.0 -5.7

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SHORT IDEAS

Deep Fishing: Hidden and Overvalued
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Western Standard Energy Corp. Continental Energy Corp. SouthPeak Interactive Corp. Javo Beverage Company Inc. TAG Oil Ltd. Westbridge Energy Corporation Congoleum Corp. Neon Energy Limited MDU Communications International Inc. Grill Concepts Inc. Katy Industries, Inc. Vane Minerals PLC Territory Resources Limited American Wagering Inc. M Line Holdings, Inc. Naturally Iowa, Inc. HEI Inc. Neenah Enterprises, Inc. Landmark Land Co. Inc. DE AbitibiBowater, Inc. iSecureTrac Corp. Datascension Inc. Purple Communications, Inc. Artnet AG Sega Toys Ltd. TICKER OTCBB:WSEG OTCBB:CPPX.F OTCBB:SOPK OTCBB:JAVO TSXV:TAO TSXV:PSH OTCPK:CGMC.Q ASX:NEN OTCBB:MDTV OTCPK:GLLC OTCBB:KATY AIM:VML ASX:TTY OTCBB:BETM OTCBB:MLHC OTCPK:NLIA OTCPK:HEII OTCPK:NENA.Q OTCPK:LLND OTCPK:ABWT.Q OTCBB:ISEC OTCBB:DSEN OTCPK:PRPL XTRA:AYD JASDAQ:7842 EV/EBITDA 17.3 33.5 11.8 17.5 178.8 59.5 26.5 78.2 20.5 12.3 137.0 237.7 26.1 12.6 42.4 29.5 11.8 43.4 17.1 89.1 27.6 17.5 37.3 70.8 100.0 % ROIC -167.2 -56.9 -49.5 -28.9 -28.5 -22.2 -12.7 -12.6 -12.2 -11.1 -10.5 -10.3 -9.8 -9.7 -9.2 -8.2 -7.4 -7.0 -6.7 -6.6 -6.2 -6.0 -5.6 -5.5 -5.4 Market Cap ($USDmm) 3.4 7.0 27.6 34.4 71.1 0.5 0.7 33.4 16.7 3.4 9.9 8.2 40.4 2.5 3.1 0.3 6.7 0.2 1.9 5.7 9.7 0.5 0.8 35.0 72.0

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SHORT IDEAS

Earnings History: Potential Manipulators
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Eurand N.V. Endeavour International Corporation Regency Energy Partners LP Allscripts-Misys Healthcare Solutions, Inc. Atlas Pipeline Partners LP Atlas Pipeline Holdings LP Valero Energy Corp. Network Engines Inc. FreightCar America Inc. Focus Media Holding Ltd. Mechel OAO Rex Energy Corporation Mercadolibre, Inc. Conceptus, Inc. MIPS Technologies Inc. Potlatch Corporation Washington Real Estate Investment Trust LogMeIn, Inc. TICKER EURX END RGNC MDRX APL AHD VLO NENG RAIL FMCN MTL REXX MELI CPTS MIPS PCH WRE LOGM Market Cap ($USDmm) 474.8 227.7 1996.0 2774.2 535.3 133.0 10110.7 113.8 306.0 2203.8 8304.6 454.1 2044.4 529.7 212.3 1368.8 1704.0 572.6 EV/EBITDA 53.9 31.5 15.6 31.5 16.8 21.1 17.1 79.7 43.5 39.1 21.4 83.7 30.9 25.5 15.7 17.3 16.3 34.0 Beneish M-Score 118.2 112.1 105.2 31.1 15.0 14.9 12.2 10.6 10.5 8.5 8.2 5.2 5.0 4.1 2.2 0.4 0.3 0.1

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SHORT IDEAS

Possible Defaults: Near Bankruptcy
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Nymox Pharmaceutical Corporation Wave Systems Corp. JDS Uniphase Corp. Valence Technology Inc. Cell Therapeutics, Inc. Antigenics Inc. Openwave Systems Inc. Ariad Pharmaceuticals Inc. XOMA Ltd. Zix Corp. ModusLink Global Solutions, Inc. Conexant Systems Inc. Idenix Pharmaceuticals Inc. Neurocrine Biosciences Inc. Capstone Turbine Corp. PRIMEDIA Inc. TICKER NYMX WAVX JDSU VLNC CTIC AGEN OPWV ARIA XOMA ZIXI MLNK CNXT IDIX NBIX CPST PRM Market Cap ($USDmm) 124.0 230.6 2284.7 125.2 288.8 101.8 190.4 411.7 133.3 140.8 329.5 215.1 247.7 144.2 237.1 156.5 Altman Z-Score -69.7 -58.2 -55.0 -35.6 -29.2 -21.0 -20.7 -18.1 -16.5 -15.5 -14.6 -14.5 -13.6 -12.8 -12.2 -12.2

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SHORT IDEAS

Reverse Merger Arbitrage
TICKER 1 2 3 4 5 6 7 8 9 10 11 12 13 14 DTG TSFG MIR ARD CAL SMMX LNY TWPG CRN XTO ATBC SII RISK IWA Announced Date 4/26/2010 5/17/2010 4/12/2010 4/5/2010 5/3/2010 4/5/2010 11/3/2009 4/26/2010 4/19/2010 12/14/2009 5/10/2010 2/22/2010 3/1/2010 11/24/2009 Closing Date 12/31/2010 9/30/2010 12/31/2010 9/30/2010 12/31/2010 6/30/2010 5/31/2010 6/30/2010 9/30/2010 6/30/2010 9/30/2010 12/31/2010 8/31/2010 6/1/2010 Last Price US$47.81 US$0.29 US$12.38 US$33.09 US$19.76 US$5.85 US$21.94 US$7.31 US$27.59 US$44.11 US$2.47 US$41.95 US$21.93 US$16.60 Closing Value US$41.00 US$0.26 US$11.51 US$30.78 US$18.59 US$5.53 US$21.00 US$7.02 US$26.75 US$42.82 US$2.40 US$41.25 US$21.71 US$16.56 Profit -14.24% -9.31% -7.03% -6.98% -5.91% -5.44% -4.28% -3.90% -3.03% -2.92% -2.83% -1.66% -1.00% -0.25%

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SHORT IDEAS

ValueHuntr Proprietary: Damaged Franchises
Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Ultralife Corp. GLG Partners, Inc. Alkermes, Inc. FSI International Inc. Superior Well Services Inc. Melco Crown Entertainment Ltd. Tesoro Corporation Griffin Land & Nurseries Inc. Ultra Clean Holdings Inc. EnerNOC, Inc. Eagle Rock Energy Partners, L.P. Limelight Networks, Inc. Presidential Life Corp. PCTEL, Inc. Capital Southwest Corporation Innovative Solutions & Support Inc. ATA, Inc. ATS Medical Inc. Audiovox Corporation Cypress Semiconductor Corporation Valhi Inc. GSE Systems Inc. NetLogic Microsystems Inc. Gastar Exploration, Ltd. OmniVision Technologies Inc. Orthovita Inc. Ethan Allen Interiors Inc. Entropic Communications, Inc. Providence & Worcester Railroad Co. OncoGenex Pharmaceuticals, Inc. Kelly Services, Inc. American National Insurance Co. Kodiak Oil & Gas Corp. Caliper Life Sciences, Inc. 3PAR, Inc. Essex Rental Corp. Lions Gate Entertainment Corp. TechTarget, Inc. Flow International Corp. Meritage Homes Corporation Rochester Medical Corp. Rex Energy Corporation MaxLinear, Inc. TICKER ULBI GLG ALKS FSII SWSI MPEL TSO GRIF UCTT ENOC EROC LLNW PLFE PCTI CSWC ISSC ATAI ATSI VOXX CY VHI GVP NETL GST OVTI VITA ETH ENTR PWX OGXI KELY.A ANAT KOG CALP PAR ESSX LGF TTGT FLOW MTH ROCM REXX MXL Market Cap ($USDmm) 78.1 1092.9 1081.0 93.6 439.4 2073.7 1758.4 154.0 207.7 742.8 449.1 383.9 325.0 122.9 355.3 86.5 74.9 307.9 200.5 1901.8 2055.1 91.1 1703.9 204.6 898.3 257.3 584.0 355.4 59.8 109.3 598.6 2790.9 406.7 219.0 582.9 97.4 808.0 254.4 120.0 703.6 131.6 484.5 510.8 ValueHuntr Score -346.1 -320.9 -316.9 -306.1 -298.5 -297.1 -252.1 -229.2 -221.8 -218.7 -203.5 -199.6 -197.5 -192.5 -165.8 -150.0 -149.2 -145.3 -144.8 -142.8 -140.5 -139.4 -137.1 -135.7 -126.2 -124.1 -122.7 -121.7 -121.5 -119.2 -118.5 -117.1 -116.7 -115.3 -114.9 -114.3 -113.2 -111.1 -108.4 -104.7 -104.4 -103.4 -100.4

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