Breeden Takes Four Bites Out Of Applebees

Dec 13 2006 | 2:30pm ET

On December 11 activist hedge fund Breeden Capital Management announced its intention to nominate founder Richard Breeden, Laurence Harris, Steven Quamme and Raymond Seitz to the board of directors of Applebee’s International at that company’s 2007 annual shareholder meeting. Applebee’s’ current 12-member board will elect only four in 2007 due to staggered terms. [Read the full letter]

The former Securities and Exchange Commission chairman and is currently on the board of Banco Bilbao Vizcaya Argentaria, S.A., of Spain. Quamme is a co-founding partner of Breeden and is also the former co-CEO of Milestone Merchant Partners, a merchant bank. Seitz is a former vice chairman of Lehman Brothers and is a former U.S. Ambassador to the U.K. Harris is of counsel to the Washington law firm Patton Boggs and was a director of MCI, following its emergence from bankruptcy in 2004 until its merger with Verizon Communications.

The Breeden firm currently owns an estimated 5.25% of Applebee’s’ outstanding shares.

In a letter to Applebee’s directors, Breeden cited poor annual total returns to shareholders, a lack of “disciplined financial policies” as it relates to capital expenditures and a variety of poor governance practices as reasons to give the board a facelift.

Breeden is based in Greenwich and manages more than $1 billion in assets.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...