Saturday, 23 August 2014
Last updated 14 hours ago
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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note