Sunday, 3 May 2015
Last updated 1 day 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…