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

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note