The photos being developed at Concord Camera Corp. may be too fuzzy for one activist hedge fund manager. Everest Special Situation Fund LP on Wednesday reported a 5% Concord Camera stake and
made public a letter it sent to the company's board explaining how it would help directors there take steps to consider strategic alternatives.
Continue reading below
But if alternatives, such as consideration of a sale are not considered, Everest explained that they are prepared to step up their efforts. "The letter also states that if the Board does not take actions ESSF believes are in the best interest of stockholders, ESSF will take whatever action it deems necessary in order to protect its rights as a stockholder, including seeking Board representation at the next annual meeting of stockholders," Everest wrote in a Securities and Exchange Commission filing on Wednesday.
In the letter, which was sent to Concord on Wednesday, Everest explained that it has been a "successful liaison" between corporate turnaround firms and corporations in Concord Camera's situation.
"Everest has, in the past, collaborated with a number of companies in situations similar to Concord's," the activist fund wrote. "We encourage the board to make use of our experience and expertise."
Hollywood, Fla.-based Concord, which develops, designs and makes film cameras, has a $25 million stock market capitalization. - Ron Orol
See full filing from SEC Edgar
See letter via SEC Edgar
Ron Orol is a Washington-based reporter for The Deal and author of Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World.
