Alternative Analysts’ Forum:
Insights Into Activist Investing

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Activist investing has been one of the most successful alternative investment strategies in recent years. It has been showing signs of strain, however, as activists probe into new markets and as the credit markets undergo significant stress. Explore the process of activist investing, the implications of the recent surge in activist investing, and the latest shifts in strategy. 

If you are directly involved in activist-targeted investments, invested in companies that are or may become activist targets, or interested in understanding the interplay between corporate governance matters and investor returns, you won’t want to miss this program. Topics to be discussed include:

• Factors affecting recent performance;
• Prospects and potential changes for the strategy;
• Shareholder communications;
• Corporate governance provisions and the regulatory landscape;
• Section 16 and short-swing profit rules;
• Levers to help enhance shareholder value; and
• Fund administration/processes of investors.

Glenn S. Curtis is a director at Thomson Strategic Research Group, a team within the Thomson Financial Corporate Services group. Over the past decade, he has also worked as a financial writer for both web and print publications, including TheStreet.com/RealMoney.com, Worldlyinvestor.com, IndividualInvestor.com, Registered Rep Magazine, and Advanced Trading Magazine. Curtis started his career as an equity analyst at Cantone Research, a regional broker/dealer, covering companies in the technology, entertainment, and gaming industries.
He also worked at Prudential Securities, where he was responsible for building out the financial content of the company’s website. 

Peter A. Feld is a director of Ramius Capital, a privately owned global alternative investment firm with approximately $10 billion in assets under management. Previously, he was an associate at Ramius, and before that was an investment banking analyst at Banc of America Securities. He serves on the board of directors of The Sharper Image Corporation (NASD: SHRP), a multi-channel specialty retailer.

 
Roy J. Katzovicz, JD, is the chief legal officer of Pershing Square Capital Management, LP, an investment fund with approximately $6.2 billion under management. Pershing Square’s recent investments include Target Corporation, Ceridian Corporation, Sears Canada, Cadbury Schweppes, McDonald’s, Barnes & Noble, and Borders Group. Prior to joining Pershing Square, Katzovicz served as a corporate attorney at Wachtell, Lipton, Rosen & Katz, where his practice focused on public and private merger and acquisitions transactions, capital markets transactions, securities law matters, and corporate governance initiatives. Before that, he served as a judicial clerk to the Honorable William B. Chandler, chancellor of the Delaware Court of Chancery. Katzovicz received his JD from the University of Pennsylvania and serves on the Board of Advisors of the university’s Institute for Law and Economics. He is also a member of the Board of Directors of ShareGift USA, a not-for-profit organization that facilitates charitable giving by public company shareholders as part of corporate transactions.

Marc Weingarten, JD, is senior partner at Schulte Roth & Zabel LLP, where he heads the Business Transactions Group. As a corporate lawyer for over 30 years, he has focused on mergers and acquisitions and the representation of investment funds. He acted as lead corporate counsel on the acquisitions by Cerberus Capital Management of both GMAC and Chrysler. Weingarten has extensively represented activist investors, advising on numerous activist campaigns including the successful proxy contest by Trian for board seats at Heinz, and JANA Partners and S.A.C. Capital’s campaign involving Time Warner. He received his JD from Georgetown University and is a graduate of the Wharton School.