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Value
ValueEdge
MONTHLY
ISSUE JOURNAL OF
IDEAS

01
JUNE
2010
“Saving You Time, Making You Money”

LONGS
Dear Investor,
CONTRARIAN
GAME, ORN, NZT
We are pleased to bring you the inaugural issue of ValueEdge,
Value our monthly newsletter for
DEEP VALUE both long and short ideas The newsletter is designed to be the first step in the idea
EHTE.PK, OPBL.OB, FTAR.OB generation process of any serious investor.

CHEAP FRANCHISES
CLW, USMO, STO Our research process focuses on several long and short strategic categories. On the long
side, our screens include:
INTERNATIONAL VALUE
OM:INDU A, DB:MUV2, TSE:9422
Contrarian:: companies at 52 week lows and undervalued compared to industry peers.
POTENTIAL ACTIVIST TARGETS Deep Value:: undervalued companies in the smallest 5% of market cap range and no
ESV, OSTE, SGC
coverage.
POTENTIAL LIQUIDATIONS Cheap Franchises:: cheap companies with an identifiable competitive advantage.
SUTM.Q, SOAP, NSTR
International Value: cheap companies trading in major foreign markets.
MERGER ARBITRAGE Potential Activist Targets:: companies below NCAV and low P/B with some institutional
ADG, FCEC, JAV
ownership.
VALUEHUNTR PROPRIETARY Potential Liquidations:: companies trading below net cash with activist investor ownership.
RLRN, VRSK, DNB
Merger Arbitrage:: potential merger transactions trading below closing value.
SHORTS ValueHuntr Proprietary:: top companies in our ValueHuntr proprietary screen.
HERDING
BID, RHIE, YRCW
On the short side, our screens include:
TRADITIONAL
SNG, SWSI, EROC
Herding:: companies at 52 week highs and no news.
DEEP FISHING Traditional:: overvalued companies with poor business prospects
WSEG, CPPX.F, SOPK
Deep Fishing:: overvalued companies in the smallest 5% of market cap range.
EARNINGS HISTORY Earnings History:: companies with highest M-score
M parameters.
EURX, END, RGNC
Possible Defaults:: companies with lowest Z-score
Z parameters.
POSSIBLE DEFAULTS Reverse Merger Arbitrage:: potential merger transactions trading above closing value.
NYMX, WAVX, JDSU
ValueHuntr Proprietary: bottom companies in our ValueHuntr proprietary screen.
REVERSE MERGER ARBITRAGE
DTG, TSFG, MIR
Whether you are an institutional or individual investor, the information provided is designed to
VALUEHUNTR PROPRIETARY be actionable and help you outperform.
ULBI, GLG, ALKS

Best,

ValueHuntr Team

ValueEdge is published monthly by ValueHuntr.com. Email: valuehuntr@mgmail.com. Please email if you have any subscription questions. Subscription
Su : $20
per month, or $199 per year. © Copyright 2010 by ValueHuntr.com All rights reserved. Photocopying, reproduction, quotation, or o redistribution of any kind is
strictly prohibited without written permission from the publisher. This newsletter bases screening results on techniques and sources believed to be reliable in
the past and cannot guarantee future accuracy and results. The stocks listed in this newsletter should not be construed as investment
in recommendations.

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LONG IDEAS

Contrarian: 52 Week Low List

Market Cap % Change
Company Name TICKER EV/EBITDA
($USDmm) 52 Week Low
1 Shanda Games Limited GAME 1,645 4.67 0.18
2 Orion Marine Group, Inc ORN 419 7.93 0.26
3 Telecom Corp. of New Zealand Ltd. NZT 2,640 4.08 0.49
4 Euronet Worldwide Inc. EEFT 732 6.02 0.63
5 The9 Limited NCTY 122 4.37 0.63
6 Energy XXI (Bermuda) Limited EXXI.D 734 4.28 0.84
7 Diamond Offshore Drilling Inc. DO 9,746 4.63 0.86
8 Alliant Techsystems Inc. ATK 2,448 5.32 0.90
9 Nokia Corporation NOK 37,351 5.59 0.93
10 CNA Surety Corp. SUR 755 4.41 0.95
11 Web.com Group, Inc. WWWW 109 4.95 0.99
12 Transocean Ltd. RIG 20,050 5.49 1.08
13 Mahanagar Telephone Nigam Ltd. MTE 762 0.94 1.17
14 Shengdatech, Inc. SDTH 339 7.78 1.29
15 Petroleo Brasileiro PBR 146,801 5.29 1.41
16 SK Telecom Co. Ltd. SKM 10,397 4.16 1.52
17 Concord Medical Services Holdings Limited CCM 324 5.55 1.54
18 Xinyuan Real Estate Company Ltd. XIN 196 4.26 1.57
19 Geokinetics Inc. GOK 109 7.53 1.65
20 Dole Food Company Inc. DOLE 855 6.44 1.79
21 Petrobras Energía SA PZE 1,449 4.23 1.82
22 Elbit Systems Ltd. ESLT 2,472 6.42 1.86
23 Arden Group Inc. ARDN.A 290 6.07 1.91
24 Scientific Games Corporation SGMS 1,011 7.52 1.99
25 Hellenic Telecommunications Organization SA OTE 4,046 3.78 2.29
26 ePlus Inc. PLUS 151 5.57 2.30
27 RRSat Global Communications Network Ltd. RRST 163 5.54 2.40
28 Manulife Financial Corporation MFC 30,199 4.87 2.54
29 Siliconware Precision Industries Co. Ltd. SPIL 3,562 5.08 2.94
30 Tower Group Inc. TWGP 974 5.57 2.95

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LONG IDEAS

Deep Value: Hidden Bargains

Market Cap
Company Name TICKER Price as % of NCAV Price/Book
($USD)
1 Ethanex Energy Inc. EHTE.PK 195,000 7.62% 0.05
2 Optionable Inc. OPBL.OB 483,300 8.72% 0.1
3 Footstar Inc. FTAR.OB 9,279,400 11.58% 0.07
4 nFinanSe Inc NFSE.OB 858,600 17.30% 0.15
5 China Crescent Enterprises Inc. CCTR.OB 2,343,700 22.29% 0.31
6 Regal One Corp. RONE.OB 217,800 27.92% 0.13
7 Orsus Xelent Technologies Inc. ORS 11,308,800 29.76% 0.25
8 Paragon Real Estate Equity & Investment PRLE.OB 32,400 35.22% 0.12
9 New Dragon Asia Corp. NWD 9,024,000 35.31% 0.15
10 Infosonics Corp. IFON 8,649,800 35.43% 0.37
11 Silverleaf Resorts Inc. SVLF 47,425,000 37.88% 0.24
12 Meade Instruments Corp. MEAD 4,387,500 38.29% 0.33
13 Endwave Corp. ENWV 26,966,000 38.54% 0.81
14 Parlux Fragrances Inc. PARL 37,240,500 39.30% 0.35
15 VaxGen Inc. VXGN.OB 11,257,400 39.90% 0.39
16 DVL Inc. DVLN.OB 4,924,700 40.30% 0.19
17 TransNet Corp. TRNT.OB 915,800 41.05% 0.36
18 Trans World Entertainment Corp. TWMC 62,800,000 41.33% 0.34
19 Advanced Technologies Group Ltd. AVGG.OB 3,328,200 41.42% 0.41
20 EDCI Holdings Inc. EDCI 22,074,400 43.11% 0.28
21 Nu Horizons Electronics Corp. NUHC 65,110,500 49.22% 0.47
22 Altex Industries Inc. ALTX.OB 1,804,400 50.90% 0.45
23 LiveDeal Inc. LIVE 3,526,400 51.75% 0.34
24 ADM Tronics Unlimited Inc. ADMT.OB 539,400 53.83% 0.5
25 Chromcraft Revington Inc. CRC 12,349,000 54.59% 0.38
26 Taitron Components Inc. TAIT 7,811,400 56.18% 0.41
27 Manhattan Bridge Capital Inc. LOAN 4,282,800 58.41% 0.6
28 Income Opportunity Realty Investors Inc. IOT 23,310,300 58.72% 0.32
29 PMC Commercial Trust PCC 87,565,000 59.50% 0.58
30 Technest Holdings Inc. TCNH.OB 2,258,900 62.42% 0.26
31 Imarx Therapeutics Inc. IMRX.OB 116,600 62.69% 1.12
32 MangoSoft Inc. MGOF.OB 1,088,000 63.59% 0.64
33 Aspen Exploration Corp. ASPN.OB 2,250,600 63.79% 0.6
34 International Lottery & Totalizator Syst. ITSI.OB 2,332,800 63.98% 0.57
35 Golf Rounds.com Inc. TEEE.OB 1,276,500 64.08% 0.64
36 DAC Technologies Group International Inc. DAAT.OB 3,126,600 65.41% 0.49
37 Mace Security International Inc. MACE 10,176,000 65.93% 0.31

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 LONG IDEAS

Cheap Franchises: Value And Quality

Market Cap
Company Name TICKER EV/EBITDA % ROIC
($USDmm)
1 Clearwater Paper Corporation CLW 1.83 43.2 704.4
2 USA Mobility, Inc. USMO 2.08 27.6 327.2
3 Statoil ASA STO 2.77 25.6 66,912.8
4 InterDigital, Inc. IDCC 3.02 73.0 1,150.7
5 Telecom Argentina S A TEO 3.06 27.2 3,213.2
6 Nortel Inversora S.A. NTL 3.40 27.3 2,889.0
7 Fuel Systems Solutions, Inc. FSYS 3.45 23.8 497.2
8 PDL BioPharma, Inc. PDLI 3.72 80.8 689.3
9 ATC Technology Corporation ATAC 4.01 20.0 398.9
10 AstraZeneca PLC AZN 4.07 27.2 60,156.3
11 Safe Bulkers, Inc. SB 4.15 23.9 517.1
12 VSE Corp. VSEC 4.15 26.1 200.9
13 Freeport-McMoRan Copper & Gold Inc. FCX 4.24 26.1 31,654.5
14 Sinovac Biotech Ltd. SVA 4.30 30.1 235.9
15 Foster Wheeler AG FWLT 4.49 34.3 3,256.8
16 Diamond Offshore Drilling Inc. DO 4.63 26.3 9,745.7
17 Shanda Games Limited GAME 4.67 50.7 1,644.7
18 Sturm, Ruger & Co. Inc. RGR 4.67 34.5 320.1
19 Chicago Bridge & Iron Company N.V. CBI 4.75 20.1 1,992.5
20 Pre-Paid Legal Services, Inc. PPD 4.80 64.1 502.6
21 W.R. Grace & Co. GRA 4.80 25.9 1,945.8
22 Lincoln Educational Services Corporation LINC 4.97 24.5 644.3
23 Corinthian Colleges Inc. COCO 4.99 23.1 1,322.8
24 Gap Inc. GPS 5.03 24.5 15,070.3
25 GT Solar International, Inc. SOLR 5.04 64.4 781.6
26 Aeropostale, Inc. ARO 5.12 61.6 2,593.7
27 Greenlight Capital Re, Ltd. GLRE 5.22 21.7 914.4
28 Gymboree Corp. GYMB 5.29 26.5 1,324.1
29 Eli Lilly & Co. LLY 5.34 23.8 38,768.6
30 Allegiant Travel Company ALGT 5.39 25.0 1,018.8
31 Hewitt Associates Inc. HEW 5.40 20.0 3,529.0
32 CF Industries Holdings, Inc. CF 5.56 27.4 5,071.0
33 SuperMedia Inc. SPMD 5.57 25.7 530.3
34 MedQuist Inc. MEDQ 5.57 20.7 348.9
35 Gulf Resources, Inc. GFRE 5.58 24.7 321.5
36 Hi Tech Pharmacal Co. Inc. HITK 5.64 24.0 287.6
37 Partner Communications Co. Ltd. PTNR 5.69 25.5 2,773.8
38 Hawkins Inc. HWKN 5.88 21.2 288.6
39 Fluor Corporation FLR 5.88 22.1 8,952.9
40 Apollo Group Inc. APOL 5.92 55.0 8,265.0

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 LONG IDEAS

International Value: Foreign Bargains

Market Cap
Company Name TICKER EV/EBITDA % ROIC Exchange
($USDmm)
1 Industrivärden OM:INDU A 1.69 29.7 London (LSE) 4,311.3
2 Münchener Rückversicherungs-Gesellschaft DB:MUV2 2.29 20.5 London (LSE) 25,083.7
3 ITC Networks Corp. TSE:9422 2.61 21.4 Tokyo (TSE) 238.3
4 Statoil ASA OB:STL 2.77 25.6 London (LSE) 66,912.8
5 Shinko Plantech Co., Ltd. TSE:6379 2.87 24.8 Tokyo (TSE) 400.4
6 Confab Industrial SA BOVESPA:CNFB4 3.00 21.3 Sao Paulo (BOVESPA) 1,097.4
7 OPAP SA ATSE:OPAP 3.07 82.3 London (LSE) 5,207.0
8 Churchill Corp. TSX:CUQ 3.10 22.4 Toronto Stock (TSX) 312.9
9 Severfield-Rowen plc LSE:SFR 3.11 21.2 London (LSE) 294.0
10 Bird Construction Income Fund TSX:BDT.UN 3.12 29.7 Toronto (TSX) 432.9
11 Create SD Holdings Co., Ltd. TSE:3148 3.22 20.2 Tokyo (TSE) 438.9
12 Contax Participacoes Sa BOVESPA:CTAX4 3.31 26.9 Sao Paulo (BOVESPA) 661.4
13 Sul America Sa BOVESPA:SULA11 3.45 24.5 Sao Paulo (BOVESPA) 1,906.4
14 JD Sports Fashion plc LSE:JD. 3.49 33.9 London (LSE) 562.3
15 Go-Ahead Group plc LSE:GOG 3.51 23.5 London (LSE) 808.7
16 AXELL Corp. TSE:6730 3.79 32.3 Tokyo (TSE) 399.3
17 AstraZeneca PLC LSE:AZN 4.07 27.2 London (LSE) 60,156.3
18 Kura Corp. TSE:2695 4.27 21.4 Tokyo (TSE) 336.1
19 First Quantum Minerals Ltd. TSX:FM 4.30 20.5 London (LSE) 5,133.8
20 Mobistar SA ENXTBR:MOBB 4.34 34.4 London (LSE) 3,097.8
21 Aeon Delight Co Ltd. TSE:9787 4.34 20.6 Tokyo (TSE) 703.3
22 Skymark Airlines Inc TSE:9204 4.40 24.2 Tokyo (TSE) 289.3
23 Pace plc LSE:PIC 4.53 25.6 London (LSE) 703.9
24 Perusahaan Telekomunikasi Indonesia Tbk. JKSE:TLKM 4.61 22.3 London (LSE) 16,187.0
25 IG Group Holdings Plc (LSE:IGG) LSE:IGG 4.66 21.3 London (LSE) 1,981.3
26 Hilton Food Group PLC (LSE:HFG) LSE:HFG 5.03 25.2 London (LSE) 252.5
27 Gourmet Navigator, Inc. (TSE:2440) TSE:2440 5.33 28.4 Tokyo (TSE) 396.8
28 WH Smith plc LSE:SMWH 5.37 26.6 London (LSE) 978.5
29 Bijou Brigitte AG DB:BIJ 5.41 27.4 London (LSE) 1,124.2
30 Bolsas y Mercados Españoles S.A. CATS:BME 5.44 25.2 London (LSE) 1,842.5
31 AES Tiete S.A. BOVESPA:GETI4 5.50 49.0 Sao Paulo (BOVESPA) 3,778.4
32 Point Inc. TSE:2685 5.99 37.5 Tokyo (TSE) 1,533.2

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LONG IDEAS

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Potential Activist Targets

Company Name TICKER Current Assets Total Liabilities P/BV
1 Ensco plc ESV 1652.8 1248.0 0.958
2 Osteotech, Inc. OSTE 70.5 36.7 0.954
3 Superior Uniform Group Inc. SGC 59.1 13.4 0.951
4 Tuesday Morning Corp. TUES 241.2 83.9 0.929
5 Harbinger Group Inc. HRG 144.4 7.1 0.897
6 Hydrogenics Corp. HYGS 28.0 19.3 0.892
7 Heelys, Inc. HLYS 78.7 7.5 0.863
8 Sycamore Networks Inc. SCMR 652.4 31.4 0.841
9 Solarfun Power Holdings Co. Ltd. SOLF 486.3 364.0 0.836
10 Movado Group Inc. MOV 380.3 99.8 0.835
11 RCM Technologies Inc. RCMT 60.7 14.9 0.827
12 Physicians Formula Holdings Inc. FACE 63.0 57.9 0.819
13 Addus HomeCare Corp. ADUS 84.4 80.7 0.788
14 Global Industries Ltd. GLBL 680.8 654.7 0.782
15 Kaiser Aluminum Corporation KALU 300.7 184.3 0.775
16 Palm Harbor Homes Inc. PHHM 361.8 312.0 0.770
17 MEMSIC, Inc. MEMS 76.5 3.6 0.763
18 Winn-Dixie Stores Inc. WINN 954.3 936.0 0.746
19 CSS Industries Inc. CSS 168.3 63.0 0.738
20 Albany Molecular Research Inc. AMRI 180.5 59.1 0.727
21 Stanley Furniture Co. Inc. STLY 109.6 57.6 0.717
22 Omega Protein Corp. OME 83.9 61.0 0.650
23 United American Healthcare Corp. UAHC 19.2 7.1 0.648
24 New Frontier Media Inc. NOOF 29.1 15.0 0.639
25 Brookfield Homes Corp. BHS 904.5 558.1 0.639
26 Duckwall-ALCO Stores Inc. DUCK 162.6 89.1 0.614
27 Tufco Technologies Inc. TFCO 23.0 11.7 0.594
28 Management Network Group Inc. TMNG 28.8 14.2 0.551
29 Syms Corp. SYMS 71.5 29.1 0.549
30 Conns Inc. CONN 409.6 207.1 0.538

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LONG IDEAS

Potential Liquidation Opportunities

EV Market Cap % Owned % Owned
Company Name TICKER
($USDmm) ($USDmm) Inst. Insiders
1 Sun-Times Media Group Inc. OTCPK:SUTM.Q -79.0 0.2 16.9 1.8
2 Soapstone Networks Inc. OTCPK:SOAP -75.7 0.3 24.6 12.3
3 Northstar Neuroscience, Inc. OTCPK:NSTR -58.4 0.8 22.6 8.6
4 Neose Technologies Inc. OTCPK:NTEC -6.5 0.2 16.9 2.8
5 Handleman Co. OTCPK:HDLM -15.3 1.2 31.5 0.9
6 Neurobiological Technologies Inc. OTCPK:NTII -24.2 2.0 24.9 4.4
7 Technest Holdings, Inc. OTCBB:TCNH -11.5 2.3 55.8 7.9
8 Convera Corp. OTCPK:CNVR -11.7 3.9 41.5 18.8
9 EDCI Holdings, Inc. NasdaqCM:EDCI -46.2 22.1 22.6 11.3
10 The9 Limited NasdaqGS:NCTY -125.1 119.9 39.1 22.9
11 Agria Corporation NYSE:GRO -81.7 88.2 17.8 17.5
12 Tigrent Inc. OTCBB:TIGE -2.4 4.1 22.4 23.7
13 United American Healthcare Corp. NasdaqCM:UAHC -3.7 8.2 49.6 25.1
14 Myriad Pharmaceuticals, Inc. NasdaqGM:MYRX -32.9 110.8 54.5 0.8
15 Peerless Systems Corp. NasdaqCM:PRLS -10.1 44.5 15.5 4.6
16 4 Kids Entertainment Inc. NYSE:KDE -1.6 12.3 23.9 13.4
17 Endwave Corp. NasdaqGM:ENWV -3.1 26.3 23.9 3.2
18 ID Systems Inc. NasdaqGM:IDSY -4.1 37.7 15.6 13.4
19 Insmed Incorporated NasdaqCM:INSM -11.7 110.8 19.6 3.5
20 Harbinger Group Inc. NYSE:HRG -12.0 128.6 61.7 0.0
21 Interphase Corp. NasdaqGM:INPH -1.2 14.7 16.0 10.2
22 TravelCenters of America LLC AMEX:TA -4.1 50.3 18.8 7.2
23 Orthologic Corp. NasdaqCM:CAPS -2.5 32.6 22.7 2.3
24 NeuroMetrix Inc. NasdaqGM:NURO -1.8 28.6 29.6 7.5
25 Adaptec, Inc. NasdaqGM:ADPT -21.3 358.7 55.1 11.5
26 GraphOn Corp. OTCBB:GOJO -0.1 2.8 26.3 7.6
27 AutoImmune Inc. OTCPK:AIMM -0.2 7.8 47.4 13.8

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LONG IDEAS

Merger Arbitrage
TICKER Announced Date Closing Date Last Price Closing Value Profit
1 ADG 1/19/2010 5/31/2010 US$4.02 US$7.25 80.35%
2 FCEC 12/28/2009 6/30/2010 US$9.31 US$11.51 23.59%
3 JAV 12/18/2009 6/30/2010 US$1.82 US$2.20 20.88%
4 WX 4/26/2010 12/31/2010 US$17.71 US$21.25 19.99%
5 AYE 2/11/2010 3/31/2011 US$20.48 US$23.47 14.61%
6 PBCI 6/30/2009 6/30/2010 US$8.02 US$9.18 14.46%
7 SSE 2/23/2010 9/30/2010 US$6.41 US$7.25 13.10%
8 UBET 11/11/2009 6/30/2010 US$2.75 US$2.99 8.84%
9 SNEN 10/12/2009 5/31/2010 US$1.75 US$1.90 8.57%
10 Q 4/22/2010 4/21/2011 US$5.12 US$5.54 8.29%
11 STBK 3/18/2010 9/30/2010 US$2.35 US$2.52 7.23%
12 FKFS 11/3/2009 7/31/2010 US$13.46 US$14.37 6.74%
13 SWWC 3/3/2010 9/30/2010 US$10.35 US$11.00 6.28%
14 PINN 2/24/2010 6/30/2010 US$0.32 US$0.34 6.25%
15 RCNI 3/5/2010 9/4/2010 US$14.24 US$15.00 5.34%
16 PSYS 5/17/2010 12/31/2010 US$32.30 US$33.75 4.49%
17 IDC 5/4/2010 9/30/2010 US$32.59 US$33.86 3.90%
18 BNE 2/23/2010 9/30/2010 US$11.07 US$11.50 3.88%
19 ME 4/15/2010 9/30/2010 US$22.24 US$23.06 3.70%
20 CPII 5/10/2010 9/30/2010 US$15.82 US$16.40 3.67%
21 VTIV 5/6/2010 9/30/2010 US$25.12 US$26.00 3.50%
22 GLG 5/17/2010 9/30/2010 US$4.35 US$4.50 3.45%
23 MAM 3/12/2010 10/31/2010 US$43.55 US$45.00 3.33%
24 DCP 4/12/2010 10/11/2010 US$17.02 US$17.55 3.11%
25 BSMD 5/13/2010 9/30/2010 US$4.27 US$4.38 2.58%

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LONG IDEAS

ValueHuntr Proprietary: Promising Bargains

ValueHuntr
Company Name TICKER
Score
1 Renaissance Learning Inc. RLRN 176.5
2 Verisk Analytics, Inc. VRSK 83.7
3 Dun & Bradstreet Corp. DNB 78.1
4 Lorillard, Inc. LO 61.5
5 PDL BioPharma, Inc. PDLI 50.3
6 Immunomedics Inc. IMMU 46.8
7 Corporate Executive Board Co. EXBD 43.2
8 DJSP Enterprises, Inc. DJSP 41.3
9 ITT Educational Services Inc. ESI 36.6
10 InterDigital, Inc. IDCC 32.1
11 Pernix Therapeutics Holdings, Inc. PTX 30.7
12 Moody's Corp. MCO 28.7
13 China MediaExpress Holdings, Inc. CCME 25.9
14 Impax Laboratories Inc. IPXL 24.8
15 ChinaNet Online Holdings, Inc. CNET 24.7
16 Pre-Paid Legal Services, Inc. PPD 22.8
17 Sharps Compliance Corp. SMED 22.7
18 Select Comfort Corporation SCSS 22.6
19 GT Solar International, Inc. SOLR 22.3
20 Bridgepoint Education, Inc. BPI 21.8
21 Santarus Inc. SNTS 21.2
22 Aeropostale, Inc. ARO 20.8
23 Pzena Investment Management, Inc. PZN 18.9
24 China Biologic Products, Inc. CBPO 17.9
25 China INSOnline Corp. CHIO 17.5
26 Revlon, Inc. REV 17.4
27 Cherokee Inc. CHKE 17.2
28 Shanda Games Limited GAME 16.7
29 Accenture plc ACN 16.4
30 Life Partners Holdings, Inc. LPHI 16.2
31 Apollo Group Inc. APOL 16.0
32 Clearwater Paper Corporation CLW 15.9
33 Changyou.com Limited CYOU 14.7
34 Mastercard Incorporated MA 12.3
35 Kirkland's Inc. KIRK 11.6
36 Scientific Learning Corp. SCIL 11.5
37 Vonage Holdings Corporation VG 11.2
38 USA Mobility, Inc. USMO 10.0

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SHORT IDEAS

Herding: 52 Week High and No News

Company Name TICKER

1 Sotheby's BID
2 RHI Entertainment, Inc. RHIE
3 YRC Worldwide Inc. YRCW
4 EnteroMedics, Inc. ETRM
5 Cowlitz Bancorp. CWLZ
6 Repros Therapeutics Inc. RPRX
7 Midwest Banc Holdings Inc. MBHI

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SHORT IDEAS

Traditional: Overvalued Weak Businesses

Company Name TICKER EV/EBITDA % ROIC

1 Canadian Superior Energy Inc. SNG 298.8 -20.6
2 Superior Well Services Inc. SWSI 243.4 -8.7
3 Eagle Rock Energy Partners, L.P. EROC 165.9 -5.8
4 Limelight Networks, Inc. LLNW 162.2 -7.1
5 Point.360 PTSX 91.5 -7.3
6 Westwood One Inc. WWON 71.3 -8.4
7 American Biltrite Inc. ABL 57.7 -8.4
8 Toreador Resources Corp. TRGL 50.4 -6.7
9 Petroflow Energy Ltd. PED 46.8 -5.0
10 Cadence Design Systems Inc. CDNS 46.4 -5.9
11 Nautilus Inc. NLS 45.3 -6.6
12 Unify Corp. UNFY 44.1 -7.0
13 AMR Corporation AMR 44.1 -7.5
14 Isramco Inc. ISRL 36.5 -5.9
15 Hollywood Media Corp. HOLL 36.1 -5.6
16 Endeavour International Corporation END 31.5 -5.2
17 Sauer-Danfoss Inc. SHS 30.9 -5.8
18 Goldfield Corp. GV 29.7 -7.4
19 Coldwater Creek Inc. CWTR 27.1 -8.9
20 Basic Energy Services, Inc. BAS 25.3 -7.5
21 Multiband Corporation MBND 18.3 -16.6
22 NTN Buzztime Inc. NTN 17.4 -9.5
23 Westmoreland Coal Co. WLB 16.4 -24.6
24 SandRidge Energy, Inc. SD 16.2 -9.8
25 Jamba, Inc. JMBA 16.1 -9.4
26 Vanguard Natural Resources, LLC VNR 14.4 -8.4
27 Pacific Sunwear of California Inc. PSUN 14.1 -10.0
28 Dawson Geophysical Co. DWSN 13.9 -5.2
29 Shiloh Industries Inc. SHLO 13.4 -5.3
30 Credo Petroleum Corp. CRED 13.1 -7.7
31 Trans-Lux Corp. TLX 12.4 -8.6
32 Carrizo Oil & Gas Inc. CRZO 12.3 -5.5
33 New York & Company Inc. NWY 11.7 -5.8
34 Borders Group, Inc. BGP 11.5 -7.8
35 Tower Semiconductor Ltd. TSEM 11.1 -9.6
36 Pioneer Drilling Co. PDC 10.3 -5.1
37 Kona Grill Inc. KONA 10.3 -6.0
38 The Great Atlantic & Pacific Tea Company, Inc. GAP 10.1 -5.7

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SHORT IDEAS

Deep Fishing: Hidden and Overvalued

Market Cap
Company Name TICKER EV/EBITDA % ROIC
($USDmm)
1 Western Standard Energy Corp. OTCBB:WSEG 17.3 -167.2 3.4
2 Continental Energy Corp. OTCBB:CPPX.F 33.5 -56.9 7.0
3 SouthPeak Interactive Corp. OTCBB:SOPK 11.8 -49.5 27.6
4 Javo Beverage Company Inc. OTCBB:JAVO 17.5 -28.9 34.4
5 TAG Oil Ltd. TSXV:TAO 178.8 -28.5 71.1
6 Westbridge Energy Corporation TSXV:PSH 59.5 -22.2 0.5
7 Congoleum Corp. OTCPK:CGMC.Q 26.5 -12.7 0.7
8 Neon Energy Limited ASX:NEN 78.2 -12.6 33.4
9 MDU Communications International Inc. OTCBB:MDTV 20.5 -12.2 16.7
10 Grill Concepts Inc. OTCPK:GLLC 12.3 -11.1 3.4
11 Katy Industries, Inc. OTCBB:KATY 137.0 -10.5 9.9
12 Vane Minerals PLC AIM:VML 237.7 -10.3 8.2
13 Territory Resources Limited ASX:TTY 26.1 -9.8 40.4
14 American Wagering Inc. OTCBB:BETM 12.6 -9.7 2.5
15 M Line Holdings, Inc. OTCBB:MLHC 42.4 -9.2 3.1
16 Naturally Iowa, Inc. OTCPK:NLIA 29.5 -8.2 0.3
17 HEI Inc. OTCPK:HEII 11.8 -7.4 6.7
18 Neenah Enterprises, Inc. OTCPK:NENA.Q 43.4 -7.0 0.2
19 Landmark Land Co. Inc. DE OTCPK:LLND 17.1 -6.7 1.9
20 AbitibiBowater, Inc. OTCPK:ABWT.Q 89.1 -6.6 5.7
21 iSecureTrac Corp. OTCBB:ISEC 27.6 -6.2 9.7
22 Datascension Inc. OTCBB:DSEN 17.5 -6.0 0.5
23 Purple Communications, Inc. OTCPK:PRPL 37.3 -5.6 0.8
24 Artnet AG XTRA:AYD 70.8 -5.5 35.0
25 Sega Toys Ltd. JASDAQ:7842 100.0 -5.4 72.0

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SHORT IDEAS

Earnings History: Potential Manipulators

Market Cap
Company Name TICKER EV/EBITDA Beneish M-Score
($USDmm)
1 Eurand N.V. EURX 474.8 53.9 118.2
2 Endeavour International Corporation END 227.7 31.5 112.1
3 Regency Energy Partners LP RGNC 1996.0 15.6 105.2
4 Allscripts-Misys Healthcare Solutions, Inc. MDRX 2774.2 31.5 31.1
5 Atlas Pipeline Partners LP APL 535.3 16.8 15.0
6 Atlas Pipeline Holdings LP AHD 133.0 21.1 14.9
7 Valero Energy Corp. VLO 10110.7 17.1 12.2
8 Network Engines Inc. NENG 113.8 79.7 10.6
9 FreightCar America Inc. RAIL 306.0 43.5 10.5
10 Focus Media Holding Ltd. FMCN 2203.8 39.1 8.5
11 Mechel OAO MTL 8304.6 21.4 8.2
12 Rex Energy Corporation REXX 454.1 83.7 5.2
13 Mercadolibre, Inc. MELI 2044.4 30.9 5.0
14 Conceptus, Inc. CPTS 529.7 25.5 4.1
15 MIPS Technologies Inc. MIPS 212.3 15.7 2.2
16 Potlatch Corporation PCH 1368.8 17.3 0.4
17 Washington Real Estate Investment Trust WRE 1704.0 16.3 0.3
18 LogMeIn, Inc. LOGM 572.6 34.0 0.1

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SHORT IDEAS

Possible Defaults: Near Bankruptcy

Market Cap
Company Name TICKER Altman Z-Score
($USDmm)
1 Nymox Pharmaceutical Corporation NYMX 124.0 -69.7
2 Wave Systems Corp. WAVX 230.6 -58.2
3 JDS Uniphase Corp. JDSU 2284.7 -55.0
4 Valence Technology Inc. VLNC 125.2 -35.6
5 Cell Therapeutics, Inc. CTIC 288.8 -29.2
6 Antigenics Inc. AGEN 101.8 -21.0
7 Openwave Systems Inc. OPWV 190.4 -20.7
8 Ariad Pharmaceuticals Inc. ARIA 411.7 -18.1
9 XOMA Ltd. XOMA 133.3 -16.5
10 Zix Corp. ZIXI 140.8 -15.5
11 ModusLink Global Solutions, Inc. MLNK 329.5 -14.6
12 Conexant Systems Inc. CNXT 215.1 -14.5
13 Idenix Pharmaceuticals Inc. IDIX 247.7 -13.6
14 Neurocrine Biosciences Inc. NBIX 144.2 -12.8
15 Capstone Turbine Corp. CPST 237.1 -12.2
16 PRIMEDIA Inc. PRM 156.5 -12.2

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SHORT IDEAS

Reverse Merger Arbitrage

TICKER Announced Date Closing Date Last Price Closing Value Profit
1 DTG 4/26/2010 12/31/2010 US$47.81 US$41.00 -14.24%
2 TSFG 5/17/2010 9/30/2010 US$0.29 US$0.26 -9.31%
3 MIR 4/12/2010 12/31/2010 US$12.38 US$11.51 -7.03%
4 ARD 4/5/2010 9/30/2010 US$33.09 US$30.78 -6.98%
5 CAL 5/3/2010 12/31/2010 US$19.76 US$18.59 -5.91%
6 SMMX 4/5/2010 6/30/2010 US$5.85 US$5.53 -5.44%
7 LNY 11/3/2009 5/31/2010 US$21.94 US$21.00 -4.28%
8 TWPG 4/26/2010 6/30/2010 US$7.31 US$7.02 -3.90%
9 CRN 4/19/2010 9/30/2010 US$27.59 US$26.75 -3.03%
10 XTO 12/14/2009 6/30/2010 US$44.11 US$42.82 -2.92%
11 ATBC 5/10/2010 9/30/2010 US$2.47 US$2.40 -2.83%
12 SII 2/22/2010 12/31/2010 US$41.95 US$41.25 -1.66%
13 RISK 3/1/2010 8/31/2010 US$21.93 US$21.71 -1.00%
14 IWA 11/24/2009 6/1/2010 US$16.60 US$16.56 -0.25%

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SHORT IDEAS

ValueHuntr Proprietary: Damaged Franchises

Market Cap
Company Name TICKER ValueHuntr Score
($USDmm)
1 Ultralife Corp. ULBI 78.1 -346.1
2 GLG Partners, Inc. GLG 1092.9 -320.9
3 Alkermes, Inc. ALKS 1081.0 -316.9
4 FSI International Inc. FSII 93.6 -306.1
5 Superior Well Services Inc. SWSI 439.4 -298.5
6 Melco Crown Entertainment Ltd. MPEL 2073.7 -297.1
7 Tesoro Corporation TSO 1758.4 -252.1
8 Griffin Land & Nurseries Inc. GRIF 154.0 -229.2
9 Ultra Clean Holdings Inc. UCTT 207.7 -221.8
10 EnerNOC, Inc. ENOC 742.8 -218.7
11 Eagle Rock Energy Partners, L.P. EROC 449.1 -203.5
12 Limelight Networks, Inc. LLNW 383.9 -199.6
13 Presidential Life Corp. PLFE 325.0 -197.5
14 PCTEL, Inc. PCTI 122.9 -192.5
15 Capital Southwest Corporation CSWC 355.3 -165.8
16 Innovative Solutions & Support Inc. ISSC 86.5 -150.0
17 ATA, Inc. ATAI 74.9 -149.2
18 ATS Medical Inc. ATSI 307.9 -145.3
19 Audiovox Corporation VOXX 200.5 -144.8
20 Cypress Semiconductor Corporation CY 1901.8 -142.8
21 Valhi Inc. VHI 2055.1 -140.5
22 GSE Systems Inc. GVP 91.1 -139.4
23 NetLogic Microsystems Inc. NETL 1703.9 -137.1
24 Gastar Exploration, Ltd. GST 204.6 -135.7
25 OmniVision Technologies Inc. OVTI 898.3 -126.2
26 Orthovita Inc. VITA 257.3 -124.1
27 Ethan Allen Interiors Inc. ETH 584.0 -122.7
28 Entropic Communications, Inc. ENTR 355.4 -121.7
29 Providence & Worcester Railroad Co. PWX 59.8 -121.5
30 OncoGenex Pharmaceuticals, Inc. OGXI 109.3 -119.2
31 Kelly Services, Inc. KELY.A 598.6 -118.5
32 American National Insurance Co. ANAT 2790.9 -117.1
33 Kodiak Oil & Gas Corp. KOG 406.7 -116.7
34 Caliper Life Sciences, Inc. CALP 219.0 -115.3
35 3PAR, Inc. PAR 582.9 -114.9
36 Essex Rental Corp. ESSX 97.4 -114.3
37 Lions Gate Entertainment Corp. LGF 808.0 -113.2
38 TechTarget, Inc. TTGT 254.4 -111.1
39 Flow International Corp. FLOW 120.0 -108.4
40 Meritage Homes Corporation MTH 703.6 -104.7
41 Rochester Medical Corp. ROCM 131.6 -104.4
42 Rex Energy Corporation REXX 484.5 -103.4
43 MaxLinear, Inc. MXL 510.8 -100.4

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