Weekly Filings July 24-August 1, 2014

Spin Offs:

New Senior Investment Group continues their spin off.

Vectrus (VEC) continues to be spun off from Excelis (XLS).

Kimberly Clark continues its spin off of Halyard Health (HYH). Details of the stock option plans, tax distributions, and retirement plans were updated. Proforma adjustments and updated to recognize six months of activity instead of three were added, but no change to the original analysis was deemed necessary. There appears to be little investment opportunity here.

ADP continues its spin off of its Dealer Services division. The separation agreement, transition service agreement, etc. No change to the financial statements were made.

KLX, Inc. (KLXI) is a spin off from BE Aerospace (BEAV). It is the aerospace fastener and consumables segment as Aerospace Solutions Group and Energy Technical Services. It will issue debt to pay BEAV a dividend, which does not appear to be much of an issue for the company unless the inventory is not realizable.


SP Bancorp, Inc. (SPBC) and Green Bancorp (GNBC) are proposing merging for cash.

National Property Investors 6 will sell to DRA Fund VIII LLC for cash.

Burger King Worldwide (BKW) and Tim Horton, Inc. (THI) propose merging for cash and stock.

There were no changes in merger consideration types for previously disclosed mergers.


Global Ship Lease, Inc. (GSL) is going to the NYSE for preferred shares, common shares and warrants. It has a positive history of cash flows and income.

Liberty TripAdvisor Holdings (LTRPA) of TripAdvisor website fame is spinning off from Liberty Ventures (LVNTA),  Liberty via the CEO will still own 28% of the company. It has a history of positive income and cash flows.

Volt Information Science Inc (VISI) is issuing preferred stock. It has income losses and negative cash flows.

Fibrocell Science, Inc. (FCSC) is issuing more stock to fund the negative cash flows and income.

Aurinia Pharmaceuticals (IPHAF) is being upgraded to the NASDAQ.

Blue Earth, Inc. (BBLU) is upgraded to the NASDAQ.

Northern Trust Company (NTRS) is issuing preferred shares.

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