Value Edge Newsletter 15% Discount

8/9/2019 Value Edge Newsletter 15% Discount

1/17

MONTHLYJOURNAL OFIDEAS

LONGS

CONTRARIANGAME, ORN, NZT

DEEP VALUEEHTE.PK, OPBL.OB, FTAR.OB

CHEAP FRANCHISESCLW, USMO, STO

INTERNATIONAL VALUEOM:INDU A, DB:MUV2, TSE:9422

POTENTIAL ACTIVIST TARGETSESV, OSTE, SGC

POTENTIAL LIQUIDATIONSSUTM.Q, SOAP, NSTR

MERGER ARBITRAGEADG, FCEC, JAV

VALUEHUNTR PROPRIETARYRLRN, VRSK, DNB

Dear Investor,

We are pleased to bring youboth long and short ideas Tgeneration process of any s

Our research process focusside, our screens include:

Contrarian : companies at 5Deep Value : undervalued ccoverage.Cheap Franchises : cheapInternational Value: cheapPotential Activist Targets :ownership.Potential Liquidations : coMerger Arbitrage : potential

01ISSUE

JUNE2010

SHORTS

HERDINGBID, RHIE, YRCW

TRADITIONALSNG, SWSI, EROC

DEEP FISHINGWSEG, CPPX.F, SOPK

EARNINGS HISTORYEURX, END, RGNC

POSSIBLE DEFAULTSNYMX, WAVX, JDSU

REVERSE MERGER ARBITRAGEDTG, TSFG, MIR

VALUEHUNTR PROPRIETARYULBI, GLG, ALKS

ValueHuntr Proprietary : to

On the short side, our scree

Herding : companies at 52Traditional : overvalued coDeep Fishing : overvaluedEarnings History : companiPossible Defaults : companReverse Merger Arbitrage :ValueHuntr Proprietary : b

Whether you are an institutibe actionable and help you

Best,

ValueHuntr Team

www.valueh

Value Edge is published monthly by ValueHuntr.com. Email: valuehuntr@mgper month, or $199 per year. Copyright 2010 by ValueHuntr.com All rights rstrictly prohibited without written permission from the publisher. This newslettthe past and cannot guarantee future accuracy and results. The stocks listed

the inaugural issue of Value Edge , our monthly newsletter fore newsletter is designed to be the first step in the idearious investor.

s on several long and short strategic categories. On the long

2 week lows and undervalued compared to industry peers.mpanies in the smallest 5% of market cap range and no

ompanies with an identifiable competitive advantage.companies trading in major foreign markets.companies below NCAV and low P/B with some institutional

panies trading below net cash with activist investor ownership.merger transactions trading below closing value.

alue EdgeSaving You Time, Making You Money

p companies in our ValueHuntr proprietary screen.

ns include:

eek highs and no news.panies with poor business prospectsompanies in the smallest 5% of market cap range.es with highest M-score parameters.ies with lowest Z-score parameters.: potential merger transactions trading above closing value.ttom companies in our ValueHuntr proprietary screen.

nal or individual investor, the information provided is designed toutperform.

untr.com

ail.com. Please email if you have any subscription questions. Subscription : $20eserved. Photocopying, reproduction, quotation, or redistribution of any kind isr bases screening results on techniques and sources believed to be reliable inin this newsletter should not be construed as investment recommendations.

***Click here to receive the exclusive 15% discount. Enter 'MARKETFOLLY' atcheckout and input the price as $169.
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2/17

Contrarian: 52 Week L

LONG IDEAS

Company Name TICK

1 Shanda Games Limited GAM2 Orion Marine Group, Inc OR3 Telecom Corp. of New Zealand Ltd. NZT4 Euronet Worldwide Inc. EEF5 The9 Limited NCT6 Energy XXI (Bermuda) Limited EXXI.

7 Diamond Offshore Drilling Inc. DO8 Alliant Techsystems Inc. ATK9 Nokia Corporation NO

10 CNA Surety Corp. SU11 Web.com Group, Inc. WWW12 Transocean Ltd. RIG13 Mahanagar Telephone Nigam Ltd. MT14 Shengdatech, Inc. SDT15 Petroleo Brasileiro PB16 SK Telecom Co. Ltd. SK17 Concord Medical Services Holdings Limited CC

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18 Xinyuan Real Estate Company Ltd. XIN19 Geokinetics Inc. GO20 Dole Food Company Inc. DOL21 Petrobras Energa SA PZE22 Elbit Systems Ltd. ESL23 Arden Group Inc. ARDN24 Scientific Games Corporation SGM25 Hellenic Telecommunications Organization SA OT26 ePlus Inc. PLU27 RRSat Global Communications Network Ltd. RRS28 Manulife Financial Corporation MF29 Siliconware Precision Industries Co. Ltd. SPI30 Tower Group Inc. TWG

w ListR Market Cap($USDmm) EV/EBITDA

% Change52 Week Low

E 1,645 4.67 0.18419 7.93 0.26

2,640 4.08 0.49732 6.02 0.63122 4.37 0.63

D 734 4.28 0.84

9,746 4.63 0.862,448 5.32 0.9037,351 5.59 0.93

755 4.41 0.95W 109 4.95 0.99

20,050 5.49 1.08762 0.94 1.17339 7.78 1.29

146,801 5.29 1.4110,397 4.16 1.52

324 5.55 1.54

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196 4.26 1.57109 7.53 1.65855 6.44 1.79

1,449 4.23 1.822,472 6.42 1.86

.A 290 6.07 1.91S 1,011 7.52 1.99

4,046 3.78 2.29151 5.57 2.30163 5.54 2.40

30,199 4.87 2.543,562 5.08 2.94

P 974 5.57 2.95


3/17

Deep Value: Hidden B

LONG IDEAS

Company Name TI

1 Ethanex Energy Inc. EH2 Optionable Inc. OP3 Footstar Inc. FT4 nFinanSe Inc NF5 China Crescent Enterprises Inc. CC6 Regal One Corp. RO7 Orsus Xelent Technologies Inc.8 Paragon Real Estate Equity & Investment PR9 New Dragon Asia Corp. N

10 Infosonics Corp. I11 Silverleaf Resorts Inc. S12 Meade Instruments Corp. M13 Endwave Corp. E14 Parlux Fragrances Inc. P15 VaxGen Inc. VX16 DVL Inc. DV17 TransNet Corp. TR18 Trans World Entertainment Corp. T

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19 Advanced Technologies Group Ltd. AV20 EDCI Holdings Inc. E21 Nu Horizons Electronics Corp. N22 Altex Industries Inc. AL23 LiveDeal Inc. L24 ADM Tronics Unlimited Inc. AD25 Chromcraft Revington Inc.26 Taitron Components Inc. T27 Manhattan Bridge Capital Inc. L28 Income Opportunity Realty Investors Inc. I29 PMC Commercial Trust30 Technest Holdings Inc. TC31 Imarx Therapeutics Inc. IM32 MangoSoft Inc. MG33 Aspen Exploration Corp. AS

34 International Lottery & Totalizator Syst. IT35 Golf Rounds.com Inc. TE36 DAC Technologies Group International Inc. DA37 Mace Security International Inc. M

rgainsKER Market Cap($USD) Price as % of NCAV Price/Book

E.PK 195,000 7.62% 0.05L.OB 483,300 8.72% 0.1R.OB 9,279,400 11.58% 0.07E.OB 858,600 17.30% 0.15R.OB 2,343,700 22.29% 0.31E.OB 217,800 27.92% 0.13RS 11,308,800 29.76% 0.25E.OB 32,400 35.22% 0.12

WD 9,024,000 35.31% 0.15ON 8,649,800 35.43% 0.37

VLF 47,425,000 37.88% 0.24EAD 4,387,500 38.29% 0.33WV 26,966,000 38.54% 0.81

ARL 37,240,500 39.30% 0.35N.OB 11,257,400 39.90% 0.39N.OB 4,924,700 40.30% 0.19T.OB 915,800 41.05% 0.36MC 62,800,000 41.33% 0.34

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G.OB 3,328,200 41.42% 0.41DCI 22,074,400 43.11% 0.28

HC 65,110,500 49.22% 0.47X.OB 1,804,400 50.90% 0.45IVE 3,526,400 51.75% 0.34T.OB 539,400 53.83% 0.5

RC 12,349,000 54.59% 0.38AIT 7,811,400 56.18% 0.41AN 4,282,800 58.41% 0.6

OT 23,310,300 58.72% 0.32CC 87,565,000 59.50% 0.58H.OB 2,258,900 62.42% 0.26X.OB 116,600 62.69% 1.12F.OB 1,088,000 63.59% 0.64N.OB 2,250,600 63.79% 0.6

I.OB 2,332,800 63.98% 0.57E.OB 1,276,500 64.08% 0.64T.OB 3,126,600 65.41% 0.49

ACE 10,176,000 65.93% 0.31

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4/17

Cheap Franchises: Valu

LONG IDEAS

Company Name T

1 Clearwater Paper Corporation2 USA Mobility, Inc.3 Statoil ASA4 InterDigital, Inc.5 Telecom Argentina S A6 Nortel Inversora S.A.7 Fuel Systems Solutions, Inc.

8 PDL BioPharma, Inc.9 ATC Technology Corporation

10 AstraZeneca PLC11 Safe Bulkers, Inc.12 VSE Corp.13 Freeport-McMoRan Copper & Gold Inc.14 Sinovac Biotech Ltd.15 Foster Wheeler AG16 Diamond Offshore Drilling Inc.17 Shanda Games Limited18 Sturm, Ruger & Co. Inc.

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. .20 Pre-Paid Legal Services, Inc.

21 W.R. Grace & Co.22 Lincoln Educational Services Corporation23 Corinthian Colleges Inc.24 Gap Inc.25 GT Solar International, Inc.26 Aeropostale, Inc.27 Greenlight Capital Re, Ltd.28 Gymboree Corp.29 Eli Lilly & Co.30 Allegiant Travel Company31 Hewitt Associates Inc.32 CF Industries Holdings, Inc.33 SuperMedia Inc.34 MedQuist Inc.35 Gulf Resources, Inc.36 Hi Tech Pharmacal Co. Inc.37 Partner Communications Co. Ltd.38 Hawkins Inc.39 Fluor Corporation40 Apollo Group Inc.

e And QualityICKER EV/EBITDA % ROIC Market Cap($USDmm)CLW 1.83 43.2 704.4SMO 2.08 27.6 327.2STO 2.77 25.6 66,912.8IDCC 3.02 73.0 1,150.7TEO 3.06 27.2 3,213.2NTL 3.40 27.3 2,889.0

FSYS 3.45 23.8 497.2

PDLI 3.72 80.8 689.3ATAC 4.01 20.0 398.9AZN 4.07 27.2 60,156.3SB 4.15 23.9 517.1

VSEC 4.15 26.1 200.9FCX 4.24 26.1 31,654.5SVA 4.30 30.1 235.9

FWLT 4.49 34.3 3,256.8DO 4.63 26.3 9,745.7

GAME 4.67 50.7 1,644.7RGR 4.67 34.5 320.1

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. . , .PPD 4.80 64.1 502.6

GRA 4.80 25.9 1,945.8LINC 4.97 24.5 644.3OCO 4.99 23.1 1,322.8

GPS 5.03 24.5 15,070.3SOLR 5.04 64.4 781.6ARO 5.12 61.6 2,593.7

GLRE 5.22 21.7 914.4GYMB 5.29 26.5 1,324.1

LLY 5.34 23.8 38,768.6ALGT 5.39 25.0 1,018.8HEW 5.40 20.0 3,529.0

CF 5.56 27.4 5,071.0SPMD 5.57 25.7 530.3

EDQ 5.57 20.7 348.9GFRE 5.58 24.7 321.5HITK 5.64 24.0 287.6PTNR 5.69 25.5 2,773.8

WKN 5.88 21.2 288.6FLR 5.88 22.1 8,952.9

APOL 5.92 55.0 8,265.0


5/17

International Value: Fo

LONG IDEAS

Company Name TICKER

1 Industrivrden OM:INDU A2 Mnchener Rckversicherungs-Gesellschaft DB:MUV23 ITC Networks Corp. TSE:94224 Statoil ASA OB:STL5 Shinko Plantech Co., Ltd. TSE:63796 Confab Industrial SA BOVESPA:CNF7 OPAP SA ATSE:OPAP

8 Churchill Corp. TSX:CUQ9 Severfield-Rowen plc LSE:SFR10 Bird Construction Income Fund TSX:BDT.UN11 Create SD Holdings Co., Ltd. TSE:314812 Contax Participacoes Sa BOVESPA:CTAX13 Sul America Sa BOVESPA:SULA14 JD Sports Fashion plc LSE:JD.15 Go-Ahead Group plc LSE:GOG16 AXELL Corp. TSE:673017 AstraZeneca PLC LSE:AZN18 Kura Corp. TSE:2695

First Quantum Minerals Ltd. TSX:FM

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.20 Mobistar SA ENXTBR:MOB

21Aeon Delight Co Ltd. TSE:9787

22 Skymark Airlines Inc TSE:920423 Pace plc LSE:PIC24 Perusahaan Telekomunikasi Indonesia Tbk. JKSE:TLKM25 IG Group Holdings Plc (LSE:IGG) LSE:IGG26 Hilton Food Group PLC (LSE:HFG) LSE:HFG27 Gourmet Navigator, Inc. (TSE:2440) TSE:244028 WH Smith plc LSE:SMWH29 Bijou Brigitte AG DB:BIJ30 Bolsas y Mercados Espaoles S.A. CATS:BME31 AES Tiete S.A. BOVESPA:GETI32 Point Inc. TSE:2685

eign BargainsEV/EBITDA % ROIC Exchange Market Cap($USDmm)

1.69 29.7 London (LSE) 4,311.32.29 20.5 London (LSE) 25,083.72.61 21.4 Tokyo (TSE) 238.32.77 25.6 London (LSE) 66,912.82.87 24.8 Tokyo (TSE) 400.4

4 3.00 21.3 Sao Paulo (BOVESPA) 1,097.43.07 82.3 London (LSE) 5,207.0

3.10 22.4 Toronto Stock (TSX) 312.93.11 21.2 London (LSE) 294.03.12 29.7 Toronto (TSX) 432.93.22 20.2 Tokyo (TSE) 438.9

4 3.31 26.9 Sao Paulo (BOVESPA) 661.411 3.45 24.5 Sao Paulo (BOVESPA) 1,906.4

3.49 33.9 London (LSE) 562.33.51 23.5 London (LSE) 808.73.79 32.3 Tokyo (TSE) 399.34.07 27.2 London (LSE) 60,156.34.27 21.4 Tokyo (TSE) 336.14.30 20.5 London LSE 5 133.8

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. . , .4.34 34.4 London (LSE) 3,097.84.34 20.6 Tokyo (TSE) 703.34.40 24.2 Tokyo (TSE) 289.34.53 25.6 London (LSE) 703.94.61 22.3 London (LSE) 16,187.04.66 21.3 London (LSE) 1,981.35.03 25.2 London (LSE) 252.55.33 28.4 Tokyo (TSE) 396.85.37 26.6 London (LSE) 978.55.41 27.4 London (LSE) 1,124.25.44 25.2 London (LSE) 1,842.5

4 5.50 49.0 Sao Paulo (BOVESPA) 3,778.45.99 37.5 Tokyo (TSE) 1,533.2


6/17

Potential Activist Targe

LONG IDEAS

Company Name TICKER Curren

1 Ensco plc ESV 162 Osteotech, Inc. OSTE 73 Superior Uniform Group Inc. SGC 54 Tuesday Morning Corp. TUES 25 Harbinger Group Inc. HRG 16 Hydrogenics Corp. HYGS 27 Heelys, Inc. HLYS 78 Sycamore Networks Inc. SCMR 69 Solarfun Power Holdings Co. Ltd. SOLF 4

10 Movado Group Inc. MOV 311 RCM Technologies Inc. RCMT 612 Physicians Formula Holdings Inc. FACE 613 Addus HomeCare Corp. ADUS 814 Global Industries Ltd. GLBL 615 Kaiser Aluminum Corporation KALU 316 Palm Harbor Homes Inc. PHHM 317 MEMSIC, Inc. MEMS 718 Winn-Dixie Stores Inc. WINN 919 CSS Industries Inc. CSS 1

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20 Albany Molecular Research Inc. AMRI 121 Stanley Furniture Co. Inc. STLY 122 Omega Protein Corp. OME 823 United American Healthcare Corp. UAHC 124 New Frontier Media Inc. NOOF 225 Brookfield Homes Corp. BHS 926 Duckwall-ALCO Stores Inc. DUCK 127 Tufco Technologies Inc. TFCO 228 Management Network Group Inc. TMNG 229 Syms Corp. SYMS 730 Conns Inc. CONN 4

tst Assets Total Liabilities P/BV

52.8 1248.0 0.9580.5 36.7 0.9549.1 13.4 0.9511.2 83.9 0.9294.4 7.1 0.897

8.0 19.3 0.8928.7 7.5 0.8632.4 31.4 0.8416.3 364.0 0.8360.3 99.8 0.835

0.7 14.9 0.8273.0 57.9 0.8194.4 80.7 0.7880.8 654.7 0.7820.7 184.3 0.7751.8 312.0 0.770

6.5 3.6 0.7634.3 936.0 0.7468.3 63.0 0.738

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0.5 59.1 0.7279.6 57.6 0.717

3.9 61.0 0.6509.2 7.1 0.6489.1 15.0 0.6394.5 558.1 0.6392.6 89.1 0.614

3.0 11.7 0.5948.8 14.2 0.5511.5 29.1 0.5499.6 207.1 0.538

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7/17

Potential Liquidation O

LONG IDEAS

Company Name TICKER

1 Sun-Times Media Group Inc. OTCPK:SUTM.Q2 Soapstone Networks Inc. OTCPK:SOAP3 Northstar Neuroscience, Inc. OTCPK:NSTR4 Neose Technologies Inc. OTCPK:NTEC5 Handleman Co. OTCPK:HDLM6 Neurobiological Technologies Inc. OTCPK:NTII7 Technest Holdings, Inc. OTCBB:TCNH

8 Convera Corp. OTCPK:CNVR9 EDCI Holdings, Inc. NasdaqCM:EDCI10 The9 Limited NasdaqGS:NCTY11 Agria Corporation NYSE:GRO12 Tigrent Inc. OTCBB:TIGE13 United American Healthcare Corp. NasdaqCM:UAHC14 Myriad Pharmaceuticals, Inc. NasdaqGM:MYRX15 Peerless Systems Corp. NasdaqCM:PRLS16 4 Kids Entertainment Inc. NYSE:KDE17 Endwave Corp. NasdaqGM:ENWV18 ID Systems Inc. NasdaqGM:IDSY

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20 Harbinger Group Inc. NYSE:HRG

21 Interphase Corp. NasdaqGM:INPH22 TravelCenters of America LLC AMEX:TA23 Orthologic Corp. NasdaqCM:CAPS24 NeuroMetrix Inc. NasdaqGM:NURO25 Adaptec, Inc. NasdaqGM:ADPT26 GraphOn Corp. OTCBB:GOJO27 AutoImmune Inc. OTCPK:AIMM

pportunitiesEV

($USDmm)Market Cap($USDmm)

% OwnedInst.

% OwnedInsiders

-79.0 0.2 16.9 1.8-75.7 0.3 24.6 12.3-58.4 0.8 22.6 8.6-6.5 0.2 16.9 2.8

-15.3 1.2 31.5 0.9-24.2 2.0 24.9 4.4-11.5 2.3 55.8 7.9

-11.7 3.9 41.5 18.8-46.2 22.1 22.6 11.3-125.1 119.9 39.1 22.9-81.7 88.2 17.8 17.5-2.4 4.1 22.4 23.7-3.7 8.2 49.6 25.1

-32.9 110.8 54.5 0.8-10.1 44.5 15.5 4.6-1.6 12.3 23.9 13.4-3.1 26.3 23.9 3.2-4.1 37.7 15.6 13.4

-

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. . . .-12.0 128.6 61.7 0.0

-1.2 14.7 16.0 10.2-4.1 50.3 18.8 7.2-2.5 32.6 22.7 2.3-1.8 28.6 29.6 7.5

-21.3 358.7 55.1 11.5-0.1 2.8 26.3 7.6-0.2 7.8 47.4 13.8


8/17

Merger Arbitrage

LONG IDEAS

TICKER Announced Date Closing Date Last Price

1 ADG 1/19/2010 5/31/2010 US$4.022 FCEC 12/28/2009 6/30/2010 US$9.313 JAV 12/18/2009 6/30/2010 US$1.824 WX 4/26/2010 12/31/2010 US$17.715 AYE 2/11/2010 3/31/2011 US$20.486 PBCI 6/30/2009 6/30/2010 US$8.027 SSE 2/23/2010 9/30/2010 US$6.41

8 UBET 11/11/2009 6/30/2010 US$2.759 SNEN 10/12/2009 5/31/2010 US$1.75

10 Q 4/22/2010 4/21/2011 US$5.1211 STBK 3/18/2010 9/30/2010 US$2.3512 FKFS 11/3/2009 7/31/2010 US$13.4613 SWWC 3/3/2010 9/30/2010 US$10.3514 PINN 2/24/2010 6/30/2010 US$0.3215 RCNI 3/5/2010 9/4/2010 US$14.2416 PSYS 5/17/2010 12/31/2010 US$32.3017 IDC 5/4/2010 9/30/2010 US$32.5918 BNE 2/23/2010 9/30/2010 US$11.07

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.20 CPII 5/10/2010 9/30/2010 US$15.82

21 VTIV 5/6/2010 9/30/2010 US$25.1222 GLG 5/17/2010 9/30/2010 US$4.3523 MAM 3/12/2010 10/31/2010 US$43.5524 DCP 4/12/2010 10/11/2010 US$17.0225 BSMD 5/13/2010 9/30/2010 US$4.27

Closing Value Profit

US$7.25 80.35%US$11.51 23.59%US$2.20 20.88%

US$21.25 19.99%US$23.47 14.61%US$9.18 14.46%US$7.25 13.10%

US$2.99 8.84%US$1.90 8.57%US$5.54 8.29%US$2.52 7.23%

US$14.37 6.74%US$11.00 6.28%US$0.34 6.25%

US$15.00 5.34%US$33.75 4.49%US$33.86 3.90%US$11.50 3.88%

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. . %US$16.40 3.67%

US$26.00 3.50%US$4.50 3.45%

US$45.00 3.33%US$17.55 3.11%US$4.38 2.58%


9/17

ValueHuntr Proprietary

LONG IDEAS

Company Name TICKER

1 Renaissance Learning Inc. RLRN2 Verisk Analytics, Inc. VRSK3 Dun & Bradstreet Corp. DNB4 Lorillard, Inc. LO5 PDL BioPharma, Inc. PDLI6 Immunomedics Inc. IMMU7 Corporate Executive Board Co. EXBD8 DJSP Enterprises, Inc. DJSP9 ITT Educational Services Inc. ESI

10 InterDigital, Inc. IDCC11 Pernix Therapeutics Holdings, Inc. PTX12 Moody's Corp. MCO13 China MediaExpress Holdings, Inc. CCME14 Impax Laboratories Inc. IPXL15 ChinaNet Online Holdings, Inc. CNET16 Pre-Paid Legal Services, Inc. PPD17 Sharps Compliance Corp. SMED18 Select Comfort Corporation SCSS

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19 GT Solar International, Inc. SOLR20 Bridgepoint Education, Inc. BPI21 Santarus Inc. SNTS22 Aeropostale, Inc. ARO23 Pzena Investment Management, Inc. PZN24 China Biologic Products, Inc. CBPO25 China INSOnline Corp. CHIO26 Revlon, Inc. REV27 Cherokee Inc. CHKE28 Shanda Games Limited GAME29 Accenture plc ACN30 Life Partners Holdings, Inc. LPHI31 Apollo Group Inc. APOL32 Clearwater Paper Corporation CLW33 Changyou.com Limited CYOU

34 Mastercard Incorporated MA35 Kirkland's Inc. KIRK36 Scientific Learning Corp. SCIL37 Vonage Holdings Corporation VG38 USA Mobility, Inc. USMO

: Promising BargainsalueHuntr

Score176.583.778.161.550.346.843.241.336.632.130.728.725.924.824.722.822.722.6

untr.com

22.321.821.220.818.917.917.517.417.216.716.416.216.015.914.7

12.311.611.511.210.0

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10/17

Herding: 52 Week Hig

SHORT IDEAS

Company Name TICKER

1 Sotheby's BID2 RHI Entertainment, Inc. RHIE3 YRC Worldwide Inc. YRCW4 EnteroMedics, Inc. ETRM5 Cowlitz Bancorp. CWLZ6 Repros Therapeutics Inc. RPRX

7 Midwest Banc Holdings Inc. MBHI

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and No News

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11/17

Traditional: Overvalue

SHORT IDEAS

Company Name TIC

1 Canadian Superior Energy Inc. SN2 Superior Well Services Inc. SW3 Eagle Rock Energy Partners, L.P. ER4 Limelight Networks, Inc. LL5 Point.360 PT6 Westwood One Inc. WW7 American Biltrite Inc. A8 Toreador Resources Corp. TR9 Petroflow Energy Ltd. PE

10 Cadence Design Systems Inc. CD11 Nautilus Inc. N12 Unify Corp. UN13 AMR Corporation A14 Isramco Inc. IS15 Hollywood Media Corp. HO16 Endeavour International Corporation EN17 Sauer-Danfoss Inc. SH18 Goldfield Corp. G

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o wa er ree nc.20 Basic Energy Services, Inc. B

21 Multiband Corporation MB22 NTN Buzztime Inc. NT23 Westmoreland Coal Co. W24 SandRidge Energy, Inc. S25 Jamba, Inc. JM26 Vanguard Natural Resources, LLC VN27 Pacific Sunwear of California Inc. PS28 Dawson Geophysical Co. DW29 Shiloh Industries Inc. SH30 Credo Petroleum Corp. CR31 Trans-Lux Corp. TL32 Carrizo Oil & Gas Inc. CR33 New York & Company Inc. N

34 Borders Group, Inc. B35 Tower Semiconductor Ltd. TS36 Pioneer Drilling Co. P37 Kona Grill Inc. KO38 The Great Atlantic & Pacific Tea Company, Inc. G

Weak BusinessesER EV/EBITDA % ROIC

G 298.8 -20.6SI 243.4 -8.7C 165.9 -5.8

W 162.2 -7.1X 91.5 -7.3

ON 71.3 -8.4L 57.7 -8.4L 50.4 -6.7

D 46.8 -5.0S 46.4 -5.9

S 45.3 -6.6FY 44.1 -7.0R 44.1 -7.5L 36.5 -5.9

LL 36.1 -5.6D 31.5 -5.2S 30.9 -5.8

V 29.7 -7.4

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. - .S 25.3 -7.5

D 18.3 -16.6N 17.4 -9.5B 16.4 -24.6

16.2 -9.8A 16.1 -9.4

R 14.4 -8.4N 14.1 -10.0

SN 13.9 -5.2O 13.4 -5.3D 13.1 -7.7

X 12.4 -8.6O 12.3 -5.5Y 11.7 -5.8

P 11.5 -7.8M 11.1 -9.6C 10.3 -5.1A 10.3 -6.0

P 10.1 -5.7

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12/17

Deep Fishing: Hidden

SHORT IDEAS

Company Name TICKER

1 Western Standard Energy Corp. OTCBB:WSEG2 Continental Energy Corp. OTCBB:CPPX.3 SouthPeak Interactive Corp. OTCBB:SOPK4 Javo Beverage Company Inc. OTCBB:JAVO5 TAG Oil Ltd. TSXV:TAO6 Westbridge Energy Corporation TSXV:PSH7 Congoleum Corp. OTCPK:CGMC.8 Neon Energy Limited ASX:NEN9 MDU Communications International Inc. OTCBB:MDTV

10 Grill Concepts Inc. OTCPK:GLLC11 Katy Industries, Inc. OTCBB:KATY12 Vane Minerals PLC AIM:VML13 Territory Resources Limited ASX:TTY14 American Wagering Inc. OTCBB:BETM15 M Line Holdings, Inc. OTCBB:MLHC16 Naturally Iowa, Inc. OTCPK:NLIA17 HEI Inc. OTCPK:HEII18 Neenah Enterprises, Inc. OTCPK:NENA.

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19 Landmark Land Co. Inc. DE OTCPK:LLND20 AbitibiBowater, Inc. OTCPK:ABWT.21 iSecureTrac Corp. OTCBB:ISEC22 Datascension Inc. OTCBB:DSEN23 Purple Communications, Inc. OTCPK:PRPL24 Artnet AG XTRA:AYD25 Sega Toys Ltd. JASDAQ:7842

nd OvervaluedEV/EBITDA % ROIC Market Cap($USDmm)

17.3 -167.2 3.433.5 -56.9 7.011.8 -49.5 27.617.5 -28.9 34.4

178.8 -28.5 71.159.5 -22.2 0.526.5 -12.7 0.778.2 -12.6 33.420.5 -12.2 16.712.3 -11.1 3.4

137.0 -10.5 9.9237.7 -10.3 8.226.1 -9.8 40.412.6 -9.7 2.542.4 -9.2 3.129.5 -8.2 0.311.8 -7.4 6.743.4 -7.0 0.2

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17.1 -6.7 1.989.1 -6.6 5.727.6 -6.2 9.717.5 -6.0 0.537.3 -5.6 0.870.8 -5.5 35.0

100.0 -5.4 72.0


13/17

Earnings History: Pote

SHORT IDEAS

Company Name TICKER

1 Eurand N.V. EURX2 Endeavour International Corporation END3 Regency Energy Partners LP RGNC4 Allscripts-Misys Healthcare Solutions, Inc. MDRX5 Atlas Pipeline Partners LP APL6 Atlas Pipeline Holdings LP AHD7 Valero Energy Corp. VLO8 Network Engines Inc. NENG9 FreightCar America Inc. RAIL

10 Focus Media Holding Ltd. FMCN11 Mechel OAO MTL12 Rex Energy Corporation REXX13 Mercadolibre, Inc. MELI14 Conceptus, Inc. CPTS15 MIPS Technologies Inc. MIPS16 Potlatch Corporation PCH17 Washington Real Estate Investment Trust WRE18 LogMeIn, Inc. LOGM

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tial Manipulatorsarket Cap

($USDmm) EV/EBITDA Beneish M-Score

474.8 53.9 118.2227.7 31.5 112.1

1996.0 15.6 105.22774.2 31.5 31.1535.3 16.8 15.0133.0 21.1 14.9

10110.7 17.1 12.2113.8 79.7 10.6306.0 43.5 10.5

2203.8 39.1 8.58304.6 21.4 8.2454.1 83.7 5.2

2044.4 30.9 5.0529.7 25.5 4.1212.3 15.7 2.2

1368.8 17.3 0.41704.0 16.3 0.3572.6 34.0 0.1

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14/17

Possible Defaults: Nea

SHORT IDEAS

Company Name TICKER M(1 Nymox Pharmaceutical Corporation NYMX2 Wave Systems Corp. WAVX3 JDS Uniphase Corp. JDSU4 Valence Technology Inc. VLNC5 Cell Therapeutics, Inc. CTIC6 Antigenics Inc. AGEN

7 Openwave Systems Inc. OPWV8 Ariad Pharmaceuticals Inc. ARIA9 XOMA Ltd. XOMA

10 Zix Corp. ZIXI11 ModusLink Global Solutions, Inc. MLNK12 Conexant Systems Inc. CNXT13 Idenix Pharmaceuticals Inc. IDIX14 Neurocrine Biosciences Inc. NBIX15 Capstone Turbine Corp. CPST16 PRIMEDIA Inc. PRM

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Bankruptcyarket CapUSDmm) Altman Z-Score

124.0 -69.7230.6 -58.2

2284.7 -55.0125.2 -35.6288.8 -29.2101.8 -21.0

190.4 -20.7411.7 -18.1133.3 -16.5140.8 -15.5329.5 -14.6215.1 -14.5247.7 -13.6144.2 -12.8237.1 -12.2156.5 -12.2

untr.com

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15/17

Reverse Merger Arbitr

SHORT IDEAS

TICKER Announced Date Closing Date Last

1 DTG 4/26/2010 12/31/2010 US$42 TSFG 5/17/2010 9/30/2010 US$3 MIR 4/12/2010 12/31/2010 US$14 ARD 4/5/2010 9/30/2010 US$35 CAL 5/3/2010 12/31/2010 US$16 SMMX 4/5/2010 6/30/2010 US$

7 LNY 11/3/2009 5/31/2010 US$28 TWPG 4/26/2010 6/30/2010 US$9 CRN 4/19/2010 9/30/2010 US$2

10 XTO 12/14/2009 6/30/2010 US$411 ATBC 5/10/2010 9/30/2010 US$12 SII 2/22/2010 12/31/2010 US$413 RISK 3/1/2010 8/31/2010 US$214 IWA 11/24/2009 6/1/2010 US$1

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gerice Closing Value Profit

7.81 US$41.00 -14.24%.29 US$0.26 -9.31%

2.38 US$11.51 -7.03%3.09 US$30.78 -6.98%9.76 US$18.59 -5.91%.85 US$5.53 -5.44%

1.94 US$21.00 -4.28%.31 US$7.02 -3.90%7.59 US$26.75 -3.03%4.11 US$42.82 -2.92%.47 US$2.40 -2.83%

1.95 US$41.25 -1.66%1.93 US$21.71 -1.00%6.60 US$16.56 -0.25%

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16/17

ValueHuntr Proprietary

SHORT IDEAS

Company Name TICKER

1 Ultralife Corp. ULBI2 GLG Partners, Inc. GLG3 Alkermes, Inc. ALKS4 FSI International Inc. FSII5 Superior Well Services Inc. SWSI6 Melco Crown Entertainment Ltd. MPEL7 Tesoro Corporation TSO8 Griffin Land & Nurseries Inc. GRIF9 Ultra Clean Holdings Inc. UCTT

10 EnerNOC, Inc. ENOC11 Eagle Rock Energy Partners, L.P. EROC12 Limelight Networks, Inc. LLNW13 Presidential Life Corp. PLFE14 PCTEL, Inc. PCTI15 Capital Southwest Corporation CSWC16 Innovative Solutions & Support Inc. ISSC17 ATA, Inc. ATAI18 ATS Medical Inc. ATSI

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20 Cypress Semiconductor Corporation CY

21 Valhi Inc. VHI22 GSE Systems Inc. GVP23 NetLogic Microsystems Inc. NETL24 Gastar Exploration, Ltd. GST25 OmniVision Technologies Inc. OVTI26 Orthovita Inc. VITA27 Ethan Allen Interiors Inc. ETH28 Entropic Communications, Inc. ENTR29 Providence & Worcester Railroad Co. PWX30 OncoGenex Pharmaceuticals, Inc. OGXI31 Kelly Services, Inc. KELY.A32 American National Insurance Co. ANAT33 Kodiak Oil & Gas Corp. KOG

34Caliper Life Sciences, Inc. CALP

35 3PAR, Inc. PAR36 Essex Rental Corp. ESSX37 Lions Gate Entertainment Corp. LGF38 TechTarget, Inc. TTGT39 Flow International Corp. FLOW40 Meritage Homes Corporation MTH41 Rochester Medical Corp. ROCM42 Rex Energy Corporation REXX43 MaxLinear, Inc. MXL

: Damaged FranchisesMarket Cap($USDmm) ValueHuntr Score

78.1 -346.11092.9 -320.91081.0 -316.9

93.6 -306.1439.4 -298.5

2073.7 -297.11758.4 -252.1154.0 -229.2207.7 -221.8742.8 -218.7449.1 -203.5383.9 -199.6325.0 -197.5122.9 -192.5355.3 -165.886.5 -150.074.9 -149.2

307.9 -145.3

untr.com

. - .1901.8 -142.8

2055.1 -140.591.1 -139.41703.9 -137.1204.6 -135.7898.3 -126.2257.3 -124.1584.0 -122.7355.4 -121.759.8 -121.5

109.3 -119.2598.6 -118.5

2790.9 -117.1406.7 -116.7219.0 -115.3582.9 -114.997.4 -114.3

808.0 -113.2254.4 -111.1120.0 -108.4703.6 -104.7131.6 -104.4484.5 -103.4510.8 -100.4

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17/17

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