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Thursday, October 05, 2006

Midwood Capital Raises Stake in Factory Card & Party Outlet (FCPO) to 9.7%

From 13D Tracker

In a amended 13D filing on Factory Card & Party Outlet Corp. (Nasdaq: FCPO), Midwood Capital Management disclosed a 9.7% stake (323K shares) in the company. This is up from the 8.7% stake the firm disclosed in a past filing.

In an August 13D filing (08/03), the firm disclosed a letter sent to the company saying they believe the company's stock is trading today at a substantial discount to its intrinsic value, and strongly encouraged management to take immediate steps to maximize shareholder. The firm requested that the company hire an investment banker to explore a sale.

To date, the company has not announced a review of strategic alternatives in response to the hedge fund's requests.

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