On July 10, 2018, Equitable Financial Corp. (EQFN) announced that it had notified The Nasdaq of its intend to voluntarily delist its common stock from The Nasdaq Stock Market. Even though the company argued that delisting would “eliminate the administrative and annual fees associated with being listed on Nasdaq.” After the delisting news surfaced, Mr. Parsow of Elkhorn Partners released a letter expressing his displeasure and wrote that delisting entrenches the Board to the detriment of other stockholders.

Activism | Management | Price Crash  | Audit Member Login Snowball research notes Agilysys: Significant achievements by the new management team + signs of moat + long term shareholder representation What is interesting?  1. Sign of moat: Recurring revenue, recent...

Most activist letters and proxy documents contain heavy arguments about the management and the Board. These arguments range from capital allocation to poison pill.

I’ve compiled the list of “interesting” excerpts from his letters. Also, the complete letters can be found in the “exhibits” section. The purpose of reading this? Readers can use it for “idea generation” and to improve their research skills.