Mysterious investor buys stake in Regis-spun1

Mysterious investor buys stake in Regis
An opportunistic, activist investor recently obtained a large chunk of Regis Corp.
No, not Starboard Value LP,[url=http://parajumperssalenorge.albirank.net/][b]Parajumpers Long Bear[/b][/url], which won a contentious proxy war against Regis management last fall. This time around, the investor under consideration is really a little-known firm named Birch Run Capital.
Headquartered in New York,[url=http://duveticaitaliaoutlet.webmium.com/][b]duvetica jackets[/b][/url], Birch Run recently bought an 8.3 % stake, or 4.8 million shares, in Regis,[url=http://giuseppezanottisneakerssale.olimx.com/][b]giuseppe zanotti sneakers[/b][/url], according to documents filed using the Securities and Exchange Commission. Which makes Birch Run the third-largest investor behind Fidelity Management and BlackRock Inc., that also boosted its position within the troubled Edina-based beauty salon operator.
By contrast,[url=http://giuseppezanottisneakerssale.olimx.com/][b]http://giuseppezanottisneakerssale.olimx.com/[/b][/url], Starboard, which controls three seats on Regis' board of directors,[url=http://woolrichparkaschweiz.albirank.net/][b]cheap woolrich winter coats[/b][/url], owns 5.4 percent.
Based on its scant history, Birch Run isn't any long-term investor, which makes its sudden, aggressive play for Regis stock somewhat puzzling.
Starboard, which seized control of Regis just three months ago,[url=http://woolrichparkaschweiz.albirank.net/][b]Woolrich Parka[/b][/url], is quickly moving to cut costs,[url=http://monclerjackenonlinech.albirank.net/][b]Moncler Günstig[/b][/url], refashion the management team then sell off non-core assets like Hair Club for males and Women. But even President Randy Pearce has told investors it would take many years for Regis to right itself.
Daniel Beltzman, Birch Run's manager,[url=http://billigmonclerjackenkaufen.olimx.com/][b]Moncler Jacke[/b][/url], didn't return a phone call seeking comment. Regis and Starboard also declined to comment.
There is little info on Birch Run. The investment firm was formed in 2006 and hoped to boost $300 million,[url=http://duveticaukoutlet.halod.com/][b]Duvetica Jackets UK Outlet[/b][/url], according to SEC documents.
Documents indicate that Birch Run paid $2.25 million in 2009 to get stock in Energy Partners,[url=http://rogerviviershoesforsale.webstarts.com/][b]http://rogerviviershoesforsale.webstarts.com/[/b][/url], a Houston-based gas producer which had filed for Chapter 11 bankruptcy.
When Energy Partners proposed to eliminate all common shares, Birch Run rallied investors to oppose the company's reorganization plan. The firm conducted its analysis and concluded that Energy Partners' assets were worth $212 million a lot more than its liabilities.
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