Investors still active at Mace
The largest investor in Mace has gotten larger still, and Lawndale Capital is happy to throw its weight around a little bit. I got this press release in my box yesterday:
Lawndale Capital Mgmt files amended 13D in Mace Security International Inc.; Letter to Mace Board of Directors notifying of vote to WITHHOLD on the Reelection of Director Mark Alsentzer In a filing with the SEC on November 30, 2009, Mill Valley, CA-based Lawndale Capital Management and its affiliates filed an amended form 13D disclosing its increased 10.2% position in Mace Security International Inc. and its intent to vote its 1,638,382 shares "for all EXCEPT FORâ€ Mark Alsentzer on Proposal 1, Election of Directors at Mace's Annual Meeting on December 15, 2009.Basically, Alsentzer is the last remaining board member from the bad old days when Chairman and CEO (and can we call him "Captain," too, in honor of recently deceased Captain Lou Albano?) Lou Paolino Jr. ran the Company. So, "While Lawndale is pleased with the increased independence and qualifications of Mace's directors, it believes that a board as small as Mace's cannot afford even a minority of influence from this past era of poor board oversight and shareholder value destruction." Here's the 411 on Alsentzer. Looks like U.S. Plastic Lumber went bankrupt under his watch, and now he's head of Pure Earth, Inc., which is another recycling/waste-management-oriented business. Obviously, Lawndale is interested in the stock price increasing. It's the general opinion of the company leadership that the company is worth more than it's trading for, and Lawndale likes that opinion. The question is how to get stock buyers to get on board with that opinion. Being able to sell a wholly remade board can't hurt.