Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Avid Technology Inc. (AVID): Derek C. Schrier’s Indaba Capital Management Starts Stake With 2.27 Million Shares

Derek C. Schrier’s Indaba Capital Management disclosed on September 12 that it had started a position, with 2.27 million shares of Common Stock, in Avid Technology, Inc. (OTCMKTS:AVID). This stake is worth more than $22 million at current stock prices, accounts for more than 5.8% of the company’s outstanding stock, and makes it the largest hedge fund shareholder of record –amongst those that we keep track of- at the company.

Other major hedge funds betting on Avid Technology, Inc. (OTCMKTS:AVID) are Jeffrey Bronchick’s Cove Street Capital, which last disclosed (in late-July) holding 1.95 million shares of the company’s Common Stock, and Kelly Cardwell’s Central Square Management, which owns 1.7 million shares.

Avid Technology, Inc. (NASDAQ:AVID)

Avid Technology, Inc. (OTCMKTS:AVID) is a $378 million market cap provider of technology products, solutions and services that enable the creation and monetization of audio and video content. The company develops, markets, sells and support software and hardware for digital media content production. Last Friday, the company filed some financial documents at the SEC, seeking to be relisted on the NASDAQ exchange.

In other news, Schubert Jonckheer & Kolbe is actively investigating alleged misconduct by the company’s top executives, including directors’ and officers’ breaches of their fiduciary duties to the company.

On a brighter note, Avid Technology, Inc. (OTCMKTS:AVID) presented, last week, the Avid VENUE | S3L-X compact live sound system , and new and upcoming innovations for the Avid MediaCentral Platform. In relation to these launches, the company’s PR department said:

“When used together, Avid VENUE | S3L-X and Pro Tools(R) | Software—both part of the Avid Artist Suite of solutions and powered by the Avid MediaCentral Platform—deliver the most streamlined, economical, and tightly integrated approach to mixing and recording live productions (…) Through Avid Everywhere(TM), Avid delivers the industry’s most open, innovative, and comprehensive media platform, connecting content creation with collaboration, asset protection, distribution, and consumption for the most listened to, most watched, and most loved media in the world—from the most prestigious and award-winning feature films, music recordings, and television shows, to live concerts and news broadcasts. Industry leading solutions include Pro Tools(R), Media Composer(R), ISIS(R), Interplay(R), and Sibelius(R).”

Derek C. Schrier’s Indaba Capital Management is an event-driven and opportunistic value investing, San Francisco-based hedge fund founded in 2010. It holds an equity portfolio worth more than $250 million, according to its last 13F filing for the second quarter of 2014. Its largest bets are placed on Suncoke Energy Inc (NYSE:SXC) and Express, Inc. (NYSE:EXPR), of which it owns 1.98 million shares (worth more than $42 million) and 1.72 million shares (worth more than $29 million), respectively.

Warren Buffett and BillionairesFree Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks

Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!