This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gary Siegler, Manager Of Indian Creek Investors, A Large Holder Of EnergySolutions, Inc., Suggests Recap With Energy Capital Partners Instead Of Sale At $3.75 Per Share





AVENTURA, Fla., Jan. 9, 2013 /PRNewswire/ -- Indian Creek Investors LP, a private investment fund and a large shareholder of EnergySolutions sent a letter to EnergySolutions suggesting a recapitalization with Energy Capital Partners rather than the recently announced sale of EnergySolutions to Energy Capital Partners at $3.75 per share in cash.  Gary Siegler, the manager of Indian Creek Investors stated in the letter to the Board of Directors, "In our view EnergySolutions is worth considerably more than the $3.75 per share offered by Energy Capital Partners" and requested that "if the Board moves forward on a transaction with Energy Capital Partners, that you consider modifying it as a recapitalization where shareholders who wish to remain invested alongside Energy Capital Partners and Company management may do so, with only those shareholders who prefer to sell at $3.75 per share cashed out by Energy Capital Partners."

A copy of the full letter is included below.

Indian Creek Investors

January 9, 2013

Attn: Board of DirectorsEnergySolutions, Inc.423 West 300 South Suite 200 Salt Lake City, Utah 84101

Ladies and Gentlemen,

Indian Creek Investors LP, a private investment fund, is the beneficial owner of approximately 4.2 million shares of EnergySolutions.  Based on publicly available information, we believe Indian Creek is the Company's largest shareholder.  In our view EnergySolutions is worth considerably more than the $3.75 per share offered by Energy Capital Partners.  We understand from the Company that EnergySolutions' new management team is also investing in the transaction.

It was only months ago that the Board brought in this new management team and provided them with significant long term equity incentives to lead EnergySolutions forward for the benefit of public shareholders.  Already, extensive progress appears to have been made in improving the Company's balance sheet, cost structure, and business strategy.  Notwithstanding the Company's recent strides, there appears to have been no new auction process that would have allowed potential buyers to evaluate the Company's newly improved condition and prospects.  We believe that just as these positive changes appear to be taking hold that public shareholders should not be frozen out at a price which is less than one-fifth of EnergySolutions IPO price and well below several published analyst price targets. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs