Thursday, May 25, 2006

Costa Brava Discloses 9.3% Stake in Bradley Pharma (BDY), Considers Pursuing Various Actions - 13D

Costa Brava Partnership III LP disclosed a 9.3% stake in Bradley Pharmaceuticals (NYSE: BDY) in a 13D filing. The firm said they believe the stock is undervalued and is considering pursuing various actions.

From the 'Purpose of Transaction' section of Filing:

"The Filers believe that the shares of Common Stock of the Issuer are undervalued and they are considering pursuing any and all of the actions enumerated below.The Filers may take such actions with respect to their investment in the Issuer as they deem appropriate, including without limitation: (i) having open communications with the Issuer's management in order to monitor their efforts to increase shareholder value and (ii) purchasing additional shares of Common Stock in the open market or otherwise.The Filers may also participate in discussions with potential purchasers of their shares of Common Stock, sell some or all of their shares of Common Stock in the open market or through privately negotiated transactions, or change their intention with respect to any and all of the matters referred toabove.Although the Filers have made their investment in the Issuer in the ordinary course of business and not for the purpose of changing or influencing the control of the Issuer, the Filers reserve their rights to make such plans or proposals in the future or take any other steps to enhance the value of theirinvestment. The Filers further reserve the right to increase, decrease or eliminate their investment in the Issuer or take any other action relative thereto."


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