Monday, May 21, 2007

Large Everlast (EVST) Holder Burlingame Expresses Concerns About Stock Offering

In a 13D filing after the close Friday on Everlast Worldwide (Nasdaq: EVST), 14.3% holder Burlingame Asset Management disclosed discussions with the company's management regarding the Issuer’s intention to issue additional shares of Common Stock. The firm changed their filing status from 13G (passive) to 13D (active).

Burlingame Asset Management said its objective is to be assured that the company has explored and evaluated all financing alternatives, and that significant value will not be unduly transferred from existing shareholders to the shareholders participating in the proposed offering.

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