Even though Friday was a Holiday, electronic 13D filings continued to flow in the Securities and Exchange Commission.

Breaking Down 13D Filings

Michael Burry of Scion Capital filed a 13D that did not show an increase in his 5.3% ownership of GameStop (NYSE: GME).

Still, he has continued to make suggestions as to what the firm’s board should be doing to get the stock price higher. He suggests that the video game and electronics retailer should be using cash to buy back stock and pay down debt. Dr. Burry is also urging board members and executives to buy back stock in the open market, so they have more skin in the game. He feels they should raise more cash for a sale-leaseback transaction on real estate owned by GameStop. He also wants to sell the company airplane and eliminate the use of outside consultants.

Dr. Burry, who was the main character in the movie The Big Short, has been engaged in an activist campaign to unlock shareholder value in GameStop shares since last year.

Ancora Gets Active on Banks

Ancora Capital has been an investor in community banks stocks for years. They have not hesitated in taking an activist position of the felt it was necessary to influence management to take steps needed to move a bank’s stock price higher. They filed a 13D announcing that they had purchased an additional 102,800 shares of Cortland Bancorp over the last three weeks. That brings Ancora’s ownership of Cortland to 9.72%.

Based in Cortland, Ohio, the bank has seen its stock price almost halved by the recent selling wave.

Saba Capital has another closed-end fund in its sights. The firm now owns 7.4% of First Trust Floating Rates Trust and intends to have discussions with management about narrowing or eliminating the 11.48% discount to the net asset value.As part of the filing, Saba included a proposal outlining the first steps the Board should. The firm suggests that “Currently, the Board is divided into three classes serving staggered three-year terms. It is our belief that the classification of the Board is strong proof that the Board is not acting in the best interest of shareholders. A classified board protects the incumbents, which in turn limits accountability to shareholders.”

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