Santa Monica Seeks Restructure of Warwick Valley Telephone

Summary

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LARCHMONT, N.Y. (HedgeWorld.com) - The activist hedge fund Santa Monica Partners LP wants to separate the two sides of Warwick Valley Telephone Co., Warwick, N.Y., possibly with the assistance of the Securities and Exchange Commission.

In February 2004, Lawrence J. Goldstein, manager of the activist hedge fund Santa Monica Partners LP, wrote to the directors of the Warwick Valley Telephone Co., making suggestions for maximizing shareholder value. At the heart of this letter was the idea that Warwick should separate its operating company from its passively held stake in a wholesale cell phone company it owns with Verizon Wireless LLC, the Orange County-Poughkeepsie MSA LP.

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Extract

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Santa Monica Seeks Restructure of Warwick Valley Telephone

In its 2003 annual report, released the following month, Warwick responded to these suggestions, although rather elliptically.

"From time to time," the relevant section of the report begins, "shareholders ...

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