0001062993-15-002916.txt : 20150518 0001062993-15-002916.hdr.sgml : 20150518 20150518080450 ACCESSION NUMBER: 0001062993-15-002916 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20150518 DATE AS OF CHANGE: 20150518 GROUP MEMBERS: ACCRETIVE CAPITAL MANAGEMENT, LLC GROUP MEMBERS: RICHARD E. FEARON, JR. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MCG CAPITAL CORP CENTRAL INDEX KEY: 0001141299 IRS NUMBER: 541889518 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-78037 FILM NUMBER: 15871878 BUSINESS ADDRESS: STREET 1: 1001 19TH STREET NORTH STREET 2: 10TH FLOOR CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 7032477500 MAIL ADDRESS: STREET 1: 1001 19TH STREET NORTH STREET 2: 10TH FLOOR CITY: ARLINGTON STATE: VA ZIP: 22209 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ACCRETIVE CAPITAL PARTNERS, LLC CENTRAL INDEX KEY: 0001118118 IRS NUMBER: 364361768 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: C/O ACCRETIVE CAPITAL MANAGEMENT, LLC STREET 2: 16A WALL STREET, 2ND FLOOR CITY: MADISON STATE: CT ZIP: 06443 BUSINESS PHONE: 203-482-5805 MAIL ADDRESS: STREET 1: C/O ACCRETIVE CAPITAL MANAGEMENT, LLC STREET 2: 16A WALL STREET, 2ND FLOOR CITY: MADISON STATE: CT ZIP: 06443 FORMER COMPANY: FORMER CONFORMED NAME: ACCRETIVE CAPITAL PARTNERS LLC DATE OF NAME CHANGE: 20000705 SC 13D/A 1 sc13da.htm FORM SC 13D/A Accretive Capital Partners, LLC.: Schedule 13-D/A - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________

SCHEDULE 13D
(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)

Amendment No. 1

MCG Capital Corporation
(Name of Issuer)

Common Stock
(Title of Class of Securities)

58047P107
(CUSIP Number)

ACCRETIVE CAPITAL PARTNERS, LLC
16 Wall Street, 2nd Floor
Madison, CT 06443

RICHARD E. FEARON, JR.
16 Wall Street, 2nd Floor
Madison, CT 06443
(203) 482-5805

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

May 18, 2015
(Date of Event Which Requires Filing of This Statement)

  o If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [  ].

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

(Continued on following pages)


1 NAME OF REPORTING PERSONS

Accretive Capital Partners, LLC
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) [  ]     (b) [  ] 
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [  ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION

ILLINOIS
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH 		7 SOLE VOTING POWER

-0-
8 SHARED VOTING POWER

1,501,469 Shares
9 SOLE DISPOSITIVE POWER

-0-
10 SHARED DISPOSITIVE POWER

1,501,469 Shares
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,501,469 Shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [  ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

4.05%
14 TYPE OF REPORTING PERSON

OO


1 NAME OF REPORTING PERSONS

Accretive Capital Management, LLC
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) [  ]     (b) [  ] 
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [  ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION

ILLINOIS
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH 		7 SOLE VOTING POWER

-0-
8 SHARED VOTING POWER

1,501,469 Shares
9 SOLE DISPOSITIVE POWER

-0-
10 SHARED DISPOSITIVE POWER

1,501,469 Shares
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,501,469 Shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [  ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

4.05%
14 TYPE OF REPORTING PERSON

OO, HC


1 NAME OF REPORTING PERSONS

Richard E. Fearon, Jr.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) [  ]     (b) [  ] 
3 SEC USE ONLY
4 SOURCE OF FUNDS
PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [  ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION

United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH 		7 SOLE VOTING POWER

1,953,4751
8 SHARED VOTING POWER

-0-
9 SOLE DISPOSITIVE POWER

1,953,4751
10 SHARED DISPOSITIVE POWER

-0-
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,953,4751
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [  ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

5.27%
14 TYPE OF REPORTING PERSON

IN

______________________________________
1 Includes 1,501,469 Shares held directly by Accretive Capital Partners, LLC, of which Accretive Capital Management, LLC is the manager and Mr. Fearon is the managing member of Accretive Capital Management, LLC.

The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”). This amendment No. 1 to Schedule 13D (this “Amendment No. 1”) amends the statement on Schedule 13D filed on January 22, 2015 (as so amended, the “Original Schedule 13D”), by: (i) Accretive Capital Partners, LLC an Illinois limited liability company (“ACP”); (ii) Accretive Capital Management, LLC, an Illinois limited liability company (“ACM”); and (iii) Richard E. Fearon, Jr., a citizen of the United States (together with ACP and ACM, the “Reporting Persons”) and relates to the Common Stock (the “Shares”) of MCG Capital Corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 1001 19th Street North, 10th Floor, Arlington, VA 22209.

Capitalized terms not defined in this Amendment No. 1 shall have the meaning ascribed to them in the Original Schedule 13D. Except as set forth herein, the Original Schedule 13D is unmodified.

Item 4. Purpose of Transaction.

Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following information:

On May 18, 2015, the Reporting Persons sent a letter to the Issuer's Board of Directors. The letter is attached as Exhibit 99.1 and incorporated herein by reference.

While the Reporting Persons hold their stake for investment purposes, the Reporting Persons or its representatives may continue to conduct discussions from time to time with management and the board of directors of the Issuer, and may conduct discussions with other stockholders of the Issuer, prospective acquirers of the Issuer, or other relevant parties, in each case, relating to matters that may include the strategic plans, strategy, assets, business, financial condition, operations, and capital structure of the Issuer. The Reporting Persons may engage the Issuer, other stockholders of the Issuer, prospective acquirers of the Issuer, or other relevant parties in discussions that may include one or more of the other actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

In addition to the foregoing, without limitation, the Reporting Persons may engage in discussions with management, the board of directors, stockholders of the Issuer, prospective acquirers of the Issuer, and other relevant parties or take other actions through their representatives concerning any extraordinary corporate transaction (including but not limited to a merger or acquisition) or the business, operations, assets, strategy, future plans, prospects, corporate structure, board composition, management, capitalization, dividend policy, charter, bylaws, corporate documents, agreements, de-listing or de-registration of the Issuer. The Reporting Persons expect to conduct discussions with other stockholders, potential acquirers of the Issuer, and other relevant parties regarding financial or strategic acquisitions of or joint ventures with the Issuer or other similar arrangements. There is no assurance that these discussions would lead to a definitive transaction.

Item 5. Interest in Securities of the Issuer.

Item 5 of the Original Schedule 13D is hereby amended and supplemented by adding the following information:

The aggregate percentage of Shares reported owned by each person named herein is based upon 37,074,117 Shares outstanding, as of April 24, 2015, as reported in the Issuer's 10-Q filing for the period ended March 31, 2015, filed with the Securities and Exchange Commission on April 29, 2015.


A.

Each of ACP and ACM:


  (a)

Amount beneficially owned: 1,501,469

Percentage: 4.05%

  (b)

1. Sole power to vote or direct vote: 0

  2. Shared power to vote or direct vote: 1,501,469
  3. Sole power to dispose or direct the disposition: 0
  4. Shared power to dispose or direct the disposition: 1,501,469

  (c)

The transactions in the Shares by ACP and ACM during the past sixty days are set forth in Schedule A and are incorporated herein by reference.


B.

Mr. Fearon:


  (a)

Amount beneficially owned: 1,957,475

Percentage: 5.27%

  (b)

1. Sole power to vote or direct vote: 1,957,475

  2. Shared power to vote or direct vote: 0
  3. Sole power to dispose or direct the disposition: 1,957,475
  4. Shared power to dispose or direct the disposition: 0

  (c)

The transactions in the Shares by Mr. Fearon during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

An aggregate of 1,957,475 Shares, constituting approximately 5.27% of the Shares outstanding, are reported in this Schedule 13D.

  (d)

No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.

     
  (e)

Not applicable.


Item 7. Material to be Filed as an Exhibit.

Item 7 of the Original Schedule 13D includes the following Exhibit 99.1:

Exhibit 99.1 An Open Letter to the Board of Directors of MCG Capital Corporation, dated May 18, 2015 by Accretive Capital Management, LLC

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

May 18, 2015

ACCRETIVE CAPITAL PARTNERS, LLC
By: Accretive Capital Management, LLC, its managing member
 
By: /s/ Richard E. Fearon, Jr.
Name: Richard E. Fearon, Jr.
Title: Managing Member
 
ACCRETIVE CAPITAL MANAGEMENT, LLC
 
/s/ Richard E. Fearon, Jr.
Name: Richard E. Fearon, Jr.
Title: Managing Member
 
 
/s/ Richard E. Fearon, Jr.
Richard E. Fearon, Jr.

SCHEDULE A

Transactions in the Shares During the Past Sixty Days

Shares of Common Stock Price Per Date of
Purchased/(Sold) Share($) Purchase/(Sale)

ACCRETIVE CAPITAL PARTNERS, LLC

None

RICHARD E. FEARON, JR.

None

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Accretive Capital Partners, LLC.: Exhibit 99.1 - Filed by newsfilecorp.com

16 Wall Street, 2nd Floor
Madison, Connecticut 06443
203.482.5805 direct
info@accretivecapital.com
www.accretivecapital.com

An Open Letter to the Board of Directors of MCG Capital Corporation

May 18, 2015

Mr. Richard W. Neu
Chairman
MCG Capital Corporation
1001 19th Street North, 10th Floor
Arlington, VA 22209

Dear Ladies and Gentlemen of the MCG Capital Corporation Board:

As one of the largest owners of MCG Capital Corporation (“MCG”), holding approximately two million shares of MCG stock, Accretive Capital Partners commends the Board of Directors (the “Board”) for its value-creating steps taken on behalf of MCG shareholders during the past year.

We attribute much of MCG’s progress to the leadership of its Chairman, Rick Neu, whose impeccable integrity and tireless efforts to rebuild value at MCG have brought stability to the Company following a critical management change. Rick served as interim CEO from October 2011 through November 2012, initiated significant cost cuts, and instilled a culture of acting in shareholders’ best interests. Rick also put his own money where his mouth was, purchasing nearly $900,000 of MCG stock in the open market, and selflessly relinquished the CEO reins the moment he felt his job of stabilizing the business was completed—and without extracting an extraordinary bonus or extravagant stock options. For this, we thank you.

We also write to communicate to you our belief that the recent unsolicited offer from HC2 Holding, Inc. (“HC2”) may represent a superior offer to the publicly announced merger agreement with PennantPark Floating Rate Capital Ltd. (“PennantPark”). We encourage you to consider this alternative offer carefully, since you are asking us and our fellow shareholders to swap $116 million of cash, $50 million of seasoned and performing loans, and a $10 million net cash receivable in exchange for an $8 million cash payment and the equivalent of $167 million in PennantPark leveraged loans at book value. Meanwhile, the currency MCG shareholders are asked to accept, PennantPark’s stock, has traded at a discount to book value more than 90% of the time since it became publicly-traded in 2011.


March 18, 2015
Page 2

On March 11, 2014, we urged the Board to take decisive action by implementing the following four initiatives to:

1.)

Remove the then current CEO from his position as CEO and Board member;

2.)

Initiate a Dutch auction tender offer to repurchase MCG shares;

3.)

Abandon plans to grow loan origination staff and, instead, focus on managing and monetizing portfolio assets to avoid additional losses; and

4.)

Begin a dialogue with potential buyers of the Company.

MCG has completed three of these four initiatives since that time, resulting in an attractive portfolio composed of 72% cash and equivalents, 28% performing loans, no debt, and a solid and stable net asset value (“NAV”) of $4.75/share. On February 9, 2015, the Board subsequently announced it was addressing the fourth and final initiative by exploring strategic alternatives to maximize stockholder value. Two offers to purchase MCG have emerged: the first was from PennantPark, announced on April 29, 2015; and the second came from HC2, announced on May 4, 2015. In taking this final and culminating fourth step to sell our company, the Board is at a critical juncture; it is absolutely imperative that the Board now usher shareholders across the finish-line without missteps.

We encourage the Board to consider the benefits of the HC2 offer with great care.
HC2 has proposed that MCG shareholders exchange shares for ownership in a diversified holding company with portfolio businesses well-positioned in their respective industries. HC2 includes ownership primarily in two businesses: Schuff International, a U.S. steel fabrication and erection contractor poised to capitalize on growth in the non-residential construction industry, with 2014 revenue of $526 million, and Global Marine Systems, one of the world’s largest specialist cable laying fleets and a pioneer in the subsea cable industry, having laid the first subsea cable in the 1850s, with 2014 revenue of $164 million. HC2's portfolio generates substantial cash flow, with pro-forma 2014 EBITDA of $69 million, while net debt stands at approximately $280 million or a manageable 4.1x multiple of EBITDA. HC2 trades at a fully-diluted enterprise value of approximately 0.8 times sales and 10.1 times EBITDA, based on the 2014 pro forma financial statements, and the company is not subject to management fees made to an external manager, as required under the PennantPark transaction. Moreover, HC2 has made an offer representing a 5.3% premium to MCG’s NAV (and to the PennantPark transaction value) of $5.00/share and utilizing HC2 stock as currency, which provides greater liquidity for MCG shareholders: The three-month average daily trading volume of HC2 stock is 133,000 shares, more than two-and-a-half times that of PennantPark’s stock. As such, we encourage the Board to consider the benefits of the HC2 offer with great care.

Alternatively, in the proposed transaction with PennantPark, shareholders are asked to exchange ownership of MCG assets (72% of which is net cash and equivalents), for a leveraged asset composed 100% of loans that have been made during an ultra-competitive and covenant-light lending environment and trade at a discount to book value. Furthermore, the average daily trading volume of PennantPark stock over the last three months is approximately 53,000 shares, equivalent to less than 20% of MCG's average trading volume over the same period. This limited trading volume will not provide MCG shareholders substantially enhanced liquidity.

March 18, 2015
Page 3

We believe the benefits to PennantPark shareholders exceed those to MCG owners and that PennantPark should be inclined to pay materially more for MCG. In its last public offering on July 16, 2013, PennantPark was required to offer stock at a 2.7% discount to its trading price in order to raise only $62 million. Accounted for offering fees, the total discount for the new capital was over 6%. With the MCG merger, PennantPark accomplishes a “synthetic equity” raise of almost three times this amount, without any NAV dilution to PennantPark shareholders—never mind the fact that PennantPark cannot raise equity while its stock trades below NAV. We believe the value provided to PennantPark with this transaction is substantially greater than that being offered to MCG shareholders.

The Board has taken positive steps toward maximizing value for MCG shareholders thus far, and we appreciate its efforts in fulfilling its fiduciary duties entrusted by shareholders. With collective annual compensation exceeding $450,000, we trust the Board will follow the lead of its Chairman in this period of transition, by selflessly and responsibly completing the sale of MCG—irrespective of any continuing role as board members. We expect the Board to accept the truly superior offer for MCG in this final and momentous transaction.

Sincerely,

Richard E. Fearon, Jr.
Managing Partner

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