0001144204-11-012496.txt : 20110303 0001144204-11-012496.hdr.sgml : 20110303 20110303060430 ACCESSION NUMBER: 0001144204-11-012496 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20110303 DATE AS OF CHANGE: 20110303 GROUP MEMBERS: MANGROVE CAPITAL GROUP MEMBERS: MANGROVE PARTNERS GROUP MEMBERS: NATHANIEL AUGUST SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CPEX Pharmaceuticals, Inc. CENTRAL INDEX KEY: 0001418919 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 261172076 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84092 FILM NUMBER: 11658348 BUSINESS ADDRESS: STREET 1: 2 HOLLAND WAY CITY: EXETER STATE: NH ZIP: 03833 BUSINESS PHONE: (603) 658-6100 MAIL ADDRESS: STREET 1: 2 HOLLAND WAY CITY: EXETER STATE: NH ZIP: 03833 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Mangrove Partners Fund, L.P. CENTRAL INDEX KEY: 0001486623 IRS NUMBER: 272067192 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 100 W. 58TH STREET STREET 2: SUITE 8F CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: (646) 450-0418 MAIL ADDRESS: STREET 1: 100 W. 58TH STREET STREET 2: SUITE 8F CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 v213293_sc13d-a.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

CPEX Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

12620N104

(CUSIP Number)

The Mangrove Partners Fund, L.P.

10 East 53rd Street, 31st Floor

New York, New York 10022

Attention: Nathaniel August

Telephone Number: (646) 450-0418

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

Copies to:

Spencer D. Klein, Esq.

Morrison & Foerster LLP

1290 Avenue of the Americas

New York, New York 10104

Telephone Number: (212) 468-8000

March 2, 2011

(Date of Event Which Requires Filing of this Statement)

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 statement because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §§240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP NO. 12620N104
(1)	Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).			The Mangrove Partners Fund, L.P. 27-2067192
(2)	Check the Appropriate Box if a Member of a Group (See Instructions)			(a)x (b)o
(3)	SEC Use Only
(4)	Source of Funds (See Instructions)			WC, OO
(5)	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) Or 2(e)			o
(6)	Citizenship or Place of Organization			Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:		(7)	Sole Voting Power	0
		(8)	Shared Voting Power	149,373
		(9)	Sole Dispositive Power	0
		(10)	Shared Dispositive Power	149,373
(11)	Aggregate Amount Beneficially Owned by Each Reporting Person			149,373
(12)	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)			o
(13)	Percent of Class Represented by Amount in Row (11)			5.71%*
(14)	Type of Reporting Person			PN

* The ownership percentage is calculated based on 2,616,936 shares of Common Stock outstanding as of November 8, 2010, as reported in the issuer’s most recent Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2010, as filed with the Securities and Exchange Commission on November 10, 2010.

SCHEDULE 13D

CUSIP NO. 12620N104
(1)	Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).			Mangrove Partners 98-0652572
(2)	Check the Appropriate Box if a Member of a Group (See Instructions)			(a)x (b)o
(3)	SEC Use Only
(4)	Source of Funds (See Instructions)			AF
(5)	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) Or 2(e)			o
(6)	Citizenship or Place of Organization			Cayman Islands
Number of Shares Beneficially Owned by Each Reporting Person With:		(7)	Sole Voting Power	0
		(8)	Shared Voting Power	149,373
		(9)	Sole Dispositive Power	0
		(10)	Shared Dispositive Power	149,373
(11)	Aggregate Amount Beneficially Owned by Each Reporting Person			149,373
(12)	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)			o
(13)	Percent of Class Represented by Amount in Row (11)			5.71%*
(14)	Type of Reporting Person			OO

SCHEDULE 13D

CUSIP NO. 12620N104
(1)	Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).			Mangrove Capital 98-0652571
(2)	Check the Appropriate Box if a Member of a Group (See Instructions)			(a)x (b)o
(3)	SEC Use Only
(4)	Source of Funds (See Instructions)			AF
(5)	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) Or 2(e)			o
(6)	Citizenship or Place of Organization			Cayman Islands
Number of Shares Beneficially Owned by Each Reporting Person With:		(7)	Sole Voting Power	0
		(8)	Shared Voting Power	149,373
		(9)	Sole Dispositive Power	0
		(10)	Shared Dispositive Power	149,373
(11)	Aggregate Amount Beneficially Owned by Each Reporting Person			149,373
(12)	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)			o
(13)	Percent of Class Represented by Amount in Row (11)			5.71%*
(14)	Type of Reporting Person			OO

SCHEDULE 13D

CUSIP NO. 12620N104
(1)	Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).			Nathaniel August
(2)	Check the Appropriate Box if a Member of a Group (See Instructions)			(a)x (b)o
(3)	SEC Use Only
(4)	Source of Funds (See Instructions)			AF
(5)	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) Or 2(e)			o
(6)	Citizenship or Place of Organization			United States of America
Number of Shares Beneficially Owned by Each Reporting Person With:		(7)	Sole Voting Power	0
		(8)	Shared Voting Power	149,373
		(9)	Sole Dispositive Power	0
		(10)	Shared Dispositive Power	149,373
(11)	Aggregate Amount Beneficially Owned by Each Reporting Person			149,373
(12)	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)			o
(13)	Percent of Class Represented by Amount in Row (11)			5.71%*
(14)	Type of Reporting Person			IN

The following constitutes Amendment No. 2 (“Amendment No. 2”) to the Schedule 13D filed by the undersigned. This Amendment No. 2 amends the Schedule 13D as specifically set forth.

Item 4.

Purpose of Transaction.

This Item 4 is hereby amended and restated by adding the following:

On March 2, 2011, Mangrove Fund delivered a letter to the Board of Directors of the Issuer (the “Board”) expressing its serious and significant concerns with the proposed merger of the Issuer with FCB I Acquisition Corp., a wholly-owned subsidiary of FCB I Holdings Inc., announced on January 4, 2011 (the “Proposed Merger”). In the letter, Mangrove Fund also questioned the adequacy of the merger consideration to be received by stockholders and the flawed process that was conducted by the Issuer to arrive at such an inadequate valuation and value destroying transaction. A copy of the letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The description herein of the letter is qualified in its entirety by reference to the letter.

Item 7.

Material to be Filed as Exhibits.

Exhibit No.	Description
99.1	Letter to CPEX Pharmaceuticals, Inc., dated March 2, 2011 (furnished herewith)

Signature

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

Dated: March 2, 2011

	THE MANGROVE PARTNERS FUND, L.P.

	By: Mangrove Capital, as General Partner

	By:	/s/ Nathaniel August
		Name: Nathaniel August
		Title: Director

	MANGROVE PARTNERS

	By:	/s/ Nathaniel August
		Name: Nathaniel August
		Title: Director

	MANGROVE CAPITAL

	By:	/s/ Nathaniel August
		Name: Nathaniel August
		Title: Director

	By:	/s/ Nathaniel August
		Name: Nathaniel August

EX-99.1 2 v213293_ex99-1.htm Unassociated Document

Nathaniel August

Mangrove Partners

10 East 53rd Street, 31st Floor

New York, NY 10022

March 2, 2011

The Board of Directors

CPEX Pharmaceuticals, Inc.

2 Holland Way

Exeter, NH 03833

Dear Sirs:

We continue to reach out to you in the genuine desire to enter into a productive dialogue, yet our letters and phone calls, including two calls this week alone, continue to go unreturned. Based on conversations I have had this week, I believe my frustrations are shared by many other stockholders. On Monday, February 28, I received a call from Jeffrey Ferrell of Athyrium Capital Management (“Athyrium”) who not only expressed his frustration with management’s lack of responsiveness during the buyout, but also with the lack of response to Athyrium’s apparently numerous offers to finance a standalone dividend recapitalization of CPEX Pharmaceuticals, Inc. (“CPEX” or the “Company”). Specifically, when I asked him whether he would be willing to fund the full $64 million of financing being obtained by CPEX in its proposed merger with FCB I (the “Merger”), in order to instead pay a special dividend, he replied “in a heartbeat.” In fact, he told me that he has made this offer “several times” to the Company but has never received a response. Our initial analysis suggests that this alternative is clearly superior to the current $27.25 being offered in the Merger, as it would provide stockholders with a larger upfront payment and with an ongoing participation in Testim through the residual equity of CPEX. The payout to stockholders would be as follows:

On Fully Diluted Shares			On Basic Shares Outstanding
Financing Available from Athyrium		64.0	Financing Available from Athyrium		64.0
Estimated Cash on Balance Sheet at 6/30/11		25.0	Estimated Cash on Balance Sheet at 6/30/11		25.0
Options Proceeds		4.7	Available for Special Dividend		89.0
Available for Special Dividend		93.7

Diluted Shares Outstanding		3.0	Basic Shares Outstanding		2.6

Dividend per Share	$	31.42	Dividend per Share	$	34.01

Total Consideration to Stockholders: $31-34 per share in cash dividend plus continued ownership of residual equity

10 East 53rd Street, 31st Floor, New York, NY 10022 | ph 646.450.0418 | fax 646.652.5399 | info@mangrovepartners.com

This fact pattern appears to directly contradict CPEX’s proxy statement which asserts on page 28 that the Board “considered…the possible alternatives to the Merger (including the Recapitalization) [and] the range of possible benefits and risks to our stockholders.” How could an alternative that gives stockholders both more cash at closing and ownership of the residual equity interest possibly be a worse outcome than the Merger? I continue to question whether the Board has ever seriously contemplated a standalone option. By not considering this option, the Board has done a disservice to stockholders, which has resulted in a bid that undervalues the Company. Subsequent to my conversation with Mr. Ferrell, another of CPEX’s large stockholders called me and told me that he had a nearly identical conversation with Athyrium. Admittedly, this option would not result in the substantial change of control payments management will receive in connection with the Merger. It would be a true shame if these change of control payments caused management’s apparent preference for a merger.

While a dividend recapitalization plan is only one of many alternatives that could maximize value for stockholders, and there are others that we have proposed that could be even better, the results of a dividend recapitalization – $31-34 per share in cash plus the retention of the residual equity in CPEX – is a clearly superior outcome for stockholders.

10 East 53rd Street, 31st Floor, New York, NY 10022 | ph 646.450.0418 | fax 646.652.5399 | info@mangrovepartners.com

In response to inquiries from fellow stockholders, we would like to expand our commentary on the DCF analysis in the fairness opinion. Importantly, the blended discount rate on the forecast cash flows of the entire company is higher than any of the individual discount rates being used. This is the result of using a high discount rate on inflows and a low discount rate on outflows. For instance, using the midpoint discount rates in CPEX’s proxy for revenues and expenses of 17.5% and 7.5%, respectively, results in an average discount rate used on the free cash flow produced by the enterprise in the low-20s percent range. This analysis is attached hereto and it is also available on our website at www.cpexripoff.com. While we believe this methodology greatly exaggerates the actual cost of capital for CPEX, the analysis becomes indisputably erroneous once the conservative case for discount rates in the proxy is used: 20% on revenues and 5% for costs. In this case, the use of separate discount rates actually causes the present value of costs in the distant years to be higher than the present value of the revenues, the result of which is that positive cash flows are included at negative values. This analysis is attached hereto and it is also available on our website at www.cpexripoff.com. The poorly constructed analytical framework used in the fairness opinion causes me to question what other mistakes your advisors may have made while trying to sell CPEX.

We continue to believe that the proposed acquisition of CPEX at $27.25 is not in the best interest of stockholders and we intend to vote against the Merger.

Sincerely,

/s/ Nathaniel August

Nathaniel August

Enclosures

10 East 53rd Street, 31st Floor, New York, NY 10022 | ph 646.450.0418 | fax 646.652.5399 | info@mangrovepartners.com

CPEX Pharmaceuticals

Analysis of RBC DCF Methodology

Mid-Point Discount Rates

	Company Forecasts									Mangrove Extrapolation from Company Forecast Description
	2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024

Testim Sales		27.1			29.8			31.3			31.9			32.6			33.2			31.6			30.0			28.5			27.1			25.7			24.4			23.2			22.0
Taxes at 40%		(10.8	)		(11.9	)		(12.5	)		(12.8	)		(13.0	)		(13.3	)		(12.6	)		(12.0	)		(11.4	)		(10.8	)		(10.3	)		(9.8	)		(9.3	)		(8.8	)
Cash Flow from Testim (a)		16.3			17.9			18.8			19.2			19.5			19.9			18.9			18.0			17.1			16.2			15.4			14.7			13.9			13.2

Average Years Outstanding		0.5			1.5			2.5			3.5			4.5			5.5			6.5			7.5			8.5			9.5			10.5			11.5			12.5			13.5
Discount Rate		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%		17.5	%
Discount Factor		92	%		79	%		67	%		57	%		48	%		41	%		35	%		30	%		25	%		22	%		18	%		16	%		13	%		11	%

Present Value of Testim Post-Tax Revenue (b)		15.0			14.0			12.5			10.9			9.5			8.2			6.6			5.4			4.3			3.5			2.8			2.3			1.9			1.5

G&A Expenses		(6.1	)		(4.5	)		(4.6	)		(4.7	)		(4.8	)		(4.9	)		(5.0	)		(5.1	)		(5.2	)		(5.3	)		(5.4	)		(5.5	)		(5.6	)		(5.7	)
Taxes at 40%		2.4			1.8			1.8			1.9			1.9			2.0			2.0			2.0			2.1			2.1			2.2			2.2			2.2			2.3
Cash Flow from G&A (c )		(3.7	)		(2.7	)		(2.8	)		(2.8	)		(2.9	)		(2.9	)		(3.0	)		(3.0	)		(3.1	)		(3.2	)		(3.2	)		(3.3	)		(3.4	)		(3.4	)

Average Years Outstanding		0.5			1.5			2.5			3.5			4.5			5.5			6.5			7.5			8.5			9.5			10.5			11.5			12.5			13.5
Discount Rate		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%		7.5	%
Discount Factor		96	%		90	%		83	%		78	%		72	%		67	%		62	%		58	%		54	%		50	%		47	%		44	%		40	%		38	%

Present Value of G&A Post-Tax Expenses (d)		(3.5	)		(2.4	)		(2.3	)		(2.2	)		(2.1	)		(2.0	)		(1.9	)		(1.8	)		(1.7	)		(1.6	)		(1.5	)		(1.4	)		(1.4	)		(1.3	)

Combined Present Values (b+d)		11.5			11.6			10.2			8.7			7.4			6.2			4.8			3.6			2.7			1.9			1.3			0.9			0.5			0.2
Combined Undiscounted Cash Flows (a+c)		12.6			15.2			16.0			16.3			16.7			17.0			15.9			14.9			14.0			13.1			12.2			11.4			10.6			9.8
PV / Undiscounted Cash Flows ((b+d)/(a+c))		91	%		77	%		64	%		53	%		44	%		37	%		30	%		24	%		19	%		15	%		11	%		8	%		5	%		2	%
Average Years Outstanding		0.5			1.5			2.5			3.5			4.5			5.5			6.5			7.5			8.5			9.5			10.5			11.5			12.5			13.5
Implied Combined Discount Rate		20.7	%		19.5	%		19.6	%		19.7	%		19.8	%		20.0	%		20.4	%		20.9	%		21.6	%		22.4	%		23.6	%		25.2	%		27.8	%		33.1	%

Check		-			-			-			-			-			-			-			-			-			-			-			-			-			-

CPEX Pharmaceuticals

Analysis of RBC DCF Methodology

Conservative Case Discount Rates

	Company Forecasts									Mangrove Extrapolation from Company Forecast Description
	2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024

Testim Sales		27.1			29.8			31.3			31.9			32.6			33.2			31.6			30.0			28.5			27.1			25.7			24.4			23.2			22.0
Taxes at 40%		(10.8	)		(11.9	)		(12.5	)		(12.8	)		(13.0	)		(13.3	)		(12.6	)		(12.0	)		(11.4	)		(10.8	)		(10.3	)		(9.8	)		(9.3	)		(8.8	)
Cash Flow from Testim (a)		16.3			17.9			18.8			19.2			19.5			19.9			18.9			18.0			17.1			16.2			15.4			14.7			13.9			13.2

Average Years Outstanding		0.5			1.5			2.5			3.5			4.5			5.5			6.5			7.5			8.5			9.5			10.5			11.5			12.5			13.5
Discount Rate		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%		20.0	%
Discount Factor		91	%		76	%		63	%		53	%		44	%		37	%		31	%		25	%		21	%		18	%		15	%		12	%		10	%		9	%

Present Value of Testim Post-Tax Revenue (b)		14.9			13.6			11.9			10.1			8.6			7.3			5.8			4.6			3.6			2.9			2.3			1.8			1.4			1.1

G&A Expenses		(6.1	)		(4.5	)		(4.6	)		(4.7	)		(4.8	)		(4.9	)		(5.0	)		(5.1	)		(5.2	)		(5.3	)		(5.4	)		(5.5	)		(5.6	)		(5.7	)
Taxes at 40%		2.4			1.8			1.8			1.9			1.9			2.0			2.0			2.0			2.1			2.1			2.2			2.2			2.2			2.3
Cash Flow from G&A (c )		(3.7	)		(2.7	)		(2.8	)		(2.8	)		(2.9	)		(2.9	)		(3.0	)		(3.0	)		(3.1	)		(3.2	)		(3.2	)		(3.3	)		(3.4	)		(3.4	)

Average Years Outstanding		0.5			1.5			2.5			3.5			4.5			5.5			6.5			7.5			8.5			9.5			10.5			11.5			12.5			13.5
Discount Rate		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%
Discount Factor		98	%		93	%		89	%		84	%		80	%		76	%		73	%		69	%		66	%		63	%		60	%		57	%		54	%		52	%

Present Value of G&A Post-Tax Expenses (d)		(3.6	)		(2.5	)		(2.4	)		(2.4	)		(2.3	)		(2.2	)		(2.2	)		(2.1	)		(2.1	)		(2.0	)		(1.9	)		(1.9	)		(1.8	)		(1.8	)

Combined Present Values (b+d)		11.3			11.1			9.5			7.7			6.3			5.1			3.6			2.5			1.6			0.9			0.3			(0.1	)		(0.4	)		(0.6	)
Combined Undiscounted Cash Flows (a+c)		12.6			15.2			16.0			16.3			16.7			17.0			15.9			14.9			14.0			13.1			12.2			11.4			10.6			9.8
PV / Undiscounted Cash Flows ((b+d)/(a+c))		89	%		73	%		59	%		47	%		38	%		30	%		23	%		17	%		11	%		7	%		3	%		-1	%		-4	%		-7	%
Average Years Outstanding		0.5			1.5			2.5			3.5			4.5			5.5			6.5			7.5			8.5			9.5			10.5			11.5			12.5			13.5
Implied Combined Discount Rate		25.0	%		23.3	%		23.4	%		23.8	%		24.2	%		24.6	%		25.7	%		27.1	%		29.3	%		32.9	%		40.8	%	#NUM!			#NUM!			#NUM!

Check		-			-			-			-			-			-			-			-			-			-			-		#NUM!			#NUM!			#NUM!

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