How to Make a Plan Come Together on the Activist-Team

In December 2013, Jeff Eberwein of Lone Star Value Management LLC went to visit the operations of Pantry Inc. , a convenience store operator he was considering for an activist campaign. He was joined by James Pappas of JCP Investment Management and a third activist fund manager who were thinking about teaming up with him for the insurgency. After checking out the Cary, N.C.-based company, all three activists acquired large minority stakes in Pantry at the same time. However, as the group was put...