Breeden Capital Discloses Stake in Applebee's

In a 13D filing on Applebee's International, Inc. (Nasdaq: APPB) this morning, Breeden Capital Management disclosed a 5.24% stake (3.9 million share) in the company. There is no other record showing a stake owned by the investment firm.

In the filing, Breeden said they believe that management and/or the board of directors, as appropriate, should devote significantly greater effort to enhancing shareholder returns through actions including, without limitation, re-franchising a substantial number of Company-owned and operated restaurants, significantly reducing capital expenditures, disposing of non-core assets including the Company's real estate holdings, and increasing cash returned to shareholders.

Breeden Capital also intend to advocate modifications of certain governance and executive compensation practices that they believe are not in the best interests of shareholders and the creation of shareholder value.

Breeden Capital was started by Richard Breeden, who ran the Securities and Exchange Commission from 1989 to 1993.