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In a 13D filing on Build-A-Bear Workshop (NYSE:BBW) Thursday afternoon, Philip C. Timon/Endowment Capital disclosed a 12.9% stake (2.64 million shares) in the company. Timon held the same number of shares at the quarter ended September 30, 2006. Timon changed his filing status from 13G (passive) to 13D (active).

Timon notes that he bought the stock because he has identified it as fundamentally undervalued and possessing the potential for significant capital appreciation. Timon also notes he reserves the right to talk will the company or members of management and said the discussion may extend from ordinary day-to-day business operations to matters such as nominees for representation on the Company's Board of Directors, senior management decisions and extraordinary business transactions

NOTE: Interestingly, super hedge fund SAC Capital disclosed a new 5% stake in Build-A-Bear today.

Source: Endowment Capital Discloses Active Position in Build-A-Bear