Goldstein calls for board shakeup, speedier buyback at Javelin

|About: Javelin Mortgage Investment (JMI)|By:, SA News Editor

Phillip Goldstein's Bulldog Investors adds to its stake in Javelin Mortgage (JMI), now reporting the ownership of more than 1M shares, or 7.65% of the company.

In a letter to the board, Goldstein confirms Bulldog's intention to nominate its own directors at the next board meeting and calls on the company to speed up the repurchase of shares (the board has authorized 2M) while the stock remains at a discount to book value.

Javelin reported a book value of $14.69 as of September 30 vs. today's close of $11.74, putting the stock at a 20% discount to book.

SEC Form 13D