Quarter Ending 9/30/2011 Back to the Enlightened American Website
Starboard Value LP
*****  NEW POSITIONS TAKEN
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value Capital Invested
N/A N/A AOL INC 1,400,000 $12.00 $16,800,000 ($16,800,000)
N/A N/A CSR PLC 610,435 $12.98 $7,923,000 ($7,923,000)
N/A N/A ISHARES TRRUSSELL 2000       127,000 $64.30 $8,166,000 ($8,166,000)
N/A N/A MIPS TECHNOLOGIES INC 5,220,000 $4.84 $25,265,000 ($25,265,000)
N/A N/A PROGRESS SOFTWARE CORP 743,299 $17.55 $13,045,000 ($13,045,000)
N/A N/A SHORETEL INC 831,995 $4.99 $4,148,000 ($4,148,000)
N/A N/A XO GROUP INC 560,000 $8.17 $4,575,000 ($4,575,000)
*****  SOLD OFF
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
N/A N/A ADVANCED ANALOGIC TECHNOLOGI 1,462,188 $6.06 $8,854,000 $8,854,000
N/A N/A AGILYSYS INC 141,976 $8.34 $1,184,000 $1,184,000
N/A N/A ZORAN CORP 4,147,500 $8.40 $34,839,000 $34,839,000
*****  HOLD POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
0.00% -31.88% OPENWAVE SYSTEMS 8,513,000 8,513,000 $1.56 $2.29 $13,280,000 $19,495,000 $0
0.00% -28.57% SEACHANGE INTERNATIONAL INC 2,639,342 2,639,342 $7.70 $10.78 $20,323,000 $28,452,000 $0
0.00% -18.02% SURMODICS INC 2,088,760 2,088,760 $9.10 $11.10 $19,008,000 $23,185,000 $0
*****  AUGMENTED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
691.14% -13.66% 218,400 ANALOGIC CORP 250,000 31,600 $45.41 $52.59 $11,353,000 $1,662,000 ($9,917,981)
832.20% -9.44% 540,100 BAKER (MICHAEL) CORP 605,000 64,900 $19.13 $21.12 $11,574,000 $1,371,000 ($10,332,425)
53.41% -32.19% 752,339 DSP GROUP INC 2,161,039 1,408,700 $5.90 $8.70 $12,750,000 $12,256,000 ($4,438,755)
260.09% -8.03% 1,765,999 REGIS CORP 2,445,000 679,001 $14.09 $15.32 $34,450,000 $10,402,000 ($24,882,890)
78.58% -5.56% 3,929,000 RGS 5.0% 07/15/14 CONVDB 8,929,000 5,000,000 $1.13 $1.20 $10,134,000 $6,009,000 ($4,459,232)
77.23% -5.19% 1,616,274 WAUSAU PAPER CORP 3,709,000 2,092,726 $6.39 $6.74 $23,701,000 $14,105,000 ($10,328,204)
*****  REDUCED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
-51.55% -40.35% -1,407,599 AVIAT NETWORKS INC 1,322,820 2,730,419 $2.35 $3.94 $3,109,000 $10,758,000 $3,308,255
-0.38% -18.21% -35,000 EXTREME NETWORKS 9,165,000 9,200,000 $2.65 $3.24 $24,287,000 $29,808,000 $92,749
-29.02% -10.21% -256,618 IRIS INTERNATIONAL INC 627,548 884,166 $8.97 $9.99 $5,629,000 $8,833,000 $2,301,820
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