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Outerwall Inc (OUTR): Raging Capital Management Dumps Stake

Published on April 21, 2016 at 12:29 pm by Insider Monkey Staff in Hedge Funds, News

According to a newly-amended 13G filing William C. Martin‘s Raging Capital Management dumped its entire position in Outerwall Inc (NASDAQ:OUTR), that previously amassed 6.8% of the company’s outstanding stock, or 1.17 million shares. In this way, Raging Capital Management no longer owns any shares of Outerwall Inc (NASDAQ:OUTR).

Outerwall is a company that provides automated retail solutions through its network of movies and video games self-service kiosks like the Redbox, while also owning coin-cashing machines. Over the last 12 months, the company’s shares have dropped by 38.35%. In November last year, Outerwall purchased an online e-commerce site Gazelle.com, and it is already announced that the site might be sold off, thanks to activist investor Engaged Capital who asked for many changes within the company’s operations.

Other investors that were bullish on this stock at the end of December of 2015, aside from Raging Capital Management, are Allan Mecham and Ben Raybould’s Arlington Value Capital, which reported the most valuable position worth around $50.6 million, Debra Fine’s Fine Capital Partners, and Joel Greenblatt’s Gotham Asset Management.

On the other hand, investors who lost interest in this company, among the ones tracked by Insider Monkey, and sold off their investment are  John C. Walker’s Stonerise Capital Management, which dropped around $23.6 million in stock, and  Ken Griffin’s fund, Citadel Investment Group, which dumped $3.7 million worth of shares.

You can access the original SEC filing by clicking here.

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Page 1 of 4 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)1
Outerwall Inc.
 (Name of Issuer)
Common Stock, $0.001 par value
 (Title of Class of Securities)
690070 10 7
 (CUSIP Number)
March 31, 2016
 (Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
   x  Rule 13d-1(b)
   o  Rule 13d-1(c)
   o  Rule 13d-1(d)

_______________
1  The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
      The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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Page 2 of 4 – SEC Filing

Item 1(a).
Name of Issuer:
Outerwall Inc.
Item 1(b).
Address of Issuer’s Principal Executive Offices:
1800 – 114th Avenue SE
Bellevue, Washington 98004
Item 2(a).
Name of Person Filing:
This statement is filed by Raging Capital Management, LLC, a Delaware limited liability company (“Raging Capital”), and William C. Martin.  Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”
Raging Capital is the Investment Manager of Raging Capital Master Fund, Ltd., a Cayman Islands exempted company (“Raging Master”), in whose name the Issuer’s Common Stock, $0.001 par value per share (the “Shares”), were held.  William C. Martin is the Chairman, Chief Investment Officer and Managing Member of Raging Capital.  Raging Master has delegated to Raging Capital the sole authority to vote and dispose of the securities held by Raging Master pursuant to an Investment Management Agreement, dated November 9, 2012 (the “IMA”).  The IMA may be terminated by any party thereto effective at the close of business on the last day of any fiscal quarter by giving the other party not less than sixty-one days’ written notice.  As a result, each of Raging Capital and William C. Martin may have been deemed to beneficially own the Shares previously held by Raging Master.
Item 2(b).
Address of Principal Business Office or, if none, Residence:
The principal business address of each of Raging Capital and William C. Martin is Ten Princeton Avenue, P.O. Box 228, Rocky Hill, New Jersey 08553.
Item 2(c).
Citizenship:
Raging Capital is organized under the laws of the State of Delaware.  William C. Martin is a citizen of the United States of America.
Item 2(d).
Title of Class of Securities:
Common Stock, $0.001 par value per share.
Item 2(e).
CUSIP Number:
690070 10 7
Item 3.
If this statement is filed pursuant to Section 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
 
/  /
Not Applicable
 
(a)
/  /
Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o).
 
(b)
/  /
Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).

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Page 3 of 4 – SEC Filing

SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated:  April 11, 2016
  
 
Raging Capital Management, LLC
   
 
By:
/s/ William C. Martin
   
Name:
William C. Martin
   
Title:
Chairman, Chief Investment Officer and Managing Member
 
/s/ William C. Martin
 
William C. Martin

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Page 4 of 4 – SEC Filing

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