NEW YORK, June 29 /PRNewswire/ -- (NYSE: FIC) Sandell Asset Management
Corp. ("Sandell") sent a letter today to Dr. Mark N. Greene, Chief
Executive Officer of Fair Isaac Corporation. Sandell also disclosed
beneficial ownership of 5.0% of shares of Fair Isaac's common stock in a
Schedule 13D filed with the Securities and Exchange Commission today. In
the letter, Sandell expressed support for Dr. Greene's efforts to improve
the operating and financial performance of the Company, but also cautioned
that operational turnarounds can be fraught with risk and are sometimes
better attempted as a part of a larger organization or in a private
ownership context. Further, Sandell urged the Board of Directors to take
the following actions:
-- Closely monitor the progress of the turnaround and hold management to
clearly defined milestones in a reasonable timeframe.
-- Immediately engage a financial advisor to review the best risk-adjusted
alternatives for Fair Isaac and its shareholders including a sale of
the Company in whole or in part.
-- Continue to aggressively repurchase shares at the current depressed
"Fair Isaac has excellent products and strong market positions, but
there is a clear disconnect between the value that these assets should be
able to command in the marketplace and the current value implied by the
share price. It is incumbent on management and the board to maximize the
value of these assets, either through improved operational and financial
performance or through a sale to a strategic or financial buyer," said
Thomas E. Sandell, Chief Executive Officer of Sandell Asset Management
Corp. "As the process continues, we hope to work constructively with Fair
Isaac's management and board to improve the value for all shareholders."
About Sandell Asset Management Corp.
Sandell Asset Management Corp. is a multi-billion dollar global
investment management firm, founded by Thomas E. Sandell, that focuses on
global corporate events and restructurings throughout North America,
Continental Europe, the United Kingdom, Latin America and the Asia-Pacific
theatres. Sandell frequently will take an "active involvement" in
facilitating financial or organization improvements accruing to the benefit
SOURCE Sandell Asset Management Corp.