-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RADwmiYAaaVV2kiXlXX49S7I0CAxk8W5zzgiUhlLNvNBxF0FNqoNUa3/xpBg1inE 8c7BRMGi2jQrEo2ZlvDcyg== 0001270974-06-000163.txt : 20060823 0001270974-06-000163.hdr.sgml : 20060823 20060823152603 ACCESSION NUMBER: 0001270974-06-000163 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060823 DATE AS OF CHANGE: 20060823 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MAPINFO CORP CENTRAL INDEX KEY: 0000916238 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 061166630 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-43781 FILM NUMBER: 061050886 BUSINESS ADDRESS: STREET 1: ONE GLOBAL VIEW CITY: TROY STATE: NY ZIP: 12180 BUSINESS PHONE: 5182856000 MAIL ADDRESS: STREET 1: ONE GLOBAL VIEW CITY: TROY STATE: NY ZIP: 12180 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CANNELL CAPITAL LLC CENTRAL INDEX KEY: 0001058854 IRS NUMBER: 943366999 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 150 CALIFORNIA STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4158358300 MAIL ADDRESS: STREET 1: 150 CALIFORNIA STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: CANNELL J CARLO DBA CANNELL CAPITAL MGMT DATE OF NAME CHANGE: 19980330 SC 13D 1 mapinfo13d08-06v2.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No.)* Mapinfo Corporation - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class Securities) 565105103 ------------------------------------ (CUSIP Number) J. Carlo Cannell Cannell Capital, LLC, P.O. Box 3459, 240 E Deloney Ave., Jackson, WY 83001 (307) 733-2284 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 23, 2006 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [x] Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss.240.13d-7 for other parties to whom copies are to be sent. *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 disclosure 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). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a current valid OMB control number. CUSIP No. 565105103 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Cannell Capital, LLC - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [x]................................................................. ------------------------------------------------------------------ (b) ................................................................. ------------------------------------------------------------------ - -------------------------------------------------------------------------------- 3. SEC Use Only.......................................................... ----------------------------------------------------------- - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) OO................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization USA................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 1,330,647........................ ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 0........................ -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 1,330,647........................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 0..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 1,330,647 ------------ 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 6.2% --------- - -------------------------------------------------------------------------------- 14.........................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- IN.................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- ......................................................................... - ----------------------------------------------------------------------------- Item 1 Security and Issuer This statement relates to Common Stock ("Common Stock"), issued by Mapinfo Corporation. The address of the principal executive offices of Mapinfo Corporation is One Global View, Troy, NY 12180. Item 2 Identity and Background The person filing this report is Cannell Capital LLC ("Cannell") who is the controlling member of Cannell Capital, LLC ("Adviser"). The Adviser acts as the investment sub adviser to The Cuttyhunk Fund Limited ("Cuttyhunk"), investment adviser to Anegada Master Fund Limited ("Anegada"), and TE Cannell Portfolio, Ltd. ("TEC") and is the general partner of and investment adviser to Tonga Partners, L.P. ("Tonga"), Tristan Partners, L.P. ("Tristan"), and Kauai Partners, L.P. ("Kauai" and, collectively, with Cuttyhunk, Anegada, TEC, Tonga, and Tristan the "Funds"). The principal office and business address of Mr. Cannell is P.O. Box 3459, 240 E Deloney Ave., Jackson, WY 83001. The principal business of each Fund is to invest in securities. Mr. Cannell has never been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors), nor has Mr. Cannell been a party to any civil proceeding commenced before a judicial or administrative body of competent jurisdiction as a result of which he was or is now subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Mr. Cannell is a citizen of the United States. Item 3 Source and amount of Funds or other Consideration Each Fund utilized its own available net assets to purchase the securities referred to in this Schedule. Item 4 Purpose of Transaction The securities referred to in this Schedule have been acquired by each of the Funds for investment purposes and not with the purpose or effect of changing or influencing control of the Company. Each Fund acquired the securities in the ordinary course of business and is holding the securities for the benefit of its investors. Mr. Cannell reserves the right to take such action as he may determine from time to time to seek to maximize the value of the Common Stock. Such actions may include, but may not necessarily be limited to, pursuit of strategic initiatives to enhance shareholder value. Except as described herein, Mr. Cannell has no present plans or intentions that relate to or that would result in any of the transactions described in clauses (a) through (j) of item 4 of Schedule 13D. Item 5 Interest in Securities of the Issuer (a) Based on 21,338,222 shares of Common Stock outstanding as of August 1, 2006, Cuttyhunk owns 267,236 shares of Common Stock, or 1.3% of the shares outstanding, Anegada owns 306,301 shares of Common Stock, or 1.4% of the shares outstanding, TEC owns 272,508 shares of Common Stock, or 1.3% of the shares outstanding, Tonga owns 484,602 shares of Common Stock, or 2.3% of the shares outstanding, Tristan owns 0 shares of Common Stock, or 0.0% of the shares outstanding, and Kauai owns 0 shares of Common Stock, or 0.0% of the shares outstanding. (b) Mr. Cannell has the sole power to vote and to direct the disposition of all shares of Common Stock owned by each of the Funds. Accordingly, Mr. Cannell is deemed to beneficially own a total of 1,330,647 shares of Common Stock, or 6.2% of the outstanding shares. (c) A list of transactions by each Fund. - -------------------------------------------------------------------------------- Party Date Amount Price per Where & How Bought Share Effected (Sold) - -------------------------------------------------------------------------------- ANEGADA 7/21/2006 (1,206) 11.56 Open Market ANEGADA 7/24/2006 (157) 11.76 Open Market ANEGADA 7/24/2006 (1,649) 11.76 Open Market ANEGADA 7/24/2006 (1,247) 11.76 Open Market ANEGADA 7/25/2006 (2,903) 11.84 Open Market ANEGADA 7/26/2006 (2,338) 11.83 Open Market ANEGADA 7/27/2006 (368) 11.76 Open Market ANEGADA 7/28/2006 (3,690) 11.53 Open Market ANEGADA 7/31/2006 (1,399) 11.48 Open Market ANEGADA 8/3/2006 (5,242) 11.61 Open Market ANEGADA 8/4/2006 (3,248) 11.76 Open Market CUTTYHUNK 7/21/2006 (1,400) 11.56 Open Market CUTTYHUNK 7/24/2006 (3,449) 11.76 Open Market CUTTYHUNK 7/24/2006 (251) 11.76 Open Market CUTTYHUNK 7/25/2006 (3,600) 11.84 Open Market CUTTYHUNK 7/26/2006 (2,700) 11.83 Open Market CUTTYHUNK 7/27/2006 (300) 11.76 Open Market CUTTYHUNK 7/28/2006 (4,400) 11.53 Open Market CUTTYHUNK 7/31/2006 (1,700) 11.48 Open Market CUTTYHUNK 8/3/2006 (6,400) 11.61 Open Market CUTTYHUNK 8/4/2006 (3,900) 11.76 Open Market TE CANNELL 7/21/2006 (50) 11.56 Open Market TE CANNELL 7/21/2006 (250) 11.56 Open Market TE CANNELL 7/24/2006 (800) 11.76 Open Market TE CANNELL 7/25/2006 (800) 11.84 Open Market TE CANNELL 7/26/2006 (600) 11.83 Open Market TE CANNELL 7/27/2006 (100) 11.76 Open Market TE CANNELL 7/28/2006 (900) 11.53 Open Market TE CANNELL 7/31/2006 (300) 11.48 Open Market TE CANNELL 8/3/2006 (1,300) 11.61 Open Market TE CANNELL 8/4/2006 (800) 11.76 Open Market TONGA 7/21/2006 (1,300) 11.56 Open Market TONGA 7/24/2006 (3,600) 11.76 Open Market TONGA 7/25/2006 (949) 11.84 Open Market TONGA 7/25/2006 (2,451) 11.84 Open Market TONGA 7/26/2006 (2,700) 11.83 Open Market TONGA 7/27/2006 (300) 11.76 Open Market TONGA 7/28/2006 (2,149) 11.53 Open Market TONGA 7/28/2006 (2,151) 11.53 Open Market TONGA 7/31/2006 (1,600) 11.48 Open Market TONGA 8/3/2006 (849) 11.61 Open Market TONGA 8/3/2006 (5,351) 11.61 Open Market TONGA 8/4/2006 (3,700) 11.76 Open Market (d) Adviser, a Wyoming licensed investment adviser, and Mr. Cannell, the majority owner and managing member of Adviser, have the right or the power to direct the receipt of dividends from Common Stock, and to direct the receipt of proceeds from the sale of Common Stock to Adviser's investment advisory clients. No single investment advisory client of Adviser owns more than 5% of the Common Stock. (e) Not Applicable Item 6 Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer No contracts, arrangements, understandings or similar relationships exist with respect to the securities of the Company between Mr. Cannell and any other individual or entity. Item 7 Material to Be Filed as Exhibits See Exhibit 1 After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: August 23, 2006 J. Carlo Cannell /s/ J. Carlo Cannell ------------------------------ J. Carlo Cannell Exhibit 1 Cannell Capital LLC PO Box 3459 240 East Deloney Avenue Jackson, WY 83001 _____________ Tel (307) 733-2284 Fax (443) 606-0067 info@cannellcap.com August 18, 2006 Mr. John C. Cavalier, Chairman Mapinfo Corp. ("MAPS") One Global View Troy, NY 12180 Dear Mr. Cavalier, Cannell Capital LLC, ("Cannell") serving as investment adviser and investment sub-adviser to several private investment funds and partnerships, is amending its reporting requirements to reflect a more active stance with respect to Mapinfo Corp. ("MAPS") Cannell would like to congratulate MAPS on its strategy, execution and stewardship of shareholder assets. Our concern and belief is, however, that given the low relative valuation of MAPS combined with the current high costs of being publicly held, a compelling case can be made to amortize the assets of MAPS over a larger infrastructure such as that enjoyed by Oracle, Business Objects S.A., Google, SAP AG, Microstrategy or IBM. Table One: Current Valuation Disparity Sell or Be Sold ($ Million) Market LTM LTM LTM EV/LTM Symbol Company Name Price Value Sales OPM% PSR Sales - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- GOOG Google Inc. $372.22 $112,157 $8,207 33.5 13.7 12.5 ORCL Oracle Corp. 15.34 78,428 14,380 34.5 5.5 5.3 MSFT Microsoft Corp. 24.51 245,815 44,282 39.8 5.6 4.6 SAP SAP AG 44.26 54,157 8,931 26.5 4.8 4.4 MSTR MicroStrategy Inc. 85.45 1,162 287 33.9 4.1 3.9 COGN Cognos Inc. 30.11 2,690 894 14.2 3.0 2.3 HYSL Hyperion Solutions Corp. 31.21 1,810 765 11.9 2.4 1.8 BOBJ Business Objects S.A. 25.86 2,391 1,140 10.0 2.1 1.7 International Business IBM Machines Corp. 77.20 114,868 88,504 12.7 1.3 1.4 MAPS MapInfo Corp. 11.45 238 163 8.5 1.5 1.0 In this regard we would encourage MAPS to interview some competent agents, if any exist, in order to solicit such a transaction to produce the highest economic and tax favorable benefit to the shareholders of MAPS. Sincerely, J. Carlo Cannell Managing Member Cannell Capital LLC -----END PRIVACY-ENHANCED MESSAGE-----