0001415889-14-003287.txt : 20141103 0001415889-14-003287.hdr.sgml : 20141103 20141103145859 ACCESSION NUMBER: 0001415889-14-003287 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141103 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141103 DATE AS OF CHANGE: 20141103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTOBYTEL INC CENTRAL INDEX KEY: 0001023364 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 330711569 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34761 FILM NUMBER: 141189096 BUSINESS ADDRESS: STREET 1: 18872 MACARTHUR BLVD STREET 2: SUITE 200 CITY: IRVINE STATE: CA ZIP: 92612-1400 BUSINESS PHONE: 9492254500 MAIL ADDRESS: STREET 1: 18872 MACARTHUR BLVD STREET 2: SUITE 200 CITY: IRVINE STATE: CA ZIP: 92612-1400 FORMER COMPANY: FORMER CONFORMED NAME: AUTOBYTEL INC DATE OF NAME CHANGE: 20010905 FORMER COMPANY: FORMER CONFORMED NAME: AUTOBYTEL COM INC DATE OF NAME CHANGE: 19981230 FORMER COMPANY: FORMER CONFORMED NAME: AUTO BY TEL CORP DATE OF NAME CHANGE: 19960920 8-K 1 abtl8k_nov32014.htm FORM 8-K abtl8k_nov32014.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 3, 2014

Autobytel Inc.
(Exact name of registrant as specified in its charter)

Delaware
  
1-34761
  
33-0711569
  
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)
  

18872 MacArthur Boulevard, Suite 200, Irvine, California
  
92612-1400
  
(Address of principal executive offices)
  
(Zip Code)
  

Registrant’s telephone number, including area code (949) 225-4500
 
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
 
Item 7.01
Regulation FD Disclosure.

On November 3, 2014, Mr. Michael Fuchs, Chairman of the Board of Directors of Autobytel Inc., a Delaware corporation, sent a letter to Ancora Advisors LLC.  A copy of the letter is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
Item 9.01
Financial Statements and Exhibits
 
(d)  
Exhibits

99.1  
Letter dated November 3, 2014 from Mr. Fuchs to Ancora Advisors LLC
 
 
-1-
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:  November 3, 2014
 
 Autobytel Inc.
 
 
 
 
By:
 /s/ Glenn E. Fuller
   
Glenn E. Fuller, Executive Vice President, Chief Legal and Administrative Officer and Secretary

 
-2-
 

INDEX OF EXHIBITS
 
Exhibit No.                         Description of Document                                                                                                                          
 
 
99.1
Letter dated November 3, 2014 from Mr. Fuchs to Ancora Advisors LLC
 
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Exhibit 99.1
18872 MacArthur Blvd., Suite 200
Irvine, CA 92612-1400
Phone: (949) 225-4500
www.autobytel.com

 
November 3, 2014
 
Mr. Fred DiSanto
Chief Executive Officer and Executive Chairman
Ancora Advisors LLC
6060 Parkland Boulevard
Suite 200
Cleveland, Ohio 44124

Dear Mr. DiSanto:

On behalf of Autobytel’s Board of Directors, I am writing to confirm that the Board has reviewed your October 21, 2014 letter. Please know that we take all stockholder communications seriously.

After thorough consideration of your letter, the Board has unanimously concluded that it would not be in the best interests of the Company or its stockholders to pursue a sale of the Company at this time.

The Board is highly cognizant of its fiduciary duties with respect to maximizing stockholder value and believes that, with the momentum Autobytel is currently attaining and the opportunities it sees ahead, pursuing a sale of the Company at this time would not maximize stockholder value. We believe the Company’s current business and strategic plan is the right course of action to deliver maximum value to our stockholders and engaging in a sale process at this time to shop the Company would divert management time and attention from implementing such plan and would be disruptive to the Company’s customer relationships, employees and the business as a whole.

Regarding Ancora’s request for an exemption under the Company’s Tax Benefit Preservation Plan, be advised that your exemption request was not in proper form and did not comply with the process for requesting exemptions, as required by the Plan itself.  Accordingly, the Board is not in a position to consider your request for an exemption at this time. Please note the requirements of Section 30 of the Plan for submitting requests for exemptions, including the requirement that you specify the maximum number and percentage of shares that you propose to acquire.

Regards,


/s/ Michael J. Fuchs
Michael J. Fuchs
Chairman of the Board