Daily Record FINANCIAL NEWS &
MONDAY, NOVEMBER 28, 2016
Vol. 104, No. 010 • Two SecTioNS
35¢ www.jaxdailyrecord.com
Activists pushing for Del Frisco’s sale Fidelity National Financial Inc., which has invested in a number of restaurant chains, is the largest stockholder of Del Frisco’s Restaurant Group Inc. and has been a passive investor since it started buying shares a year ago. However, Reuters news service reports that two relatively small activist shareholders are pushing for a potential sale of the restaurant company, which operates 52 restaurants under the Del Frisco’s Double Eagle Steak House, Sullivan’s Steakhouse, and Del Frisco’s Grille brands. Citing unnamed sources, Reuters last week said Engine
Foley
Nonprofits changing outdated strategies
Capital, which owns 1.25 percent of Del Frisco’s, told company officials they need to improve operations or seek a sale. Also, Ancora Advisors, which owns 0.84 percent of the stock, is pushing for a sale, it said. Fidelity owns 13 percent of the stock, according to Del Frisco’s April proxy statement. Jacksonville-based Fidel-
ity, which is mainly a title insurance company, has a history of investing excess cash in non-title investments through its Fidelity National Financial Ventures unit and the restaurant industry has been a major focus. Fidelity owned 87.4 percent of J. Alexander’s Holdings Inc. and spun that restaurant business off as a separate public company last year. Fidelity still owns a 55 percent stake in American Blue Ribbon Holdings, which operates four restaurant chains, and has been exploring options to possibly sell or spin off that company for the
last couple of years. While Fidelity has been a controlling shareholder and actively involved in the operations of those restaurant companies, it hasn’t been involved in Del Frisco’s management. Fidelity Chairman Bill Foley said when the company began buying Del Frisco’s shares last year he viewed the company as an attractive investment. Del Frisco’s stock was trading in the mid-$13s when Fidelity first bought shares in October 2015 and was in the mid-$16s last week, helped by speculation BASCH CONTINUED ON PAGE A-2
Casual events replacing black-tie gatherings There probably is no way to know for sure whether it’s the lingering effects of the recession or that the world is changing, but there’s a new mindset among nonprofits when it comes to raising awareness and funds. There are fewer “black-tie affairs” and more casual social and networking events, not as many direct requests for donations and more volunteer cleanup days at schools and social service facilities. Nonprofits are taking a different approach to their business through strategic planning, according to Jayne Evans, marketing director at the Nonprofit Center of Northeast Florida. She said understanding the audience is key to an organization being able to develop effective fundraising projects. Events also may be used to raise awareEvans ness, build goodwill and identify potential new benefactors in addition to traditional fundraising to support a nonprofit’s programs or services. “Events are examined on their ability to meet business objectives and deliver a strong return on the investment of staff time, volunteer efforts and of course, the financial return,” said Evans. Warren Caterson agrees. He’s been chief development officer at Daniel Memorial for the past three years and a nonprofit executive for about three decades. Caterson said one of the drivers of change in raising funds for nonprofits is NONPROFITS
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Infusing more art into Downtown
Photo by David Chapman
By Max Marbut Staff Writer
The back of the Atticus Bar, across from the Duval County Courthouse, received an infusion of color and style from artist Kenor recently as part of the Art (Re)Public project. Close to a dozen murals have sprung up from different artists throughout Downtown as part of the event. See more murals on Pages A-6 and A-7.
Attorneys share vintage conversations
Elder statesmen enjoy reuniting to talk about today, yesterday
By David Chapman Staff Writer
Between bites of salad, baby carrots, beef tips and rice pilaf, the attorneys and judge past and present talked about the big issues of the day. The Chicago Cubs winning the World Series. Cars from today and yesteryear. And maybe a passing observation about the historic presidential election that took place the day before. The discussions weren’t held in the courtroom or law offices where many made their careers. Instead, they were at
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a Southside restaurant known more for its buffet bar rather than sidebar talks. Really, the Vintage Lawyers Association is just a low-key opportunity for some of the most experienced members of the legal community to catch up and share a story or a joke with friends and acquaintances. On this day, just six members dined and discoursed — well below the couple of dozen the group once was able to attract to any given lunch meeting. Former 4th Judicial Circuit Judge Bernard Nachman retired in 2009 but still does some mediation work at 80 years old. He does miss his time on the bench.
People were a lot nicer to him when he was a judge — they laughed at all his jokes, he said with a smile. He looks across the table to attorney Albert Datz and has a question: Does Datz use Westlaw or pull books for issues that crop up? A little of both, said Datz, who at age 90, still practices some. It’s nothing that would interfere with fishing for trout, redfish and flounder twice a week. The group was started by Homer Humphries, who wanted a chance for elder attorneys to stay connected and meet some VINTAGE CONTINUED ON PAGE A-9
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