Voyager Petroleum (OTC-BB: VYGO) is an eco-friendly oil processing and distribution company targetig the $11 billion automotive and manufacturing lubricants markets. The company has taken several steps in recent months aimed at helping it compete nationally with regional producers. These regional producers are responsible for about half of the industry and represents a huge opportunity for Voyager to get involved and take market share.

The recycled oil industry itself is highly fragmented with the top half controlled by two huge re-refiners, Evergreen Oil and Safety-Kleen, while the bottom half is controlled by very regional and less competitive smaller players. Voyager Petroleum aims to leverage its integrated production and sales process to effectively compete with these regional players and take market share. This will involve producing generic motor oils for sale at many auto parts stores and used in garages.

The barriers to entry in this market are supply sources, costs and licensing. Voyager Petroleum intends to address these issues by establishing reliable and consistent channels of raw materials by hiring and contracting with individuals with established supply contracts and intends to actively pursue new supply sources. Initially, Voyager intends to compete in the automotive aftermarket via its recent acquisition of a processing facility in Detroit, MI.

Voyager Petroleum is well-positioned within the recycled oil industry and continues to execute on its strategy. The firm acquired a processing facility in Detroit and recently hired a financial advisor to assist it in identifying middle-market acquisition targets. These targets will give the company a base in key regional areas and enable it to begin generating profits.

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Safety-Kleen, Inc. (SK)
Heritage-Crystal Clean, Inc. (HCCI)
American Ecology Corporation (ECOL)

Target Corporation (NYSE: TGT) shares rebounded after billionaire activist Bill Ackman announced that he would hold a conference on Wednesday to recommend a course of action for the troubled retailer. The hedge fund manager promises that the course of action will build long-term value for Target shareholders with a focus on retail, real estate, fixed income and credit. Ackman is already well under water on his investment in the retail, having purchased the majority of his ~10% stake before the economic downturn.

With consumer confidence at an all-time low, more trouble brewing in the housing markets, and lower estimates on the horizon, many investors are wondering how Target can pull itself out of a huge mess. However, Ackman has already noted Target's unique real estate position as well as its valuable credit portfolio (which may be experiencing problems now, but not nearly as bad as some believe). A plan to boost these assets while reducing outstanding shares could be the formula needed to help Target succeed.

Pershing Square's Bill Ackman will present to the public at 1:30PM tomorrow afternoon at the AXA Equitable Auditorium 787 in New York, New York. The presentation will be based solely on publicly available information, as well as assumptions, estimates and projections of Pershing Square. Due to available seating, attendees are encouraged to register in advance at www.visualwebcaster.com/pstgt, but may also do so at 12:30PM on the day of the event.

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Wal-Mart Stores Inc. (WMT)
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Dollar Tree Inc. (DLTR)

International Shipholding Corporation (NYSE: ISH) shares rallied today after receiving a letter from a large shareholder. Liberty disclosed an increased stake in the firm and requested an immediate update on the status of its offer to purchase the company for $25.27 per share in cash.

Here is a copy of the letter:

It has been more than four months since my June meeting with Niels M. Johnsen, when I first raised with him the possibility of completing a business combination transaction between Liberty and International Shipholding (ISH). It has also been more than seven weeks since we delivered to you a written proposal to acquire ISH for $25.75 per share in cash, and six weeks since you announced the formation of a special committee of the Board to evaluate our proposal. We were therefore surprised to learn that only recently did you finally appoint an independent financial advisor to assist the special committee in its review of our proposal. This appointment, and the review process that the committee is apparently only now commencing, frankly should have occurred months ago. Your dilatory tactics, including your continuing refusal to meet with us, only raise questions regarding the ISH Board’s commitment to maximizing value for all its shareholders.

We have waited for weeks for either the ISH Board, management or their advisors to contact us to commence our due diligence process and negotiation of definitive merger documentation. In the interim, the global economic turmoil that has engulfed world markets has accelerated, negatively affecting our industry as well as the terms of any financing we may incur to complete the transaction. Notwithstanding the foregoing, we are still committed to acquiring ISH. This is evidenced by the fact that, despite recent events, we have increased our position in the company since we made our offer public. As of today we control more than 9% of ISH’s outstanding shares.

I have instructed our counsel to deliver today to your counsel a form of confidentiality agreement that we are prepared to execute in order to immediately move forward with due diligence. Your fiduciary duties to your shareholders require no less. Our management and advisors will also be available at any time to assist you and your advisors. Any further delay on your part will be an absolute disservice to your shareholders, particularly the disinterested shareholders you are legally obligated to represent as independent directors.

Despite your actions to date, we still hope to engage in a cooperative process that allows us to maximize value for our respective shareholders. We would appreciate hearing from you in a timely manner.

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Alexander & Baldwin Inc. (AXB)
Overseas Shipholdings Group (OSG)
Horizon Lines Inc. (HRZ)