Bio-Imaging Technologies, Inc. (NDAQ: BITI) shares moved higher after a large shareholder recommended changes to improve the firm in a Schedule 13D filing with the SEC. Heathinvest Partners disclosed a 5.3% stake in the firm and said they are very frustrated with the recent performance of the company that has resulted in the deterioration of value in 2008. Although the Imaging Services division, which has grown 19%, and the newly acquired Phoenix Data Systems unit seem to be developing well, the company's share price has declined 66% year-to-date.

"We believe that the source of the problem lies in the CapMed division," said Anders Hallberg of Healthinvest. "Despite allocating large resources to this loss-making unit for several years, significant revenues have failed to materialize. For example, in the most recent quarter, the division posted revenues of a mere $11,000 despite incurring approximately $776,000 in operating expenses. If the Company had sold CapMed to a third party or closed it down before the start of this year, the Company’s operating earnings for the first nine months in 2008 would have been around 43 percent higher without significant impact on revenues.

"CapMed is an expensive development project with no synergies with Imaging Services and Phoenix Data Systems. If CapMed cannot be sold, it should be closed down. While the decision to divest or close a division is always difficult, it should now be evident to the Company’s Board and senior management that CapMed is having a significant, negative impact on shareholder value, which should be the Board’s highest priority. Surely, the Company’s Board and senior management agree that it is imperative that investor confidence in the Company not be undermined any further. Committing to either divest CapMed or close it down before the end of 2008 would go a long way in this direction."

Combined, Healthinvest believes that these changes could help boost the company's troubled shares.

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How much are you spending on your Christmas presents this year? Lazard Capital apparently spent too much on its gift-giving after regulators found some $600,000 spent "improperly entertaining" Fidelity Investments employees to generate brokerage business. The SEC found that former head of Lazard Capital Market's US sales and trading department, David Tashjian, and a few employees gave extraordinary gifts to, among others, Fidelity equity trader Thomas Bruderman.

What kind of gifts cost so much? The commissioner found that Lazard executives were taking the Fidelity representative on trips to destinations like Europe, the Bahamas, the Caribbean, Florida, and Napa Valley, often by private plane, and paying for meals and lodging at high end restaurants and hotels. According to the orders, they spent money on race car driving lessons, adult entertainment, expensive wine, and even threw a $50,000 bachelor party in Miami!

What's the problem with a little fun? According to the SEC: "Mutual fund traders owe their loyalty and allegiance solely to the funds and their investors. When registered representatives provide mutual fund traders with prohibited travel, entertainment and gifts, it may impair their objective judgment and harm investors. Brokerage firms and their supervisory personnel must reasonably implement procedures to prevent employees from illegally providing compensation for brokerage business."

A slight conflict of interest...

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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