UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.)*
Mapinfo Corporation
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(Name of Issuer)
Common Stock
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(Title of Class Securities)
565105103
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(CUSIP Number)
J. Carlo Cannell
Cannell Capital, LLC, P.O. Box 3459, 240 E Deloney Ave., Jackson, WY
83001 (307) 733-2284
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 23, 2006
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(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
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x].................................................................
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(b) .................................................................
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3. SEC Use Only..........................................................
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4. Source of Funds (See Instructions) OO.................................
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5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)................................................................
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6. Citizenship or Place of Organization USA...................
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Number of 7. Sole Voting Power 1,330,647........................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 0........................
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9. Sole Dispositive Power 1,330,647........................
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10. Shared Dispositive Power 0.....................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 1,330,647
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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%
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14.........................Type of Reporting Person (See Instructions)
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IN....................................................................
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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.
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Party Date Amount Price per Where & How
Bought Share Effected
(Sold)
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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
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J. Carlo Cannell
Exhibit 1
Cannell Capital LLC
PO Box 3459
240 East Deloney Avenue
Jackson, WY 83001
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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
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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