On The Block

Crystal River Capital Inc.’s (OTCBB: CYRV) board has formed a special committee to conduct a review of its strategic alternatives. The New York-based real estate investment trust, has also hired Broadpoint.Gleacher as financial adviser and Goodwin Procter LLP as legal counsel to help with the process. Options include a potential sale of the entire company or of certain assets, as well as joint ventures. In addition, Crystal River’s Chief Executive and Director William M. Powell has resigned. Rodman L. Drake was named chairman and interim CEO. Crystal River Capital said the special committee is already in talks to extend and restructure its debt with Brookfield Asset Management Inc. Crystal River is managed and advised by units of Brookfield Asset Management.

Saxon Oil Co. Ltd. has hired SMH Capital Inc. to serve as exclusive financial adviser as the oil and gas company prepares to evaluate and execute one or more strategic alternatives. Among the company’s assets are 240 miles of gas gathering systems in Central Kansas; a 20 percent membership interest in AleAnna Resources LLC, which holds an 800,000-plus acreage position in the Po Valley and Bradano Foredeep in Italy; and its relationship with Hidrocarburos Del Cantabrico in Spain, which provides Saxon Oil with rights to all hydrocarbons produced from a licensed area. The company said the license covers abandoned coal mines with an estimated reserve potential of 27 billion cubic feet of coal mine methane.

Tegal Corp. (Nasdaq: TGAL) plans to continue to review its strategic options. The Petaluma, Calif.-based maker of integrated circuits and optoelectronic devices has hired Cowen & Co. to advise it on a potential sale as well as other business options. For the first quarter ended June 30, Tegal’s losses widened to $2.6 million from $792,000 a year earlier. Revenue fell to $1.1 million for the period from $4.7 million a year ago.

Highbury Financial Inc. (OTCBB: HBRF) has formed a special committee to explore and evaluate its strategic alternatives. The Denver, Colo.-based investment management firm hired Sandler O’Neill to provide financial advice to the special committee, which consists of three independent directors. Highbury’s board also adopted a poison pill with a 15 percent trigger. The company said it did not adopt the poison pill in response to any unsolicited takeover offer. For the second quarter ended June 30, the investment management holding company’s net income rose to about $1.83 million from roughly $1.80 million a year ago, but revenue fell to $9.2 million from $9.7 million.