MMI, the activist hedge fund that wants BrinkÃ¢â‚¬â„¢s to spin off one of its divisions, sent a holiday-season missive offering its help to Monitor Group, the firm hired by Brink's in November to evaluate "various strategic options available to the company." In a letter to Monitor Group managing partners Steve Jennings and Bob Lurie, MMIÃ¢â‚¬â„¢s Clay Lifflander says his company has spent four years Ã¢â‚¬Å“scrutinizing BrinkÃ¢â‚¬â„¢s chronic undervaluation and attempting to unlock the companyÃ¢â‚¬â„¢s significant intrinsic value through the encouragement of strategic alternatives.Ã¢â‚¬Â He says Monitor would Ã¢â‚¬Å“benefit from our experience and insights on these issues and would appreciate the opportunity to communicate with your team directly.Ã¢â‚¬Â Lifflander told me today that he's yet to hear back from Monitor, but it's a busy time of the year, and they've probably got to check with legal and Brink's too, so maybe next week. "One of the things IÃ¢â‚¬â„¢ve heard about Monitor is that theyÃ¢â‚¬â„¢re very independent. If they really are independent then theyÃ¢â‚¬â„¢ll want all touch points possible included in their deliberationÃ¢â‚¬Â¦that leads me to think that they might want to talk,Ã¢â‚¬Â he said. To read the letter, check out MMIÃ¢â‚¬â„¢s Dec. 12 SEC filing. On a different topic, I posted a blog recently about MMI obtaining a stake in another home security giant, Protection One. In that I noted that MMI only owned about 80,000 shares of P1, and even though that's only about .32 percent of shares outstanding, it still earned MCM (which owns MMI) a spot (#10) on the Yahoo Finance list of P1Ã¢â‚¬â„¢s top ten Ã¢â‚¬Å“Institutional Holders.Ã¢â‚¬Â "Not any more," Lifflander said today. Lifflander pointed out to me that the recent SEC filing represented MMI's position as of September. Since that time, Lifflander said he's sold a bunch of P1 stock, and now only owns about $500,000 in P1 stock. He said he really likes P1 and thinks highly of Protection One's CEO Richard Ginsburg, but decided "we need to concentrate on Brink's right now."