Shareholder Activist Update: Riley Investment Management & DellaCamera Capital Management

March 4th, 2010
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Contributed by: Hedge Fund Solutions LLC
Since late January, Riley Investment Management has purchased and currently holds approximately 482,543 shares or 7% of shares outstanding of WPCS International Inc. (NASDAQ: WPCS). On Feb 22nd, the Riley stated that the terms of the five year evergreen employment agreements for the CEO and CFO of WPCS reflect corporate waste and mismanagement by the Board. Riley Investment Management has also submitted a books and records request pursuant to Section 220 of the Delaware General Corporation Law to determine any evidence of the agreement constituting a breach of fiduciary duty by the Board.

Hedge Fund Solutions previously mentioned WPCS’s February 26th press release in a Catalyst Research Report. The release stated that RIM and LCC International, a firm where RIM’s Bryant Riley is a director and 40% shareholder, met at WCPS’s headquarters and LCC expressed interest in merging with WPCS. Afterwards, WPCS adopted a Poison Pill with a 15% trigger. The press release also stated that the new shareholder rights plan is “designed to discourage coercive or unfair takeover tactics and provide fair and equal treatment for all WPCS shareholders in the event an unsolicited offer is made to acquire the company.”

In other shareholder activist news, DellaCamera Capital Management nominated two board members for Enzon Pharmaceuticals Inc. (NASDAQ: ENZN) for election at the next annual meeting. DellaCamera Capital currently holds 3,635,000 shares of Enzon or 8% of shares outstanding.

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For Detailed Investor Profiles on these Investors, click below:
DellaCamera Capital Management
Icahn Associates (Carl Icahn)
Riley Investment Management
Related People: Alexander J. Denner; Andrew J. Kurtz; Brett Icahn; Bryant Riley; Carl Icahn; Keith A. Meister*; Ralph DellaCamera; Richard Mansouri
Related Entities: B. Riley & Co., Inc.; B. Riley and Co. Retirement Trust; DellaCamera Capital Advisors; DellaCamera Capital Partners LP; DellaCamera Options Inc; High River Limited Partnership; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP; Riley Investment Partners Master Fund LP; SACC Partners
Related Article Tags: Investment Management, Fund Manager and General Financial News; Hedge Fund Resources and Featured Partner News


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