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Non-Tech : Auric Goldfinger's Short List
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To: Sir Auric Goldfinger who wrote (7494)1/30/2001 10:28:16 PM
From: StockDung   of 19428
 
NetSol's Largest Holder Blue Water Calls for Shakeup


Washington, Jan. 30 (Bloomberg) -- NetSol International Inc.'s largest shareholder called for a shakeup in the software developer's management, a regulatory filing said.

Blue Water Master Fund, a Manhasset, New York-based hedge fund group, said the fund and its affiliates were ``determined to protect the value of their investment'' through the ``removal and replacement of certain individuals currently employed'' by NetSol.

Blue Water didn't give any other details in the 13D filing today with the Securities and Exchange Commission. An official at the fund couldn't be reached for comment.

NetSol has no plans to change its management or board, a spokeswoman said, adding the company hasn't met with Blue Water to discuss the issue.

The shares of the Calabasas, California-based software developer fell 90 percent last year from their high in March, creating a paper loss of more than $153 million for the Blue Water hedge fund group. The fund owns 19.1 percent, or 2.1 million shares. Shares of NetSol fell 88 cents today to $7.13.

NetSol went public in 1998 when it was known as Mirage Holdings Inc., an importer of exotic clothing from Pakistan. That business bought a software company and changed its name to NetSol in 1999.

Jan/30/2001 19:29 ET

For more stories from Bloomberg News, click here.

(C) Copyright 2001 Bloomberg L.P.
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