ALSC interesting news today. Poor performing management gets the boot. Now new BOD is in and looking to liqudate the operation for $4 or more. I bought some, let's see if they can do it.
"AP
Alliance Semiconductor Ends Proxy Fight
Tuesday October 18, 11:04 am ET
Alliance Semiconductor Ends Proxy Battle With Riley, Expands Board to Seven Directors
SANTA CLARA, Calif. (AP) -- Alliance Semiconductor Corp. said Tuesday it has ended a proxy fight with dissident shareholder B. Riley & Co. Inc. and agreed to expand its board of directors.
Alliance said the expanded board will include all four nominees proposed by B. Riley & Co. Three members of the board have resigned, bringing the total number of board members to seven.
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Bryant Riley, chairman of Los Angeles brokerage B. Riley & Co., started the proxy battle earlier this year by proposing to liquidate Alliance's assets and a new slate of directors. His actions came in response to what he called "disastrous operating results" after Alliance reported 20 straight quarters of operational losses. In July, Alliance Semiconductor, which makes chips used for high-performance memory storage, hired investment bank Needham & Co. to advise the company on strategic options.
Alliance said its annual shareholder meeting will be held on Dec. 2. The record date for determining shareholders eligible to participate in the meeting is Nov. 1, it said.
Alliance shares rose 20 cents, or 7 percent, to $3.05 on the Nasdaq |
