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Billy Martin puts up 2 candidates for Board of Directors

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According to SEC form 13 D/A filed on 11/21, Mr. Martin of Raging Capital has proposed two new Board candidates. Looks like he's finally using his stake in the company to agitate for change, and shake up the self-serving, useless excuse for a Board that has been in place. Kudos to Mr. Martin. Couple of questions for the Board?

- Do his entities in total own 27% of the company or 13.5%. The way this info is presented in the filing made it unclear to me.

- Can someone explain exactly his debenture position

Us long time bag holders need to get behind these guys. I may try and pay one of the candidates (Mr. Paul McWilliams, editor of Next Inning Research) a visit, as I don't live too far from his place of business, and see if he'll give me the time of day as to how we can help the cause.

Posted by sharpinvestments - 12 years ago

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That's fantastic news- I was wondering when Billy Martin was going to become more proactive regarding his VTSS investment!

I haven't had a chance to review SEC filing yet, but hopefully this will wake CRG from his hibernation and let him know " business as usual" is no longer acceptable.

Posted by Techinvestor - 12 years ago

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I'm reading two members from Raging Capital on the incestuous VTSS BOD and, it seems to me, that Raging Cap has bought into the debentures (? someone please correct me if I'm wrong).

http://investor.vitesse.com/secfiling.cfm?filingID=921895-12-2229&CIK=880446

I think we're seeing a desire to put people on the board in order to foment a long overdue sale in this very crowded market and end the management gravy train at VTSS. Thoughts?

Posted by phobos - 12 years ago

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This is interesting and the strategy will be great to watch. There does not appear to be a staggered board at VTSS. In other words all of the directors are up for election every year. Interesting that Raging puts up only 2 for election. There must be a reason here.

I am wondering if VTSS shareholders can "cumulative" vote their shares. That works this way. If there are 6 directors up for election and you own 1000 shares you have 6000 votes which can all be put on 1 or 2 directors (or any number of directors for that matter). If that is the case Raging will almost certainly be able to elect their candidates just by voting all of their votes for their own candidates.

IF Raging owns 3.5 million shares they get 6 votes for each share, 21 million votes total. Cast them all for their own directors (2 of them) would be 10.5 million votes each. Last year the highest vote total for any of the directors was 9.8 million.

this looks to be too close for coincidence. I am guessing that is what Raging is thinking. And I am thinking they get them elected pretty easily.

i would look for VTSS to introduce a motion to have staggered directors. But it may be too late for this.

great stuff. Finally management is called out. (maybe they invited Raging to do this. "Please someone save us from ourselves."

Posted by dlog - 12 years ago | Updated 12 years ago

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I asked myself the same question, "Why only two board members?" Could these people be placed on the board for M&A expertise? The first is a finance guy with a background in semi, and the second is a big picture guy (if I found the right one -- please correct me if I am in error).

From Mr. Traub's blurb (http://www.mrv-corporate.com/leadership/StaffMember.asp?StaffID=19):

"As a director of MRV, Mr. Traub contributes his extensive experience and expertise in managing, restructuring, rebuilding, growing and selling companies to maximize stockholder value."

Thank God!!!

Is the Paul K. McWilliams the same Paul McWilliams of "Next Inning Tech" fame?

http://www.nextinning.com/

It just gets curious-er and curious-er.

Posted by phobos - 12 years ago

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Paul K. McWilliams

McWilliams is the editor of "Next Inning Technology Research".

where on its heading states: " UNBIASED Technology and Semiconductor Investment Analysis "

"Paul McWilliams has 30+ years experience in the semiconductor and high-tech industries. "

"Editor, Paul McWilliams, whose writing on tech stocks has been published in FORBES Magazine."

McWilliams, was chosen by insider William C. Martin to be placed in the running for election to the Board of Directors of Vitesse Semiconductor at the 2013 shareholders meet.

McWilliams also purchased 3656 shares of Vitesse on 12/12/12.

Vitesse investor forum contributor daWiley1, stated in a past post:
" after vtss pays down the Whitebox secured note and the second convert. (approx. $17.1 MM)- then billy can win the votes necessary to elect his two officers-- i expect them to replace the two elected by andy's box."

One of the two officers being spoken of is McWilliams and I agree with daWiley that this would be great news for the very looong Vitesse bagholder!

This seems to be what Vitesse has been craving for!
(along with the very patiently awaited increased revenue)

Posted by christ3opher - 12 years ago | Updated 12 years ago

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