Tech Donnybrook.All hell broke loose last week at struggling Calabasas-based software company Netsol International Inc. A group of investors led by New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" manager Jonathan Iseson seized seized (seised) n. 1) having ownership, commonly used in wills as "I give all the property of which I die seized as follows:...." 2) having taken possession of evidence for use in a criminal prosecution. 3) having taken property or a person by force. (See: seisin, seizure) control of Netsol's executive offices with armed guards after claiming to have won a proxy fight Proxy Fight When a group of shareholders are persuaded to join forces and gather enough shareholder proxies to win a corporate vote. This is sometimes also referred to as a proxy battle. Notes: This term is mainly used in the context of takeovers. for the unprofitable company. The investor group claimed it was elected as the new board and that new executives had been named as managers. The company is fighting back, claiming the previous management continues to run things and that the installment of the new board and management was not valid because a third party did not tally the votes. Iseson's Blue Water Partners invested heavily in Netsol in the late 1990s and the funds posted huge gains when Netsol shares soared to from single digits to the $80 range in early 1999. But when Barron's magazine Barron's magazine is an American weekly newspaper covering U.S. financial information, market developments, and relevant statistics. Each issue provides a wrap-up of the previous week's market activity, news reports, and an outlook on the week to come. revealed that Blue Water was behind the increase, the stock plummeted, along with the value of Blue Water's holdings. Representatives of the two sides could not be reached for comment. Netsol uses software developers in Pakistan to create its custom software, which end up mainly in financial applications. |
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