Investor May Seek Change on Gateway Board
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IRVINE — An East Coast investor in Gateway Communications Inc., the Irvine marketer of computer networking equipment, said it may call for a change in the company’s board or management.
Investment Perspectives Advisory Corp., which holds 248,700 Gateway shares, or a 4.9% stake, said in a Securities and Exchange Commission filing Thursday that it “may desire a change in the present board or the management of the issuer.”
Officials of neither Gateway nor Investment Perspectives could be reached for comment.
For 1993, Gateway posted a loss of $2.27 million, compared to a profit of $609,000 for 1992. Revenue declined to $10.4 million from $20.8 million.
Investment Perspectives, based in Macungie, Pa., also said it may speak with other investors about forming a shareholder group. Steel Partners Ltd., Adage Inc., Warren G. Lichtenstein, Jack Howard, Lawrence Butler and Ronald W. Hayes have already agreed to participate with Investment Perspectives as a group, according to the SEC filing.
On Thursday, Gateway’s shares were up 28 cents to close at an even $1 in Nasdaq trading.
