There’s one thing I’ve always believed when it came to folks who pay you money: don’t piss them off. With that said, some Atari investors are pretty angry with France-based Infogrames, Atari’s parent company, when they removed five independent Atari board members last week.
One of Atari’s investors, Coghill Capital Management (CCM), issued a SEC filing which clearly lays out their intentions:
"These actions were taken without cause, without notice and without a shareholders’ meeting, and in our opinion is just the culmination in Infogrames’ treatment of the Issuer as its private source of assets and funds, and its oppression of the public shareholders."
CCM is also demanding that Atari re-establish the dismissed members and is seeking compensation.
"…immediately reconstitute itself with a majority of independent directors, re-establish an independent audit committee, put an end to the sweetheart agreements with Infogrames, and seek compensation from Infogrames and the Issuer’s management for the serious damage they have caused both the Issuer and its public shareholders."
Atari’s troubling management is certainly ramping up. Late last month, Atari, in quite possible one of their last gasps, hired an ad agency company to promote their name.
[Via Next Generation]
