Chapman Capital continues to seek sale of Embarcadero Technologies

By Lisa Kerner

Charlotte, N.C., March 12 - Chapman Capital LLC, an adviser to two investment funds that together own 9.3% of Embarcadero Technologies, Inc., reiterated its demand that the company's board of directors make changes to benefit shareholders.

The investor said if a sale of the company is not announced by March 30, it will seek nominees to replace class I directors Timothy C.K. Chou and Frank M. Polestra and class II directors Michael J. Roberts and Samuel T. Spadafora.

"Embarcadero's board of directors is virtually ownership-free, with only one director recently possessing a mere $65,000 in Embarcadero shares versus funds advised by Chapman Capital owning over $15 million of this $170 million-in-market-capitalization company," Chapman Capital managing member Robert L. Chapman said in a news release included in a schedule 13D filing with the Securities and Exchange Commission.

"The board, with no meaningful 'skin in the game,' shall not be allowed to 'play venture capitalist' with the hard-earned money of a shareholder base held hostage by weak corporate governance."

Chapman Capital filed a similar schedule 13D with the SEC regarding the sale of the San Francisco data management company on March 7.

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