Fursa questions Integral Systems' management

By Lisa Kerner

Charlotte, N.C., Jan. 18 - Fursa Alternative Strategies LLC said it believes a majority of Integral Systems Inc. shareholders support an "immediate declassification of the board and a leveraged recapitalization of the company," according to a schedule 13D filing with the Securities and Exchange Commission.

With a 12% stake in the company, Fursa criticized the board in a letter included with its filing asserting that the board's failure to act in response to a leveraged recapitalization has cost stockholders more than $100 million.

Fursa also chastised the board for its continued mishandling of "recalcitrant management."

The New York-based investment management company also filed a schedule 13D on Jan. 11 to inspect Integral Systems' books and stock ledgers.

Integral Systems, based in Lanham, Md., builds satellite ground systems.

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