Pembridge affiliate ups stake in Peerless Systems; investors want three slots on company's board

By Lisa Kerner

Charlotte, N.C., May 18 - Peerless Systems Corp. investor E2 Investment Partners LLC purchased 56,764 shares of the company's stock between May 11 and May 17, priced from $2.73 to $2.98 each, according to a schedule 13D filing with the Securities and Exchange Commission.

E2 is affiliated with Pembridge Capital Management LLC and Whitehall Capital Investors, which are attempting to nominate Timothy Brog, Rimmy Malhotra and Eric S. Newman for election to the Peerless board at the company's June 11 annual meeting. Peerless plans to appoint William B. Patton, "a seasoned technology and business executive," to its board of four directors.

"We are obviously troubled by the massive destruction of shareholder value during a time of tremendous expansion in Peerless' core markets," Brog, Pembridge's portfolio manager, said in a prior company news release.

Pembridge also formed the Peerless Full Value Committee to file preliminary proxy statements with the SEC and to solicit support from other shareholders.

Peerless is based in El Segundo, Calif., and provides software-based imaging systems for digital document products.

New York-based Pembridge is the management company for Pembridge Value Opportunity Fund LP, a Delaware limited partnership.

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