E2 buys more shares of Peerless Systems; activist group disbands

By Lisa Kerner

Charlotte, N.C., July 10 - Peerless Systems Corp. investor E2 Investment Partners LLC purchased 215,949 shares of the company's stock between May 18 and July 5, priced from $2.06 to $2.93 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 sought to nominate Timothy Brog, Rimmy Malhotra and Eric S. Newman for election to the Peerless board.

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

With the election of E2's manager Timothy Brog to the company's board, the Peerless Full Value Committee was disbanded. As of July 5, E2 beneficially owned 978,310 shares, or roughly 5.7% of the shares outstanding. Pembridge Value, Pembridge Capital and PVA owned zero shares.

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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