Hedge fund Liberation demands Multimedia changes
Wednesday, May 31, 2006 : PermalinkReuters – Activist hedge fund Liberation Investment Group LLC said on Tuesday it is stepping up its campaign to boost share value at Multimedia Games Inc. (MGAM.O: Quote, Profile, Research), saying it may run a proxy battle or take other measures.
Los Angeles-based Liberation, which holds nearly 6.4 percent of the stock of the Austin, Texas-based electronic games maker, said the company has made no “meaningful progress” in addressing the fund’s concerns outlined in a letter sent to the company on Feb. 2.
Liberation, which successfully pressured to elect new board members to Bally Total Fitness (BFT.N: Quote, Profile, Research) last year, said if no progress is made, it intends to “pursue all available alternatives” as a major shareholder, according to a regulatory filing.
