Chap-Cap sells shares of Vitesse

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Vitesse Semiconductor Corp. investors led by Chap-Cap Activist Partners Master Fund, Ltd. sold 4,015,315 shares of the company in a series of transactions between Sept. 4 and Nov. 2 for a 7.1% stake in the company.

The shares were sold for between $0.89 and $1.14 each, according to a schedule 13D filing with the Securities and Exchange Commission.

Chap-Cap reported ownership of 15,778,156 Vitesse shares.

On July 30, Chapman Capital LLC head Robert L. Chapman, Jr. reported owning 16,029,449 shares, or 7.2%, of the Camarillo, Calif., semiconductor solution development company.

As previously reported, Vitesse directors Willow B. Shire and Steven P. Hanson are being investigated by Chapman Capital, adviser to two funds that together comprise the largest reported ownership block of the company. The investor is looking into the backgrounds and affiliations of the two non-shareholder elected directors after Vitesse's board of incumbent members failed to call a meeting to elect their own representatives.

Chapman had even set up a phone and e-mail hotline in an effort to gather more information on Shire and Hanson.

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