Costa Brava wants control of Bassett Furniture's board

By Lisa Kerner

Charlotte, N.C., Jan. 28 - Bassett Furniture Industries, Inc. investors led by Costa Brava Partnership III LP put forth a slate of nominees for election to the company's board of directors at the company's 2008 annual meeting.

Costa Brava's slate includes:

• David S. Brody, founder and principal of Actionvest Cos.;

• Neil Chelo, director of research at Benchmark Plus Management, LLC;

• Eugene I. Davis, chairman and chief executive officer of Pirinate Consulting Group, LLC;

• Seth W. Hamot, managing member of Roark, Rearden & Hamot Capital Management, LLC, the investment manager to Costa Brava;

• Peter Hirsch, CEO and chief information officer of Hirsch Partners asset management company;

• Kent F. Heyman, chairman of the board and CEO of Migo Software, Inc.; and

• Andrew R. Siegel, senior vice president of Roark, Rearden & Hamot Capital Management.

In addition, if Bassett increases the size of the board such that the nominees, if elected, would not constitute a majority of the company's board, Costa Brava intends to nominate additional persons to constitute at least a majority of the board, the filing stated.

Costa Brava notified Bassett of its intent in a Jan. 18 letter to Bassett board secretary Jay R. Hervey, which was included in a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own 605,923 shares, or 5.1%, of the Bassett, Va., home furnishings company.

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