Chap-Cap cuts stake in eSpeed by almost half

By Lisa Kerner

Charlotte, N.C., June 4 - eSpeed, Inc. investors led by Chap-Cap Activist Partners Master Fund, Ltd. and Chapman Capital LLC sold 1,377,304 shares of the company's stock from April 18 to June 1, priced between $1.52 and $10.53.

The reporting persons beneficially own 957,149 shares, or 3.2%, of eSpeed's outstanding stock, according to a schedule 13D filing with the Securities and Exchange Commission.

Chapman Capital's Robert L. Chapman, Jr. has been critical of the company in recent weeks, seeking to replace board members and demanding that eSpeed retain an independent auditor to review its joint service agreement. The investor also wanted all class B common shares converted into class A common stock as well as an auction of the company, a company news release stated.

On May 21, the investor reported a 6.0% stake in the company and a 9.3% stake on in the New York trading technology company on April 18.

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